Latest / Online Business Uncovered: Simple Strategies for Female Entrepreneurs / 36: How to boost the price of your online course

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36: How to boost the price of your online course · Online Business Uncovered: Simple Strategies for Female Entrepreneurs

• 0:00
  SPEAKER_00: Hello and welcome to the Digitally She Does It Show.
• 0:04
  SPEAKER_00: This is episode 36, and in today's episode, I'm going to be talking about how to boost the price of your online course.
• 0:12
  SPEAKER_00: So let's jump right in and get started.
• 0:21
  SPEAKER_00: Welcome to the Digitally She Does It Show.
• 0:24
  SPEAKER_00: I'm your host Karen and I'm here to lift the lid on what it actually takes to create a successful business.
• 0:31
  SPEAKER_00: If you are an ambitious creative ready to build a business on your own terms and without compromise, then this podcast is perfect for you.
• 0:39
  SPEAKER_00: With my award-winning approach to marketing and expert knowledge in creating online courses, this show will leave you feeling inspired, energized, and ready to bring those big dreams to life.
• 0:49
  SPEAKER_00: Join me each week for a dose of motivation and marketing know-how, along with actionable step-by-step strategies to help you accelerate your business's growth.
• 0:58
  SPEAKER_00: So let's dive in and don't forget to subscribe to all my upcoming episodes, which drop every Wednesday.
• 1:08
  SPEAKER_00: Hello and welcome.
• 1:09
  SPEAKER_00: Thank you for joining me today.
• 1:11
  SPEAKER_00: I'm your host Karen and I really appreciate you hitting the play button to listen to today's episode.
• 1:17
  SPEAKER_00: Now, today I'm going to be talking to you about how you can strategically boost the price of your online course.
• 1:24
  SPEAKER_00: And I'm going to share with you three ways in which you can do this.
• 1:28
  SPEAKER_00: Now, I decided to record this episode because of a conversation that I've recently had with a colleague.
• 1:34
  SPEAKER_00: We were discussing online courses, and my colleague is thinking about creating one, and they're in the early stages of working out what this could look like.
• 1:42
  SPEAKER_00: And I was sharing some ideas of what they can do to really amplify the use of their online course so that they can widen their audience and, of course, bring more money into the business.
• 1:53
  SPEAKER_00: What was interesting was their reaction because they'd not even considered using their online course in conjunction with other offers, they'd only really thought about it as a one-time thing.
• 2:06
  SPEAKER_00: So I thought off the back of that conversation, I would create this episode and share with you some of the ideas that I have on how you can leverage your online course once it's built to bring more money into your business.
• 2:20
  SPEAKER_00: Now, for those of you who have created online products, such as online courses, you know it's not a five-minute job.
• 2:29
  SPEAKER_00: There's a lot of effort, time, and energy that goes into creating it.
• 2:34
  SPEAKER_00: And that doesn't even include the value of what you're sharing, what you're infusing into your digital product.
• 2:42
  SPEAKER_00: You are sharing your valuable knowledge and expertise, which has most likely taken you years and years and years to accumulate.
• 2:51
  SPEAKER_00: So when we talk about what an online course is worth, I think that's the place to start by looking at the value that is being included within the course.
• 3:03
  SPEAKER_00: So then why would you want to spend weeks, if not months, creating something so worthwhile and valuable and then leave money on the table by not leveraging the hell out of it?
• 3:17
  SPEAKER_00: I think if you are going to put your blood, sweat, and tears into something to make somebody else's life easier, or you're going to solve a problem that they are experiencing, then you need to be paid for that.
• 3:31
  SPEAKER_00: You need to know and feel as though your efforts are not being wasted because there is nothing more soul-destroying than spending a huge amount of time creating something and then making no money from it.
• 3:45
  SPEAKER_00: We want sales, and of course, we want lots of them, which is why we need to be open about how we can leverage what we've created, not only to provide further support to our audience, but so we can also make that additional money that keeps the lights on in our business.
• 4:02
  SPEAKER_00: How do we do that?
• 4:04
  SPEAKER_00: How can we create an online course and leverage it in a way that makes money from it?
• 4:11
  SPEAKER_00: Now I'm not talking about off-the-shelf sales where you're making money from selling your online course.
• 4:16
  SPEAKER_00: I'm going to assume that if you are creating a course, it's a given.
• 4:21
  SPEAKER_00: You're creating a course because you want to make money, you want to generate revenue from it.
• 4:27
  SPEAKER_00: If you're sitting there thinking, oh, I've created a course and I'm not yet making money from it, then don't worry, I've got an upcoming episode that we'll dive into that.
