5 Ways To Sell Online Courses Lifelong
Selling online courses can be a tough job but selling online courses lifelong is a more challenging task. You need to make sure that the revenue comes rolling in on a weekly or fixed period basis. This will ensure that the course will continue to give you lifelong returns or a passive income source.
We have compiled 5 most useful tips that will help you create and sell online courses to generate lifelong revenue.
A Monthly Recurring Fee
Most of the lifelong online courses are priced according to a monthly subscription model. The monthly subscription fee allows you to maintain the course’s quality and cater to the hosting and platform charges.
This pricing model is prevalent among learners as well. This is because learners can pick and choose their course subscriptions for short periods. Additionally, a free trial period might attract more learners as they feel your content and teaching styles. The only con to this pricing model is the constant need for updated content.
You may feel the need to dedicate a team of teachers towards searching for new content to add to the course. Hence, your expenses might increase while maintaining this pricing model for lifelong courses. However, if you price the subscription just right then, you’ll be able to make a neat profit.
An Annual Membership Fee
Another effective way is to renew old membership clubs and giving them one more year of access. You can also provide them with a discount on successive renewals. This will motivate them to keep renewing the service and create a recurring revenue generation system for you.
In this aspect, you need to have multiple courses, a well-built community, and good support for any issues people subscribe to you. Having a supportive community will help create a positive environment where everyone can interact and attach themselves to the platform.
Some people might keep renewing without a second thought, but others might start to question if it is worth it? Hence you need to periodically send emails about new courses and tease people about new and upcoming courses so that they stay interested and keep coming back to the platform for more.
Commissions based on User-generated Content
Dedicated learners often gain more and more knowledge over time. As learners grow their skill sets and their overall subject matter knowledge, they may want to create content or add to your existing collection. In this case, it’s feasible to charge your learners a reasonable fee. This commission or fee is accepted in the E-learning industry because you carry your platform’s hosting and operation charges.
The idea of sharing your platform with your learners might be scary. However, it has some great benefits if you can check your learner’s skill level before giving them access to your platform. Remember that your platform is home to many learners, and they may grow to be attached to your platform. This can generate a lot of revenue for you if you design your commission pricing model correctly.
Course by Course
Several learners prefer to make online course purchases in small parts. For example, a student may not want to buy an expensive course that contains a vast amount of data and learning. Instead, they may be looking for lifelong access to bits and pieces of a broad topic so that they can proceed slowly. The course by course model also offers learners the opportunity to come back to a topic and revise it as and when needed.
Your platform can generate high revenue using the course by course model. However, remember that lifelong access to these cases means that you will probably have to update the content and spend some money on research and operation costs. Hence, you need to price your courses accordingly.
Periodic Live Sessions or classes
You can switch from online courses to live classes or create a balance between the two. Some people prefer to give their courses for free, and from there, they build a loyal following and then conduct live classes for a fee.
You can either follow this technique or give a part of the course for free and conduct live classes for the paid courses or have doubt clearing sessions for the learners. You can also do one on one coaching for the students and earn revenue from there.
These are some of the top 5 selling points for a lifelong online course, and if you have any questions, you should visit CreateOnlineAcademy.com, where you can create online courses. You will also find various design tools and third party sales and marketing tools to help you build a very engaging course, which you will need for your learners and help you avoid any errors while making it.