START UP COURSE HERO – ONLINE COURSE BUSINESS MODELS
The very firs thing that you need to know about the online course business , is the business model . Just like any others businesses , you need to know how it works .Over here , I will talk about 4 different business model that used in online course business. All of these 4 models are widely use by instructors .
So , lets start learning .
DRIP COURSE BUSINESS MODEL :
A drip course is when you set a delivery schedule for the content within your course.
This means your customers can only access certain parts of your course at a time.
These are some of examples of online course that, uses the dripping business model.
As the learners progress through the course, content gets delivered to them based on the scheduled time, and eventually, they’ll have access to the full course.
What are the benefits of this business model ?
– Some students might get overwhelmed with all the course content presented at once . drip release allows them to delay the release of content so students can learn at the pace you intended.
-Drip content is also a great way to market your course .You can slowly release valuable content to your students over time – building student’s perception of your brand and their trust in you, as you build long-term relationships with your students.
Next lets look at High Ticket E-learning Courses Business Model .
High Ticket E-learning courses are getting more and more popular . High Ticket E-learning courses simple means selling a course at a very high price , typically more than $1000 dollars .
ninja masterclass Shopify by kevin david is a great example . His course is selling at $997 .
Lets look at the benefits of using this business model.
1)Psychologically , a high price items will give customer perception as this course is a good course ,even thou the contents are so so .
2)You will earn more and faster . For example , if you are selling a course at $ 10 , you need to sell 100 units to earn $1000 . But , if you are selling your course at $1000 , you only need to sell one units and you already hit your 1st thousands mark .
A great advice for you guys is that , the effort needed to sell a $10 course and $1000 course are the similar .It is all depends on your strategy .
Next we are going to look at the 3rd business model :
Membership Business Model
Membership sites may not take as much initial effort to produce, but they take a lot more sustained effort over time. This is because membership sites offer content to the audience gradually and also for a very long period of time.
This is a good example of a membership site . This membership site run by Janesspiller , she teaches astrology.
She is offering 3 different membership ,4.95,19.95 and 9.95 monthly .Differen pricing com with different services.
With membership model , you do not necessarily only focus on providing videos or articles.
You can also provide CHART SERVICES or weekly report .
New content need to be released ,every week , forthnightly or every month .Essentially, with membership sites, you’re producing content regularly over a period of time that you promised your students.
The next business model that we are looking at , is the
General Price E-learning Courses Business Model
This is the most frequent used business model , especially those that just started their online course business .
Lets look at these 3 courses that selling at udemy . The selling price of these 3 couses are at $10.99 . How the instructions earn money by selling so cheap ? Look at the students enrolled .Over ten of thousands students enrolled . Each of this instructors are earning more than hundreds thousands !
The benefits of selling low price is that ,
alot of people can afford buying your course .
It is a great way to promote yourself , as more people will get to know you through this course.
Lets have a recap on what you have just learn .
1)There are 4 business model in starting up your online course business
-The dripping model business model
– The high ticket learning business model
– The membership business model
– the general pricing business model
A task for you before we move on , have a thought on each of this business model , and write down the best model that suit the topic that you plan to teach .