• 4:35
  SPEAKER_00: But for today, I just want to talk about some powerful ideas to help you get started in thinking about what you can do to drive more sales.
• 4:47
  SPEAKER_00: What I want to talk about is how you can make money that doesn't just come solely from the sale of your online course.
• 4:55
  SPEAKER_00: Because believe it or not, once you have your online course built and ready to go, then the opportunities available to you are limitless.
• 5:05
  SPEAKER_00: So I'm going to share with you three strategies, three ideas that I have on how you can use your online course to strategically grow your business.
• 5:16
  SPEAKER_00: So my first idea is about creating a freebie using a snippet of your course.
• 5:24
  SPEAKER_00: Now I know you might be sitting there thinking, but hang on a moment, that's not going to bring in sales if I'm giving a piece of my course away for free.
• 5:32
  SPEAKER_00: But you're wrong.
• 5:33
  SPEAKER_00: You see, people love freebies, and us entrepreneurs love to make sales.
• 5:39
  SPEAKER_00: So how do we connect the two?
• 5:41
  SPEAKER_00: How do we keep our potential customers happy by offering them something for free that will lead into a sale?
• 5:50
  SPEAKER_00: Well, the way we do this is by creating a free lead magnet that not only builds an email list but also gives our potential customers a taste of what they're going to be getting from the course.
• 6:03
  SPEAKER_00: Now you don't have to give a lot away, just a lesson.
• 6:07
  SPEAKER_00: Choose a lesson that will give them a really quick win.
• 6:12
  SPEAKER_00: So for example, I have a brand new online course coming out shortly that teaches creative entrepreneurs how to plan, create, build, and launch their own online course because it's a complex subject and there's lots of things to know, to do, and to put into action.
• 6:29
  SPEAKER_00: And I want to support people with that.
• 6:31
  SPEAKER_00: So if I was going to offer a freebie for this online course, then it would have to be the first lesson, which is going to ultimately help them to get started.
• 6:42
  SPEAKER_00: So it may be helping them to get really clear on what their course topic is because that's a really good starting point that helps somebody on their course creation journey.
• 6:55
  SPEAKER_00: So if you have an online course or you're currently creating one, think about your first lesson.
• 7:01
  SPEAKER_00: Could you use this in a way to introduce people to your online course?
• 7:06
  SPEAKER_00: Does it set your course up so that you can give them some real flavor of what it is to come?
• 7:12
  SPEAKER_00: Now the idea behind this is twofold.
• 7:15
  SPEAKER_00: Number one, it's a really effective way to build your email list and to get the right people on there because anyone who downloads your free lesson is going to be interested in what you have to offer.
• 7:28
  SPEAKER_00: So it will help you to get those high-quality leads on your email list.
• 7:34
  SPEAKER_00: Secondly, it will build trust because they get to experience you, your approach, and what it is you have to offer.
• 7:43
  SPEAKER_00: And the fact that you're offering them a snippet for free will tell them that you are confident in the product that you've created and therefore happy to showcase what you have created because you know without a shadow of a doubt that it's going to really help them.
• 8:00
  SPEAKER_00: If you are like me and you have a lot of sales calls and meetings with potential customers, it's a really great thing to have up your sleeve.
• 8:08
  SPEAKER_00: So if you are speaking to somebody and they are on the fence and they don't know if they want to take your online course because they don't know if it's a right fit, then it's something that you can offer them at no cost.
• 8:22
  SPEAKER_00: Now, of course, there is a caveat, and the caveat is that there's a little bit of work to do because not only do you need to set this up so that you can have it as a free download, you also need to make sure that they have access to the full version.
• 8:38
  SPEAKER_00: So if they wish to continue, they can buy your course.
• 8:42
  SPEAKER_00: So you want to make it super super easy for them to purchase your course.
• 8:48
  SPEAKER_00: Now I know this is probably a little bit more work that is the last thing you most likely want, but here's the thing: you only need to do this once and then you're good to go.
• 8:58
  SPEAKER_00: So if you like the idea of using a snippet of what you've created to promote your online course and build your email list, then you just need to check that the course platform that you're on will allow you to duplicate your course because you don't want to be messing around with the course that you've built.
• 9:18
  SPEAKER_00: You want to be able to duplicate it so that you can then take the lesson and use that lesson as a freebie.
• 9:27
  SPEAKER_00: Now, one thing I will say not all online course platforms are equal.
• 9:33
  SPEAKER_00: I'm with a platform called Kajabi.
• 9:35
  SPEAKER_00: I love Kunjabi because it's super super easy to do this.
