4 Powerful Reasons Online Courses Are Great For Business
You may have seen all of the awesome content and trainings I’ve been putting out recently, all about online courses. If not, I highly recommend you join my Facebook group, The Coaching Collective, and follow my business page, Chanel Cumberbatch - Online Course Strategist.
Ahhhh courses. I love creating them and I love teaching others how to do the same. Online courses have changed my business in a major way, but I know there are still some people on the fence… wondering if they’re the right option for THEIR business.
Now, I’m not going to tell you 100% that online courses are the right option for you, since I don’t know what you have in place and what your goals are. But I would like to encourage you to use the following 4 reasons online course are great for business, to determine if they just might be right for yours!
Reason #1: Instant Expert Status
The first reason online courses are so great for business is because of the instant expert status they give you. When you create an online course it says to the world, hey world I think I'm an expert in this subject and I am so well versed in what I'm teaching, that I feel confident putting my name and my reputation on the line by creating a course and actually teaching people how to do something I’ve done.
So when you create a course and you put it out there and people discover you’re a course creator, they're like, “You know what… wow, she's really an authority in this subject because she felt so confident that she's willing to put out a course on this subject”.
Now even if you’re just starting out and you’re creating your very 1st course, not only does it give you expert status in the area that you're teaching, but it also gives you more of an expert status in your business as a whole, because people can see that not only are you providing services or one-to-one coaching but you also do offer courses as well.
So that's always a huge plus!
Your clients will LOVE the fact that they have so many different ways to work with you. Becoming a course creator really does give you expert status in your business and takes your reputation and what you're known for to the next level and can increase your overall business revenue across the board.
Reason #2: Diversifying Your Revenue Streams
The second reason why online courses are great for business is the fact that you can really scale your business using online courses. One of the biggest traps I see business owners fall into is the one-to-one trap, where they get stuck trading time for dollars. And that just won’t do.
Please keep in mind that if you're just starting out with your business, focusing primarily on one-to-one coaching is fine. And I usually don't recommend courses for people who are just starting out unless they intend course creation to be their entire business model. So naturally, I myself started out doing one-to-one before I decided to venture into course creation.
However, once you’ve built a solid foundation for your business (using one-to-one and/or services) and you're ready to scale your business, move away from only working with clients one-to-one, and trading time for money, online courses are really great strategy.
One option for you to consider is to develop a larger course, or as I like to refer to it, a transformational course, that you launch twice a year. If you launch it twice a year, those are the only times that you might offer a group coaching option or some kind of premium package as well with it (for a one-to-one experience and a higher level of support).
Alternatively, you may also have an evergreen version of it, which means that people can sign up for it any time, it's totally D.I.Y, and it doesn't require you to be present at all. If you have something like that in place, you’re able to gain some freedom in your business without sacrificing your revenue.
Your evergreen course will sell itself (as long as you have a strong sales funnel in place), without you having to continue teaching the same content, since you've already created the course! All you have to do is make sure that you are either available for customer service or you have a team that takes care of the backend; if you have a Facebook group attached to it, you’ll need to make sure that you're engaged there, but you don't have to be tied to conducting coaching calls every day or every week, with this strategy in place.
So, courses are amazing for scaling and if you're at the point where you want more freedom, more money coming in without you having to put in as much effort or having to be tied to your business 24/7, then online courses are definitely going to make a big difference for you!
Reason #3: Lead generation + LTV
The third reason that online courses are great for business is the unexpected lead generation aspect of them (and potential for increased lifetime value of your course students)! Once somebody signs up for your course, they're on your list (yay) and I highly recommend having some kind of e-mail sequence that you send out to people who are enrolled in your course.
If you have a transformational course which, let’s say, is 6-weeks or longer, then of course you should have weekly e-mails that are going out to remind them when the next module is available. However, after the course is over and they've completed it, I also recommend adding them into a different sequence; a follow up sequence that still keeps them engaged, and gets them actually implementing what they've learned from the course.
Because that's where you're going to see the biggest transformation for your clients! As a course creator, the last thing you want to do is have people sign up, take the course (or even worse, not even finish it), and get no results from it. Then your course will just wind up being something else they bought but never used, and that's not what you want.
So make sure you have some kind of follow up now in place, where you can:
- nurture them more,
- engage with them,
- push them towards really taking action on what you've taught them.
Because it serves both of you! If they go through your course, and have an amazing transformation, guess what? They're going to tell their friends and give you really awesome testimonials. Plus, you'll know that you truly did have an impact on them.
Reason #4: Upsell Potential
Remember how we talked about growing your list, using your course students? Well here’s the other reason we don’t want them to fall off the map… upsell potential! Every student who goes through your course, and every/any body who has purchased from you is primed to be sold something bigger, something even more hands on, something meatier.
So, you’ve had people sign up for your course… Now you're nurturing them, you're making sure that they're going through the course, you're making sure that they're staying engaged and that it's not just something else that they bought and never do anything with.
And now that they've gone through the course, this is where you can upsell them! What does that mean? Well, it means that you can offer them something else, with even more transformational value! It might be a one-to-one session with you, it might be a V.I.P. day, it might be an intensive… it could even be coming to see you live; it could be an in-person workshop or a mastermind meeting.
There are so many different options, but by nurturing them like we mentioned in reason #3, (getting them on your list and keeping them engaged), you are priming them to become a higher ticket client!
It's a win win for both of you because the next logical step for them is going to be to get some more personalized support, because as amazing as online courses are there's nothing like having somebody who knows your business inside and out, and can customize feedback for you personally.
So going from course to one-to-one is a natural progression because now you can take it a little bit deeper and you can really really really be strategic with how you support them.
The course to one-on-one up sell potential is phenomenal and as long as you structure and position your offer right, you will be able to increase the lifetime value of your students. They're not just going to buy a course and that's it… they're going to buy a course and then they're going to work with you one-to-one and then after that maybe they'll fly out to you for a V.I.P. day or for a mastermind or for a retreat.
There's just so much that you can do and getting them in the door as a student 1st is step #1!
So there you have it! 4 powerful reasons online courses are great for business…
Now before I let you go, one final thing… I really want to encourage you to take a really good look at your business. I’ll tell you straight up, online courses are NOT for everybody. It could just be that they don’t mesh with your teaching style, they don’t make sense with your business or they’re not right for you at THIS time. Creating an online course and becoming a course creator is something that you really have to be committed to following through with.
You have to make sure that you have things in place in order to really keep up with your students, make sure that they are supported, and that you have all of your course creation + delivery aspects in place so that there are no missteps.
Another thing to consider is that fact that you really need to also have an audience!
One of the biggest mistakes that business owners make is that they want to create a course but they haven't spent any time engaging with their audience. Without attracting a following, nurturing them, and molding them into an audience, you will have nobody to sell to. So if you’ve decided that you want to become a course creator, make sure you grow your know, like and trust factor NOW… even as you develop your course!
Have you created an online course? Are you considering becoming a course creator but have questions or concerns? Join the convo below and let’s chat about online courses!