If you are focusing on scaling your business, it is likely that you have decided upon selling your courses online. As can be seen, selling online courses to make money has emerged as a highly lucrative model of business. A steep rise in the eLearning market has indicated that revenue generated by online courses will touch more than 275 billion in 2022. You can change your training program into a gainful venture by using your LMS. Platform that provides eCommerce tools to make your training courses into a sellable product.
Here are some actionable tips that help optimize productivity and boost your turnover:
1. Maintain Simplicity With Up Front Fees For Course
Many online users go for a single-time fee instead of a complex billing process. You should offer a course that entails a one-time cost. This makes it more convenient to understand and the purchaser is well aware of the payment they have to make to gain access to the course material they desire.
Further, it also makes it easy to market extra courses to your subscribers later. In case they make payments for a subscription, it is likely that they may not be interested in paying your further. Their viewpoint may be that as they are already paying for access, there is no need for them to make further payments. Going for a one-time fee, you can raise the expectation of an additional cost being incurred for accessing more classes.
Several LMS platforms promote integration with credible payment gateways such as Paypal. Making use of a trusted service convinces likely learners to purchase your online courses.
2. Present Ongoing Subscription Courses
If your eLearning material contains multiple lessons, in that case, a subscription method may be ideal. This offers learners the convenience to access your material on a continuous basis or to access the latest material when it is released later. Few users also prefer subscriptions as they can later unsubscribe if they do not want or are not able to utilize your material, and once again subscribe when they want to restart again.
As far as you are concerned, this indicates a steady flow of revenue every month. Besides, it also results in a longer duration of commitment in case users consider continuing and find more about your course curriculum or various services.
3. Arouse Learner Interest With Pre-Sale Courses
Similar to video games and films, pre-sales also works as a promotion for eLearning. In fact, Pre-sell is an ideal way to begin generating income prior to its release and create an interest among your user community.It gives you an opportunity to utilize a free pilot lesson to practice your idea and create a subscriber list.
On your part, it emerges as an evaluation process to know whether your user finds value in your eLearning courses. It can wipe out the desire to continue investing time and assets to widen your course levels when you possess beforehand something of value. Pre-orders bring encouragement while concluding your follow up course.
You should bear in mind, that until your course goes viral, you have to concentrate on creating a subscriber base. Such a pre-sale presents you an audience with whom you can share information about your upcoming news and augment your pre-sales number of orders.
4. Make Use Of Free eLearning To Market Your Product
You can utilize eLearning to market a different product. Your courses can draw in likely buyers and guide them to the products or services you desire to sell. Such an arrangement works for any type of creativity you want to introduce into your courses.
Like for instance, if you market a product, you can also include free “how to” lessons along with it. This makes the customer know that they are achieving higher value from the product.
As an alternative, you can build a course concerned with a service you provide. This results in information sharing and inspires the learner to plan out a consultation with you.
It is worth noting that even when you present a free course, it should contain value material and the learner feels that they did not waste their time on it. If it works like a worthless advertisement having no positive benefits for the user, then it will not increment your sales figures.
A wide range of LMS platforms, provide slideshow, video as well as simulation features. You can apply them to add depth to the material while presenting a do it yourself type of instruction on how to create something using your product.
5. Make Your Courses Easily Seen
If your potential demographic are unable to locate your courses, then your revenue may dip. You have to take your classes before the right audience. If you possess an established website, you can host them right there. This can be a perfect way to connect with the people who are genuinely interested in your service or material.
You should also bear in mind that multiple third-party eLearning platforms can offer a different traffic source. ELearning platforms like Udemy help you become visible and charge a fee for doing so. Udemy applies a sharing system for revenue, and you require to price accordingly. Sometimes, Udemy also appropriates almost 75% of revenue if it directs a learner towards your course.
If you send a customer, then you receive almost 97% of the revenue. In such a case, it works like a hosting service if you do not possess a website to promote your online courses. So long you draw in the traffic, you will receive the optimum payout.
Whatsoever, hosting service you make use of, see to it that you have a fair knowledge about its fee structure and royalty prior to starting.
Also Read: Best WordPress Affiliate Plugins
6. Sell Licenses Of Course
Ultimately, you can also make content and sell licenses to firms that are not interested in course creation. They manage the technical information, the marketing, and handling of customer service.What you need to do is make the course and take the payment of yearly licensing fee.
You may need to sell your course to the academic institiutions and businesses who require it and you get a sales cycle for a longer duration. Besides, you will also be able to charge more, and can cut down a few of the management activities from your list.
People crave for education and you should always share your knowledge and information. Often you do doubt whether any person will be willing to pay for your knowledge?
An instant way to assess your course value is to count the number of times people have contacted you for such information. If you held a talk, or conversation on a subject, take care to note the levels of interest of your audience. Did you face a barrage of questions from the viewers? Have you dealt with those questions from the audience before in different contexts?
Another test you can try is to know the number of people who are providing similar courses? A lot can be expressed about niche subjects, but the real thing is that if different people are providing courses in a particular subject, it signals high demand.
If you still are uncertain about making money by selling courses online, carry out a test. Offer it for free and watch the response of the people. Perhaps, you may simply find out that there is a real money spinner waiting for you.
7. Create Courses That Yields A Positive Outcome
Courses that yield positive and purposeful outcomes are acceped and appeal to users. The learnerunderstnads its usefulness after completion of the lessons. It could well bne a specific skill, or a certificate as well.
Try to create courses that yield well-defined results. See to it that such outcomes are highlighted in course outline and while you market your material.
Follow the above given gameplan to make your training courses into a sellable product. As stiff competition exists so build a solid course catalog and know the perfect way to structure your subscription options. Begin by trying them on your LMS platform to create a learner base and turning into an ace player in the eLearning industry.
After all, creating and marketing online courses is a comprehensive business model that offers you scope to get connected with your learners and students, provide them upgrades, offer higher advanced courses, and ultimately generate a passive revenue stream.