• 9:39
  SPEAKER_00: I can duplicate my course, I can then set it up as a free offer, and then I can add it to a landing page, and then I can build an email sequence around it, all within the same platform, and they make it really easy for me to do that.
• 9:54
  SPEAKER_00: So, what I would recommend first and foremost is just check that your online course platform enables you to do this, and if it doesn't, then it might be worth you seeing if you can just create one of the lessons.
• 10:12
  SPEAKER_00: Now, if you're not at that stage where you've made the decision about your online course, then do check out the Kunjabi platform, it's an all-in-one tool that will ultimately help you to create, sell, and promote your online course.
• 10:26
  SPEAKER_00: I cannot recommend the platform enough.
• 10:29
  SPEAKER_00: It has been a real game changer in my business, and I do not use that terminology lightly.
• 10:35
  SPEAKER_00: This is something that has made a real difference to me.
• 10:39
  SPEAKER_00: Now, if you want to find out a little bit more about the platform, then check out episode 35.
• 10:45
  SPEAKER_00: Because in last week's episode, I spoke at length about the Punjabi platform and how it has really helped me to get my business to where it is today.
• 10:56
  SPEAKER_00: If you want to check out Punjabi, then grab my link in the show notes for a free 30-day trial because having the right platform in place to support you is incredibly important.
• 11:09
  SPEAKER_00: I would say it's probably one of the most important things to invest in because you're investing in your business.
• 11:15
  SPEAKER_00: So it's important that you choose the right platform to support you so that you can do all of this cool stuff, like create freebies, so that you can elevate your business and of course get those conversions as well.
• 11:30
  SPEAKER_00: Okay, so my second idea is about creating an upsell offer that you can offer alongside your online course.
• 11:39
  SPEAKER_00: Now, for those of you who don't know what an upsell offer is, it's an additional offer that you make at the checkout when people are buying your course.
• 11:48
  SPEAKER_00: Upselling is a sales technique that a lot of digital marketers use because it encourages customers to spend more money by purchasing additional offers or premium versions of the product.
• 12:03
  SPEAKER_00: So, for example, if somebody was to buy an online course for, say, weight management, then an upsell offer could be an invite into a supportive community, or it could be a recipe book that goes really well with the course, and both of these options could be at an additional cost.
• 12:23
  SPEAKER_00: Some other upsell ideas that include design templates, done for you copy, plug and play systems, it could even be a private podcast that accompanies the course.
• 12:36
  SPEAKER_00: Now, I bought a program a few years ago and there was a 30-day audio guide that could be purchased separately to help complete the program.
• 12:46
  SPEAKER_00: Now, what was great about this is that it added to the appeal of the program.
• 12:51
  SPEAKER_00: You couldn't purchase the upsell offer on its own, it had to be purchased with the program, which is great for the person who released that because it means that they're going to generate more money simply by adding on this upsell offer.
• 13:08
  SPEAKER_00: Now, of course, you don't need to buy the upsell offer, it is an additional offer that is being made, but nine times out of ten, it will accompany the thing that is being purchased.
• 13:21
  SPEAKER_00: I have several upsell offers.
• 13:23
  SPEAKER_00: One of my upsell offers includes the course creators pack, which I offer to my online course students, which consists of beautifully designed templates that course creators are going to need.
• 13:38
  SPEAKER_00: Because not only does it make their life easier, it does save them time and it gives them access to everything that they need to create and market their online course, which means that I can support them further by providing them with these additional resources, but of course, I can make additional money.
• 13:57
  SPEAKER_00: The great thing about this is I had all the templates because I'd created them for myself, and so it didn't take long for me to create this offer where I brought everything I had together in one bundle.
• 14:13
  SPEAKER_00: So, what could you create that could go really nicely with your course?
• 14:18
  SPEAKER_00: Do you have anything that's sitting around that would be a really great add-on?
• 14:22
  SPEAKER_00: Think about any templates you may have or systems that you have created or tools that you currently use.
• 14:30
  SPEAKER_00: Now, there are three ways that you can present an upsell offer to your customers.
• 14:36
  SPEAKER_00: The first way is before a customer purchases your product, and you can do this by displaying your recommendations at the bottom of a product page or on a sidebar.
• 14:48
  SPEAKER_00: You could also present your upsell offer during a purchase, and this can be by displaying a recommendations bar using a pop-up in the shopping cart area or at the checkout.
• 15:01
  SPEAKER_00: You can even use this in the abandoned cart email sequence that you may send when somebody hasn't finished buying a product, or you can offer it after a purchase has been made by using a personalized follow-up email sequence to entice your customer to come back for more.
