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The Digital Course Secret: Why You Won't Make Money
Entrepreneurs, have you been struggling to make money with your online courses and products? You're not alone. Turns out, making money from digital courses is harder than it seems. In this article, we're going to reveal the secret to why new service-based businesses rarely make any money from their courses. We'll also give you some tips on what to do instead to start generating a profit from in your business. Are you ready to learn what it takes to be a successful online course entrepreneur? Keep reading!
I understand the allure of digital courses - the promise of making money while you sleep, of earning passive income, not trading dollars for hours, or any of the other catchphrases that people love using when they talk about online businesses. It is a tempting proposition, especially if you are already busy with other commitments. You want to make this amazing impact, change people's lives and make all this money without working very hard. It's appealing, for sure. I mean, who wouldn't want to lounge on the beach while their bank account grows? But here's the thing: it's mostly a dream. I know people who run multi-million dollar businesses and they are far from hanging out on the beach. They are still working their tails off.
I understand why digital courses, products and group programs are so appealing. However, I also know that running these successfully is far from easy.
In fact, it often requires even more work than offering one-on-one services. The digital course secret is that, behind the scenes, there is a lot of planning, promotion, and customer service involved.One-on-one services may not be as flashy, but they're a lot easier to provide (and to sell). You don't have to worry about creating materials or marketing your course or program. And your clients will appreciate the personal attention they receive. So while digital courses may be the latest fad, one-on-one services are still the best way to build a service-based business.
For one thing, your list size is generally going to be small. You're unlikely to have more than a thousand people on your email list when you're first starting out--and of those people, you'll probably only see 1 to 5 percent make a purchase. So you won't exactly have any life-changing numbers. Most new digital course creators will only see a 1 percent conversion rate when they first start out. The reason for this is, because you're new:
There are only going to be a select few people who are interested in working with you because you're a new, untested entity. The digital course creation secret that no one tells you is that the key to success is finding those people who are willing to take a chance on you and then give them an amazing experience. This can be done through offering one-on-one services that goes above and beyond their expectations. If you can do this, then you'll start to see your conversion rate increase.
If you're selling digital courses or one-on-one services, the math of your big launch may not be as simple as you initially thought. You may have a list of 1,000 subscribers, but if you're only selling 10 spots, you're only going to make $3,990. That may be great until you begin to do the math and realize you then have to deliver. And if it takes you 10 times longer than you expected to actually create the course or service, then you're not going to be very profitable.
You have to create all the marketing assets and learn how to use webinar platforms if you've never done it before. It's no wonder that things so often take 10 times longer than we expect them to in this business! The secret is to expect things to take much longer than you initially think and plan accordingly. By doing so, you can avoid some of the stress and overwhelm that comes with trying to launch something that's not fully ready.
Let's continue to look at the things that are stacked against you.
What is difficult about selling courses and digital products is your having a huge list of tasks that are new to you. And if you're not used to wearing all those hats, it can be tough to adjust. The pressure to succeed can be immense, especially when you're first starting out. Can you withstand all of this pressure to do all.the.things right and to make bank?
The digital course launch is great for growing your online business quickly. But it's not always possible to rely on launches for income, especially when you're just starting out.
Using the example mentioned earlier where you are selling 10 items at $399, you earn $3990, which is fine for one month's income.
The tricky part is that you have to wait a couple months before you can launch again and you have to grow your list in the meantime. So it becomes really hard to rely on just launches when you're just starting out. Instead, focus on offering one-on-one services that you can sell all year long. This will make sure that you're always bringing in money, even when you're not in launch mode.
One-on-one services eliminates all of the above problems. If you're brand new and haven't worked with very many clients, it can be daunting to try and create a digital course. You might not know what to put in the course because you haven't actually done it with anybody before. But when you offer one-on-one services, you can start small - like with a 90-minute consult. You solve one small problem for the client and then use that as a case study. Not only do you have a satisfied customer, but you also have an example of what works. And as you continue to offer one-on-one services, you'll start to collect data on what works and the words they use to describe their problems and deepest desires.
This is marketing gold! You know that the secret to success is in the offer. You need to be able to clearly articulate what it is you do and how it can help your clients. And that's exactly what the one-on-one model gives you. With this approach, you can slowly increase your prices as you build up your marketing and sales skills. You'll also be able to get on the phone for consults and really get to know your clients. This is huge because it allows you to create a much more intimate relationship with them. As a result, they're much more likely to buy from you in the future and give your referrals.
When you're looking to build a digital course business, one of the best-kept secrets is to start with one-on-one services. You can attract clients, raise your prices, write better copy, and build your list all at the same time without the pressure of making an immediate sales so that you can pay the mortgage. Instead, you can focus on providing an amazing experience for your clients and using that to build your business over time. This is a great way to get started in the digital course business without having a huge list or a lot of overhead. Plus, the process of going out and attracting clients will help you build your list even more. So if you're thinking about starting a digital course business, don't overlook the power of one-on-one services.
Eventually, you'll get to a point where the digital courses you create will practically sell themselves. You'll know exactly what people need and when they need it because you've taken the time to understand your clientele. You'll have every resource, every tool and every question answered so that you can produce some of the best content the internet has ever seen. This is how you start to make a name for yourself and build your reputation-- by offering top-tier one-on-one services and creating digital courses that eliminate any guessing game for your clients. When you know your clients' language inside and out and you know what needs to be included in that package, half the battle is already won. Add to that a well-crafted email list and some experience with webinars or complimentary calls, et voila! You're on your way to becoming an unstoppable force in your industry.
If you have any questions about this article, please post them below.
If you are gonna make it happen against any potential odds, let's chat.
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