It’s no secret that digital courses are a great way to monetize your ideas and expertise.
But did you know there are seven different income streams you can create with an online course? Understanding these strategies opens up possibilities for growing your business using existing intellectual property.
Often, you can use more than one strategy with a single course offering.
Today, I’d like to share with you three of the seven often-overlooked strategies that I teach my clients and workshop students. The following is pulled from Launch Your Course — one of my online courses.
Strategy #1: Customer/Client Attraction
Online courses are a low-risk, low-cost way for a new customer to do business with you for the first time. It’s a lot easier for someone to invest in a lower-priced offering than it is to invest in services that cost hundreds or even thousands of dollars.
The course gives them a taste of what you can do, earns their trust, and preps them to invest even more in your other products and services.
Small Biz Trends reports that you are 14x more likely to sell to someone who has already bought from you before. They are willing to spend a lot more money the next time they do business with you, too.
Strategy #2: Licensing
One of your greatest assets is the signature process at the core of your course. Once you’ve developed a signature process, other professionals may be interested in learning and using your system to serve their clients.
This allows you to not only make money both from training them how to deliver your process, but also from the ongoing licensing or royalty fees you charge them to continue using your system.
Strategy #3: Group Buys
Are there organizations that would be interested in providing your online course to a number of their employees, members, etc.? Offer them a bulk buy of your course with a possible discount depending on how many seats they purchase.
Some organizations will be happy to pay you so they don’t have to develop and deliver the training themselves.
This is a great way to generate big paydays. Imagine getting paid for thirty seats (or hundred seats) in your online course all at one time by only approaching a single customer or client.
Take a look at your current digital offerings and think about how you could use one or more of the strategies above to turn it into new sources of income.