Sustaining a profitable business takes a lot of hard work and multiple revenue streams. There is no one-size-fits-all business, so being able to offer multiple products or services goes a long way in protecting your market share.
You may already have a website, and maybe a blog, to promote your business, but have you considered creating an online course? In today’s post we look some compelling reasons why creating an online course can help boost your business.
The Marketing Significance of an Online Course
If we jump into a time machine and head back 10-15 years, the education system for adults looks a bit different than it does today. For most people, if they wanted to continue their education, they either attended an in-person class or they sent away for some correspondence books.
While this system worked, there were some sticking points that held it back. Because not everyone is willing or able to travel to take a course, opportunities to expand subject matter knowledge was limited to what was offered in a person’s area. Additionally, high course prices often limited a person’s ability to take courses, even if they were offered in their area.
The Online Course Today
Back to today, we have seen a dramatic shift in the educational offerings. The mainstreaming of online webinars means that people from all over the world have an opportunity to take a course, not just those that live in a twenty-mile radius of the course creator. Also, large price variations mean that it is possible to find a course that fits into any budget.
The numbers back this up. In 2016, e-learning products amounted to 46.67 billion U.S. dollars. What’s even more astounding is that the e-learning market is forecast to surpass 243 billion U.S. dollars by 2022.
As technology continues to advance, creating an online course will be quicker, easier and will look more refined. This education tool is not going away, so dive in and use it to build your brand.
How creating an online course can benefit you
Online courses not only help the user, but also the developer. Here are some reasons why creating an online course can benefit you.
Subject Matter Expert
Regular research, blog writing, and product creation have all worked together to make you well-versed in your subject matter. And by working hard to increase your list of subscribers, you have begun to establish yourself as a subject matter expert.
An online course will help solidify your position as a subject matter expert. If someone is searching for information about a topic and finds websites, blogs, and online courses all written by you, they are going to start seeing you as the go-to person in this area. Your credibility and online influence all increase as a result.
That said, make sure that your chosen field is not already saturated with subject matter experts. You want to get noticed, not blend into a crowd. So, if there is already a lot of market competition, consider adding a variant on the theme to differentiate yourself from the competition.
Additional Revenue Stream
Traditional revenue works like this. You complete a job, or sell a product, and you get paid. While this method works very well, it also means that you need to be working all the time to generate an income.
Creating an online course allows you to do the work once and get paid repeatedly for it. While there is a lot of work involved up front in creating a course, once the work is done you have a finished product that you can offer to as many interested parties as you like.
Creating an online course allows you to do the work once and get paid repeatedly for it. Click To Tweet
This method is also great as it works for you, even if you have a day off. Proper advertising and making it available online means that anyone who comes across it can pay for access, even if you aren’t around.
Automation Can Be Liberating
Once an online course has been published, it can do its own thing with minimal maintenance from you. This is liberating because of its ability to generate income for you, passively. An online course can help you advertise your website, generate revenue and build a subscriber list for you, while you are busy elsewhere.
This is great as you now have the time to dedicate to other projects, all the while knowing that another revenue stream is in action.
The thought of creating an online course my seem intimidating at first, but it could be one of the best things you have done for your business. It’s ability to enhance your expert status and generate passive income are great reasons why this is the next marketing must have.
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Jolene is a strong operations, compliance, and paralegal manager. She also loves to research and write about business as well as personal topics that help others.