Light Bulb Moments: 75 Lessons for Everyday Living
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These are the numbers our top schools are reaching for revenue creation. Question: Why is this important? Answer: It allows new online teachers to determine growth goals in the short term. Setting monthly goals allows you to prioritize and focus all of your efforts on reaching milestones that will build up to long-term success.
Next, if you want to add 50 new students per month, you should research ways to add new people to your email list each month. Determine what you can do to grow your email list by every month, and focus on that. Define a goal i. Check out what one of our top instructors said about the channel where she chose to focus. We couldn't launch a course or run evergreen programs without email.
We could run good launches without webinars and even without long-form sales pages - but we couldn't without email. I realized this a few years back, right around the time I got my first complaint from a subscriber: I was sending "too many" emails for him, but for others I was clearly sending just enough, as they were snapping up my course thanks to all those emails.
I had to make a choice: send fewer or no emails and avoid complaints, or send better-targeted emails and grow my business. Naturally, I chose the latter, and the effort has paid off endlessly. One of the most important reasons why the best online teachers in the world choose to host their own courses is this idea of having complete control over their businesses.
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Specifically, these teachers want the freedom to define the amount they charge for their content. Moreover, when we analyzed the amount of revenue and transactions that were generated by each price group, this is what we found:. The majority The single biggest optimization I've found, in the 4 years I've been running my course, is increasing price. The first four times I increased my price, sales went up.
Increasing prices also increases completion rates, as well as the overall quality of your students. When in doubt - 2x your price! One of the most common tactics, used by top instructors to get potential students to purchase their courses, is to run promotions by offering coupons. Almost every school For the same reason people collectively spend billions of dollars on Black Friday:. Everyone loves a good deal.
Premium pricing allows online teachers to set a high value on their course a strategy called price anchoring , and promotions make it harder for potential students to resist the opportunity to get a high-value course for a special price. But just how much of their sales happen because of discounts? Most top schools In other words, most online teachers sold their courses at full price on a majority of occasions.
Even more interesting is the average selling price for these groups. These numeric indicators show that even if schools rely heavily on discounted prices, that does not necessarily translate to lower selling prices.
Using coupons to run promotions is a great way to generate sales for your course. This is how one of our top instructors thinks about promotions:. After taking the quiz, the prospect opts-in to learn what to do next to help them solve their problem. We focus heavily on education and motivation at this point.
It's all about giving the prospect something tangible to do since they just trusted us by parting with their email in exchange for some nugget of information. The nugget of information is a big picture item about how to reach their goal and solve their problem. At the end, the call to action is to buy the specific course for a discount and we include a deadline usually about 5 to 7 days out to claim it.
This gives us enough time to include additional education information via email to help them solve their problems as well as point back to reasons to get the course. We believe there are 3 things needed for a discount:. You'll lose all credibility because the market is much more sophisticated nowadays. Tell them what you have, what they'll learn, what to do next to get the course and why they should do that now. We've found that strategic use of coupons in these ways have helped to grow Kinobody dramatically over the last few years.
So we asked ourselves:.
Light Bulb Moments by Talayah Stovall
How many of our top schools offer free courses? Numbers are pretty evenly distributed. About half of the top schools However, when we assessed the numbers of student enrollment for these two groups, the results looked differently. Schools offering free courses concentrated the large majority As expected, some schools choose to use free courses as a method to attract massive numbers of people who are interested in their content, to whom they can upsell at a later time. The only difference is that, instead of free students, their potential customers are in the form of YouTube subscribers, Facebook group members, social media followers, podcast listeners, email subscribers For those schools offering free courses, we wanted to find out the rate at which free students were converted into paying customers.
It turns out these schools do very well at conversions. This number is astounding. To provide a benchmark, the highest average email click-through rate reported by MailChimp across 46 industries is 5. Free courses are a great if not the greatest way to start a customer acquisition funnel. Now, how will you decide on the amount of your content that will be made available for free?
Most schools that list free courses The revenue generated by this group is also proportional to its size Of course, this result is skewed by the fact that, as we saw in the first chapter, most of our top schools list fewer than 10 courses. But it still gives us a sense of the distribution of free versus Paid courses in a single school. Plus, the conversion rate is great!
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Free courses provide an incredibly high-value incentive to attract new potential customers to the way that you teach and the other courses that you have to offer. It stands out wholly amongst the sea of free eBooks and other common giveaways that are used to attract attention, and because it provides so much value upfront, the likelihood that someone will continue to want to learn from you is increased exponentially.
Of course, none of these schools would have been this successful with just the right pricing and goals. These courses sell well because the content is superb. This chapter will cover the how these schools teach online and provide a superior learning experience to their students. This is a question we get asked continually:. Many new online teachers believe they have to create a massive course curriculum to charge a premium price.
