Have you thought about whether there are more ways you can be monetizing your existing content, your current audience, or your hard-won expertise?
Mostly likely if you are reading this, you do have significant expertise in your industry that you've refined throughout the years. You might already be sharing that expertise through consulting, speaking, maybe a webinar or workshop here and there, or maybe even a podcast or a published book!
One effective way for growing your business is to take the ideas and material you are already sharing in one of those formats, and create a premium paid online course version of that material, that you can sell to your customers or your audience all over the world, in a way that doesn't directly depend on you to individually work with your customers, while still delivering a ton of value.
That of course, is the value proposition of incorporating online courses into your business, as a basically infinitely scalable extension of your expertise, that is probably perfectly complimentary to what you are already doing.
Recently our client Tung Tran launched his first online course, called AMZ Affiliate Bootcamp.
He earned just shy of $30,000 in the first 5 days. And I want to show you how he did it.
Update #1 - a couple weeks later
A couple weeks after this article was written, he sold 23 more seats in his course, bringing the total to $42,000 in about the first 6 weeks. He also plans to continue to market it to get more and more students every single month!
Update #2 - 10 months later
After checking in with Tung about 10 months later, his course has generated $8,000 – $12,000 / month in income, and between that and the launch the course will have created 6 figures of new income for him in its first year.
In this article, you will get all the behind the scenes information on exactly how he and our eLearning team at Monetize Your Expertise worked together to achieve this kind of outcome, so that you can too! We will be showing you exactly what he did, and what we did, that allowed him to achieve this kind of results. It will walk you through the exact method we used to build the course (with templates), his actual launch sequence, and even the hourly journal he kept on the day of the launch.
The goal is to give you everything you need to also be able to wake up and have the great feeling of seeing this in your inbox:
Tung's Project Goal: To Successfully Monetize His Blog To Generate A New Stream Of Income
"I’ve been building Cloud Living for a while, and currently have built it to about 6k pretty well engaged subscribers. I started Cloud Living in February 2013 just as a place for me to document my online journey. The blog grew pretty fast in the first year thanks to my public case studies on how I built and grew profitable affiliate sites. Since then, I let it sit and the growth stalled out.
The blog was making only around $1k a month for about 2 years. I wanted to sell my own products but wasn’t very happy this first attempt. I tried to sell a PDF 3 years ago on the same topic that we ultimately made the course on for $99. I launched that ebook around February 2014 and made $7k in sales in 3 days – around 70 customers.
The results were sub-par, and I wasn’t excited about the quality of the product so I discontinued it after 3 months. I didn’t feel it was good enough to charge a premium, so I wanted to build something better. Last year I decided that I wanted to focus on the blog and grow a business out of it. That’s why I decided to make a course. I know this is something my audience really want so it wasn’t a hard decision to make.
For the course we built this time around, I’m extremely happy with the quality and feel totally confident to sell it at a premium. Without you and your service [having the course built by the MYE team] I would not have been able to create this quality course myself. This time around, I was committed to make the best training course on the market and that’s why I turned to you [Monetize Your Expertise]"
Note: the tool we used to get these reviews was intercom.io
Phase 3 – Launch your course and get lots of happy customers
Image from Digital Marketer – wwww.inspirechanges.com/portfolio/mini-class-launch-funnel/
Here is the exact breakdown of traffic and sales for Tung's course:
Breaking down what this means:
If you do the math for what this means to you:
To see Tung's primary course sales page that he used to launch this course, you can click here
To see Tung's course FAQ page, click here
These are great numbers, but not unusual (in some cases we've even gotten better stats), especially when you consider that these CTR’s are not even on individual emails or links, but just somewhere during the whole campaign. For example, 21.6% of his email list clicked through to the sales page at some point.
So in a sense, the objective results of this case study is by no means an unusual result. The metrics are relatively normal in terms of conversion rates. The strategy is simple. Your expected results will just involve doing the math based on the size of your own email list, social media following, etc. Your conversion rates won’t all be the same, but they can be used as a ballpark estimate.
As a reminder, here are the results Tung's got for the first go-around for this course:
5 day launch revenue – $24,850 (50 sales)
Total first launch revenue – $28,329 (57 total sales)
Course revenue during the first 6 weeks = ~$42,000
Monthly revenue after that = $8000-$12,000 / month