• 15:23
  SPEAKER_00: Now, successful upselling centers around you really understanding what your customers' needs are and making that experience with you more enjoyable.
• 15:34
  SPEAKER_00: A good upsell will always leave your customer feeling as though they've got exactly what they need at exactly the right time, and you have been the person to give them that, which means that they're more likely to come back to you in the future when they want something else.
• 15:51
  SPEAKER_00: So it is a win-win.
• 15:53
  SPEAKER_00: So don't underestimate the power of using an upsell because it can be really powerful and it can add to the desirability of your online course as well.
• 16:04
  SPEAKER_00: So if you have somebody that is sitting on the fence and they may not know whether your course is the right course to buy, an upsell offer could be something that triggers that purchase.
• 16:17
  SPEAKER_00: Okay, so my final idea is about creating a community that wraps around your online course.
• 16:25
  SPEAKER_00: Now, the reason why I say this is because in today's digital world, community is vital.
• 16:32
  SPEAKER_00: As humans, we want to feel connected, probably now more than ever.
• 16:37
  SPEAKER_00: We spend so much of our time working remotely on our own, and we want to feel as though we are part of something, that we are contributing in some way, and that we are being useful.
• 16:50
  SPEAKER_00: As course creators, we are in the business of selling solutions because we are problem solvers, which means that we are best placed to create something meaningful which brings immense value into the lives of our students, and creating a community really does help to put the heart and soul into what you're selling because it becomes less about making money and more about you showing up to serve and help people.
• 17:19
  SPEAKER_00: Now, this is something that I think Facebook cottoned onto very early on, which is why they created Facebook groups because they knew the value it would bring, they knew that it would be popular because people want to feel attracted.
• 17:36
  SPEAKER_00: So, whether you like Facebook or not, there is no denying that Facebook groups have been hugely successful.
• 17:44
  SPEAKER_00: Now, I'm not going to be talking about creating a free Facebook group to sit alongside your course because the chances are you already know that this is an option.
• 17:53
  SPEAKER_00: What I'm talking about is creating a membership area that gives students access to you and gives them a place to access additional support when needed.
• 18:03
  SPEAKER_00: Think of it in terms of a hybrid approach.
• 18:06
  SPEAKER_00: Your online course is what you sell as a self-paced online study program that students work through in their own time at their own pace and in their own homes, but sitting alongside that is a members-only community where they can access additional guidance and support.
• 18:24
  SPEAKER_00: Now, this is where the true value lies because it means that not only are your students gaining this additional support, but they also get to make connections with like-minded people who share similar interests to them because the course that they are on gives them that thing that they have in common.
• 18:45
  SPEAKER_00: With this approach, you are adding tremendous value to your online course as well as the desirability factor because you're providing something more than just a product.
• 18:57
  SPEAKER_00: The other great thing about this is that if it's set up right, it can evolve in the future as a standalone membership site that you can then set up at a later date for people to purchase separately.
• 19:12
  SPEAKER_00: So you can get it to a place where it works, and then you can provide an additional charge for people to come into the membership.
• 19:21
  SPEAKER_00: Then this could even be an upsell that would sit alongside your online course.
• 19:27
  SPEAKER_00: Now, of course, it takes time to get it to that level.
• 19:32
  SPEAKER_00: Creating a members only community means that you would be able to increase the price of your offer because of the community aspect of it.
• 19:40
  SPEAKER_00: But as I said, it does take time to build it and get it to that level where you've got plenty of members within the site.
• 19:49
  SPEAKER_00: But it does mean that you can walk away with more money in your pocket because it's adding value to your online course.
• 19:57
  SPEAKER_00: What I would recommend is that if you decide to do that, then have a strategy in place.
• 20:03
  SPEAKER_00: Understand what you're looking to achieve by doing this and how you're going to approach it.
• 20:07
  SPEAKER_00: Because, of course, with this comes more work.
• 20:11
  SPEAKER_00: So, just to give you an example, as I mentioned earlier, my own online course will be launching in a few weeks.
• 20:18
  SPEAKER_00: And this has a members-only community area.
• 20:22
  SPEAKER_00: It's a place for all my course creation students to come together to gain access to support, accountability, and guidance.
• 20:31
  SPEAKER_00: Each month they will gain access to an accountability session so they can stay motivated and on track, monthly co-working sessions to help get their online course created, and monthly QA sessions so that they can ask questions and get further guidance to complete their course, as well as lots of other juicy things like challenges and additional resources, and even some guest experts as well, because sometimes I think that it adds to the value by bringing in different voices and different perspectives as well.
