07 Aug How to Triple Your Income with Online Courses
Online courses are great for creating one stream of passive income, but how would you like to “triple” your revenue with a few extra tweaks?
In order for students to be successful, they often need extra help to get the results they are looking for.
There are 3 ways you can help your students get better results:
- Do it for them – Offer a service that can help them get the result they are looking for
- Do it with them – Offer them coaching and/or consulting to make sure they get the results they are looking for
- Do it with others – Offer group coaching with your online course (community/cohorts)
Once you know what your online course topic is and the result you are helping your student achieve, then it's time to start thinking about “order bumps” as well as “upsells” (one time offers) to your course.
An “order bump” is simply something you offer at the time of the sale. For example, let's say you are selling an online course on how to grow your business with Pinterest, you could offer an order bump of $27 for a workbook. You could also do an order bump for pre-made canva pinterest templates for $47 or you could offer an video assessment of the student's Pinterest account for $97.
An upsell or “one time offer” is something that is more expensive that you offer on the thank you page, after they have already purchased the course For example, you could offer a done for you service for $2500 or a VIP day for $5K or something like that.
Do you see how much extra income that could add on?
Here's another example of how you can triple your revenue.
Let's say your course is about building a raised bed garden that feeds a family of 4.
You could price the course at $497 for the DIY (do it yourself), then you could give order bumps to add on to that price:
- 6-8 weekly Group coaching – $497 order bump
- Done for you garden bed designs – $197
- Private 1:1 implementation calls – $250
Now you’ve taken your $497 course and turned it into potentially making close to $1500 which is tripling your money.
Of course, some people will just buy the DIY course and that’s great, but you are losing money if you aren’t adding on order bumps and upsells to your course.
In working with students in my signature program, Digital Retirement Academy, I see the students who attend the group calls are getting results (publishing their books); if they still need extra help, they invest in my 1:1 implementation calls.
Consider the options you can offer when setting up your online course.
You could even go high-ticket and offer a completely done for you one time offer. Let’s say you are teaching people how to start a podcast. You could offer a high ticket done for you service to create their podcast for them for $3K to $5K.
Instead of just selling “information”, think about ways you can help students get a “transformation”.
I want you to think of 3 ways you can add implementation order bumps or one time offers to your course idea.
A good example of this is Pat Flynn of Smart Passive Income. Pat has helped over 50,000 people with his courses and he has over 17 courses such as:
- Power Up Podcasting
- Email Marketing Magic
- Affiliate Marketing
- Amp’d Up Podcasting
- YouTube from Scratch
Instead of selling the courses individually, now Pat offers an all-access pass to his courses with 2 different price points:
- $199/quarter – gives you access to all of his courses plus guided accelerators, live calls with experts and a network of like-minded peers
- $299/quarter – this gives you a curated member masterminds, strategic guidance and tools, exclusive access to in house experts and a vetted network of serious pros.
Now instead of just selling information, Pat is selling implementation, and he is not just selling one course at a time.
I like this business model because he is giving his audience all the pieces of the puzzle instead of just one. And because you pay by the quarter, you would need to take action because time is not on your side.
This is great for course creators who have 3 or more courses being offered that are all related.
Another example is a course called the Happy Sleeper, that helps sleep deprived parents get their kids to sleep more. They have bundled courses offered on their site like this one.
In summary, you have so many options once you create an online course to add on numerous order bumps and upsells to help students get results.
Here are 12 upsells you could add on to your online course:
- 1:1 Implementation Calls
- VIP Day
- Mastermind Group
- Group Calls
- Membership program
- Watch Me Do It Live
- In person retreat
- Done for you service
- Done with you service
- Tech Support
- Email Coaching
- Watch With Me Recorded Video
This is how you triple your income with online courses.
Make sure you sign up for the waiting list for “Course Cash Cow” which is my 6 week program that will take you from no idea to completed online course with passive income. Click here to sign up.