“What can I do today to sell more courses and grow my business?”
This post is inspired by a question from one of my clients. It was not just about courses because she also sells her coaching in the backend. We discussed some ideas in our call, but I thought of using today’s writing time to share some ideas with you if you had this question too.
How To Grow Your Online Course Business
Jay Abraham talks about his Power Parthenon Strategy. In that, he says that you can grow your business (any business) in one of three ways:
- Increase the number of clients.
- Increase the average transaction value.
- Increase the frequency of repurchases.
No matter what business you run, these are your only three options. But the question often comes down to HOW. In his ebook, Jay also outlines many strategies. But many of them are not immediately actionable or relevant for course creators. For example, “telemarketing” or “using public relations.” And that’s why, in this post, I want to share nine different ways you can grow your online course business based on strategies I’ve used in my course business and that of my clients.
Get more customers
1. Niche better
Contrary to popular belief, the better your niche is, the better your chances of finding more customers for your courses or coaching. It sounds absurd, but let me explain why this is true.
The Signal-to-Noise Ratio…
Pardon the jargon from my engineering background for using this phrase. Simply put, when you focus on a wider definition of your target audience, you have a greater “signal to noise” ratio. The signal here refers to your ideal target audience, and noise refers to the lesser-ideal audience. But when you are looking at a finite sample set or niche, the chances of finding your ideal target buyers increase significantly.
2. Find a better WHO
Even when you are zoomed into a well-defined niche, you can sometimes focus on the wrong “WHO.” But how’s that possible? Let me explain.
One of my recent clients focuses on selling courses on project management and delivery for Microsoft Business Apps. That’s a pretty good definition of a niche right there. But inside that niche, he can potentially focus on many different “WHOs.” Developers, team leaders or managers, delivery or account managers, functional leads, Microsoft partners, Microsoft clients, or on a specific Microsoft Business App like Dynamics 365 or Power Platform.
The above words and phrases may sound foreign. But the fact remains that some of these WHOs can be easier to find or work with, more profitable, or more suitable based on your experience and background. Finding or deciding on a better WHO can drastically improve your chances of finding more customers.
3. Tap into the Mass Desires of your market
Focus on emotions that your target market instantly identifies with. There are many ways to determine what emotional hot buttons to press in your specific market. One technique is first to identify who the “supervillain” is for your target market. For example, if you’re selling courses for losing weight, fast food is one of the “supervillains.”
A few weeks ago, I recorded this video explaining how to find mass desires in any market. Watch it if you’ve got about 30 minutes.
Increase Average Transaction Value
4. Create a Funnel
Sales funnels are great tools to multiply your average transaction value. Using funnel tools, like order bumps and one-time offers, can instantly help you add more digits to your order value.
Understanding how your customers use your courses to get the intended results is a good place to start. Find gaps and create resources to help them bridge those gaps. I recently published a two-part series on sales funnels – here are links to part 1 and part 2.
5. Increase Pricing
This one is pretty straightforward, right? Apparently not. A price change can change the perceived value of your courses. Recently, I’ve written a lot about pricing, including pricing models, strategies, and more.
6. Offer Upgrades Paths & Strategic Bundling
Selling more products can help you grow your course business. And creating a product sequence is a great way to sell products sequentially. Amongst many other things, a product sequence can mentally program your clients by showing them “what’s next” in the sequence. Also, by strategically bundling products in the sequence, you can increase your average order value.
Increase the Frequency of Repurchase
7. Create Subscription Offers and Addons
Amazon’s “Subscribe and Save” saves people money and time, and so can you for your clients. Find the journey your target buyers are on, and find complementary needs before you go off.
8. Introduce a loyalty program
When you treat some of your customers as special, some of them will reciprocate by opening their wallets. One of the most powerful ways to do this is to create a loyalty program. For example, I give special perks to my 1-1 clients. It isn’t exactly a loyalty program, but it works precisely that way though.
9. Reward clients
Finally, reward your clients. Programmatically embed cues in your business that taps into your customers’ emotional hot buttons. Rewarding your clients helps associate a positive emotion in your clients’ minds about you and your business.
Additionally, if your reward can also serve to remind your clients of you and your products, you just opened doors to more business.
I hope you found these tips useful to grow your online course business. Got questions? Type them in the comments. And don’t forget to subscribe to the Paid Course Creator newsletter while you’re still reading this blog!
To your prosperity,