This is the number of lectures shown by our top schools' courses. Note: Teachable schools denote each lesson in their online courses by lectures. The curriculum in an online course is composed of a series of these lectures. Most of our top schools Moreover, that group is more or less evenly distributed above and below 25 lectures per course. Do schools with longer courses make more money? Not necessarily.
The best online teachers understand something about this industry—that the value of their courses is determined by their ability to compress years of experience into programs that will allow students to learn a skill within a short time frame. We built our curriculum with the three-month timeline in mind, and we marketed that promise to potential students.
Considering the success in both sales and student outcomes, I think it's fair to say that people really love the idea of learning an entire skill set in a short period of time. That's not to say that the success of a course is determined by the amount of content in your course. If you're teaching people how to design landing pages, there's no reason to have three months' worth of lectures.
Be clear about the goal of the course, and create enough content to make sure students reach that goal. Next, we looked at the difference in length between paid and free courses. While paid courses have a similar distribution to the one we just saw which makes sense considering that there are significantly more paid than free courses , the free courses are clearly shorter in length, with more than half of them This section has a twofold bit of advice:. Focus on creating content that will allow your students to learn fast.
A few lectures are enough to attract potential customers and show the value and quality of your content. In just a few years, video has become the trending content format across the web. Just think about it:. Facebook is overrun with short news clips, more and more companies are hosting webinars, and YouTube is currently the second largest search engine in the world.
Online courses are not the exception—students like video. There is a simple reason behind this. People are more willing to pay for a course that is engaging and easy to consume, and that is what video offers. Moreover, our best online teachers are exceptionally good at delighting their students. Nevertheless, for this report, we are using relative differences between completion rates as a measure of engagement. This is how top schools use video:. A majority of schools Yet, hardly any schools use videos in all of their lectures. The best online schools use a mixture of formats to deliver content: text, slides, images, downloadable worksheets, etc.
How many hours of video are necessary to create an outstanding online course? Most top schools that use video Now, what is the length of the videos clips uploaded by these schools? Most online video experts agree that shorter videos are conducive to a higher engagement rate. The same holds true for online courses, as our data shows. Using short video lectures allows online teachers to:. Create just enough video content to fast-track your students in the path of learning a skill.
Use short videos up to a max of 10 minutes for your lectures and supplement them with other content formats. Our best instructors are great at delivering high-quality video content, but that is not always how they got started:. Cheap camera, awkward camera angle, and an internet connection so poor I had to stay up til midnight just to get enough bandwidth to upload! My children were toddlers, and I tried to film during naps, although you can hear them playing in the background of some of the videos their favourite game was screaming! I didn't have a big objective, other than an inner urge to share what I was learning: my light bulb moments.
I had no idea that how I was sharing my insights would resonate with viewers. I think that inner urge is my teacher's heart, and online teaching has fulfilled me in so many wonderful ways. Yet, I think sometimes it's more intimidating to share my videos now that I have a big audience than it was as when I was unknown. Knowing that many people will view my videos makes the responsibility greater, and the number of critics higher. The likelihood that someone will challenge my words can feel like a burden, but the amazing supportive community of students has far outweighed the critics, and this sense of community is what I love most about teaching online.
My advice to anyone looking to get started is to be genuine; your brand is built on YOU, and there are people who are going to connect with your personality and method of delivery - believe that, and give your tribe the access to you that they need to build trust. It's not about one video, one sale, one course; it's about YOU, giving what you have and trusting that there is a place for you and that someone will hear your voice amid all the noise. Keep focused on your goals, don't get distracted by all the conflicting advice out there.
Think of what YOU would want, if you were your own customer, and make meeting those needs and communicating them clearly your first priority. When you think about traditional education, tests probably spring to mind. We wanted to find out how this translated into the area of online education among our top schools. The main reason why this happens is because Teachable schools do not tend to follow traditional classroom models.
Moreover, online schools that use quizzes don't tend to use them for the same reason as traditional educators. The majority of schools that use quizzes Perhaps our biggest obstacle, as teachers, is inaction. Over the last four years, we have refined our teaching methodologies and learning environment with the number-one goal of increasing student completion rates of our online courses.
The benefit of such high completion rates is that our students get better outcomes, a deeper understanding of the subject and a new skill set to apply. As a business, this has helped us keep our cost per acquisition relatively low because the positive word-of-mouth about our courses brings in new students. So how are we doing this? Here are a few ideas to get you started:. Online courses are a great way to build a community around your business.
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Discovering your purpose and passion; developing persistence, hope, patience, faith, and forgiveness; setting clear and actionable goals for the future; and understanding the value of friendship and love are among the many treasures found in this wise little book. Key messages include:Your passion can become your livelihoodSuccessful people often fail their way to successWhatever you don't control, controls youDistinguish between your goals and your wishes or dreamsLighthearted, warm, and compassionate, Light Bulb Moments will inspire you to pursue your greatness and create a vision for your life as you want it to be.
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