Caitlin Bacher:
Three ways to reinvent your online course. Let’s get started.
My name is Caitlin Bacher, founder, and CEO of Scale With Success®. And I’m on a mission to help course creators all over the world, grow their business in a way that is profitable and scalable. We are sharing, revealing conversations about what it really takes to scale an online course business to millions of dollars per year. Join us here to discover the tough decisions we’ve had to make, the biggest failures we’ve had to bounce back from, and the learnings that emerged every step of the way. We are so grateful that we have the chance to share it all with you right here on Scale With Success®, The Podcast Built for Course Creators™. Let’s get started.
Today, I’m going to show you three ways that you can reinvent your online course into mouth watering offers that are simple to deliver and extremely valuable for your audience.
Now, those of you that are longtime listeners know that I am a big proponent of really going all in with one signature course. Remember, you only need one signature course priced anywhere between $500 to $2,000 to reach $1 million in annual revenue.
So you might be thinking, “Why are you making this episode today, Caitlin?”
Well, the answer is that I know some of you love the idea of experimenting with new offers, have an avid customer base who is looking to maximize their results, and your evergreen course is already up and running.
Or maybe you are in the process of getting your evergreen course up and running, and you are looking for a few ways to really maximize profit in the meantime.
What’s special about the advice that I’m giving you today is that I’m going to share three ways that you can reinvent your online course in a way that will not interfere at all with your existing evergreen sales funnel.
This means that you can continue to have your signature online course, be your forward-facing offer, and to be completely profitable from sales of that course alone. But you can also experiment a little bit and have a little fun on the side without confusing your audience or making things overly complicated.
One of the really great things about selling your online course with an automated sales funnel is that it really frees up your time. No sales calls, no launches, no endless DMs that don’t ever go anywhere, just predictable revenue.
And if you’re using our evergreen method, then you’re also getting our systems for evergreen student success, ensuring your students are supported and successful without you needing to be in the course community 24/7 answering questions.
So here are a few ways that you can reinvent your online course after you have implemented our evergreen method and you start to feel an itch to create something new without confusing your audience or making things really hard for yourself.
The best thing about this is that you don’t have to create any new content. You are simply repackaging, repurposing your course into three different offers. So you’re still teaching the same thing to the same people. You’ve just packaged it into an offer that is new and different.
The first way is with a one-on-one session.
A recommended price point for something like this would start at $1,000, depending on the price of your online course.
For example, let’s say you use our evergreen method to sell your $997 online course. Well, you probably have a select few students that would jump at the chance for a one-on-one with you that was maybe 90 minutes long, priced at $1,000. They’ve already invested $1,000 with you in their online course, and they’re excited about it and they would jump at the chance to be able to go deeper.
One thing to remember is that you never want your one-on-one session to be cheaper than your course. So nobody should be selling a $2,000 course and then offering a 90-minute one-on-one session with them for like $500. It needs to be priced at least equally to the price of your online course and preferably even more than that.
So think about this. You have your evergreen course up and running and maybe you’re selling 20 or 40 copies of your $997 product every single month on autopilot. Then you can upsell maybe up to 20% of those students on a one-on-one offer priced at $1,000. If you are doing that, you are increasing your monthly revenue by 20%. And at the same time, you’re able to get valuable insights from your best customers.
These one-on-one sessions can be extremely beneficial for you because they give you an opportunity to really get to know your ideal customer, to understand exactly in their own words, what they are struggling with. And you can use those insights to improve your marketing copy. You’ll be able to better pinpoint exactly what they’re struggling with and to then speak to those problems with greater specificity in your social media copy, in your email copy, even in your webinar copy. And you’ll be getting paid to do it.
If you’re thinking to yourself, “Most people won’t want to buy a one-on-one session with me,” you are right. And that’s the idea. That’s why it works.
You want to make sure that you’re pulling from this pot of online course students that you are collecting, that you already know, that you already have a relationship with, that trust you.
And if even a small percentage of those people choose on a monthly basis to invest $1,000 with you for a simple one-off, one-on-one session, 90 minutes long, where they can get some real time feedback and coaching from you, that’s a win-win.
Another way to reinvent your online course is with a VIP small group workshop.
Here’s how that works. When people work with us, one of the first things that we do is we help them take all of those juicy modules and lessons that are in their existing online course, and we help them translate them into an easy-to-understand framework.
Sometimes they call it their framework. Sometimes it’s a special method or a process or a system, but whatever the case is, it’s a way to organize all of the information that they teach in a way that makes sense to their prospects.
Now, this doesn’t mean that you need to change anything about your existing online course. We’re just giving you a new way to talk about what’s inside of it.
So let’s say that your eight-week course is distilled into a four-step framework. You can create a simple three-hour small group workshop and really dive deep into one of the framework steps.
Now, remember, these people have already purchased your online course. So they’re already feeling excited about what they’re learning and they would jump at the chance to hang out in a small group with you virtually and really dig deeper into one step of the framework.
So you want to make sure that you’re digging into a step that people really want to learn more about.
And the easiest way to find that out is to simply just survey your existing customers and say, “Hey, I’m thinking of putting on a new workshop, which of these steps would you like to go deeper on?”
You can price something like this, anywhere between $1,000 and $2,000.
You don’t even have to pitch it publicly. It’s just a private offer exclusively for your existing customers.
Let’s say you want to keep that small group three-hour workshop to around five students. It can be any number you want, but let’s go with five. That means that you are generating an extra $5K to $10K in a single three-hour session.
And that’s on top of the predictable profits that you already have coming in from your evergreen online course.
You don’t even have to create any new content to run this workshop because you’ll be using the existing material inside of your course and expanding upon it.
You can have some time for teaching and you can save some time in the workshop for implementing and for feedback. You can save a portion of your workshop for teaching, a portion for implementation, and a portion for feedback.
That’s incredibly valuable to your customers.
So we’ve talked about reinventing your online course with the one-on-one session, with a VIP small group workshop, runs about three hours.
And the third thing that you can do is to offer a mastermind.
If you love the idea of creating a curated community where people can really connect with each other and with you on a whole other level, then hosting a mastermind may be right for you.
If you’ve never hosted one before, I recommend setting a price point of around $10,000 for 90 days.
The reason I say 90 days is because if you’ve never done it before, you don’t want to kind of trap yourself into this situation where you’re running a 12-month mastermind and halfway through you determine that you really don’t like doing this.
So 90 days is incredibly valuable for $10,000.
And if you enroll just 10 of your existing students, that’s an additional $100,000 in revenue for your business that year, not to mention an opportunity for your customers to build lifelong relationships with each other.
Afterwards, if you decide to run it again, you can give your former customers an opportunity to re-enroll because if they love the first 90 days, they’re probably going to love the next 90 days.
If you want to learn more about how you can turn your online course into a wildly profitable business, then click the link around this video to sign up for our free masterclass.
Or head on over to caitlinbacher.com and make sure you click the button to register for that free masterclass.
This free class is going to walk you through each of the five steps required to take one course and scale it into a six or seven-figure profitable business.
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