• 21:09
  SPEAKER_00: Now we know creating an online course is not for the faint-hearted, you do need to be focused and committed to taking action to get it done.
• 21:17
  SPEAKER_00: This isn't always easy when you're running a business and you're leading a very busy life.
• 21:22
  SPEAKER_00: So if you've got a family or you're running a home, it just adds to the challenge.
• 21:27
  SPEAKER_00: And so by buying my online course, my students gain access to that support so that they can achieve their goals.
• 21:36
  SPEAKER_00: Because buying the course is one thing, doing the work is something else.
• 21:41
  SPEAKER_00: Now, this offer is going to be so valuable to the right people because they recognize that they cannot do this alone and they do need that support.
• 21:50
  SPEAKER_00: So instead of just creating an online course to sell, actually, what I am doing is I'm creating a community of like minded people who all share.
• 22:00
  SPEAKER_00: Share a similar ambition and who just need that little bit of help to bring it to life.
• 22:06
  SPEAKER_00: For me, this is where I get to create something meaningful which aligns to who I am and how I want to show up in my business.
• 22:14
  SPEAKER_00: I also get to support and create a community that offers tremendous value because it helps my students to move forward.
• 22:24
  SPEAKER_00: So if you are open to creating a community, then why not create something that supports your online course?
• 22:32
  SPEAKER_00: You could either offer it as an upset offer.
• 22:35
  SPEAKER_00: So when customers purchase your course, they can buy access to your community for an extra fee, or you can include the community feature as part of your online course offer, but just increase the offer price so that it takes the community feature into account.
• 22:51
  SPEAKER_00: You could also include a membership offer as a repeating subscription, which could be extra that your students will need to buy.
• 23:00
  SPEAKER_00: This is a really great way to build a subscription model as well as generating one-off sales from your online course, meaning that you get to generate that passive revenue for your business.
• 23:11
  SPEAKER_00: Now, the reality is that you have so many options available to you on how you can leverage your online course.
• 23:18
  SPEAKER_00: It's just going to be down to you to decide which option aligns to the goals of your business and what feels right for you and sits alongside your own aspirations.
• 23:30
  SPEAKER_00: Each of the strategies that I've shared today are great ways to get the most from your online course.
• 23:36
  SPEAKER_00: But I wouldn't recommend that you do anything without a careful, thought it out plan.
• 23:42
  SPEAKER_00: Because, like most things, it does take additional work to get it up and running.
• 23:47
  SPEAKER_00: But regardless to where you are in your course creation journey, I just want you to be aware that yes, it does take work to create your online course.
• 23:57
  SPEAKER_00: But once you have it, there are many ways in which you can make money from it.
• 24:03
  SPEAKER_00: Now you might not be ready to implement what I've suggested today, but I do think it's worth knowing the different options available to you.
• 24:13
  SPEAKER_00: So when you are ready, you know what you can do with it.
• 24:18
  SPEAKER_00: Also, having other things that support your online course changes the energy of it because it means that you're really thinking about your offer, how you help, and then how you're going to provide a solution to support your students, which they're going to love you for because you're going to be making their life so much easier.
• 24:43
  SPEAKER_00: Now, we all want value for the money that we spend, and by going that extra distance with your students, not only does it build trust and loyalty, but best of all, it will create repeat business.
• 24:59
  SPEAKER_00: Thank you so much for taking the time to listen to today's episode.
• 25:03
  SPEAKER_00: I hope you found this episode of value, and of course, please feel free to share it with others who you may think will also benefit from listening to today's episode.
• 25:13
  SPEAKER_00: If you are feeling inspired and would like to know more about getting started with creating an online digital course, then why not download my free ebook, 10 Steps to Digital Course Success?
• 25:25
  SPEAKER_00: Now, today I have some exciting news because my website has now changed because I'm currently going through a rebrand.
• 25:34
  SPEAKER_00: My new website is now www.pink lemondigital.com and you can find lots of free goodies there to help you on your course creation journey.
• 25:49
  SPEAKER_00: I will be back next week with another episode, but until then, have a great week.
• 25:58
  SPEAKER_00: I hope you enjoyed this episode of the Digitally She Does It Show.
• 26:02
  SPEAKER_00: Don't forget to check out the show notes for all the links and resources mentioned in today's episode.
• 26:07
  SPEAKER_00: New episodes drop every week on a Wednesday.
• 26:10
  SPEAKER_00: So why not rate and subscribe so you never miss an episode?
• 26:13
  SPEAKER_00: Thank you for tuning in today, and I will see you next time!