Tim Cooper | Coaching You To Successful Online Course Creation & Marketing | Regular Udemy Coupon Offers
How to 10x Your Online Course Sales and Increase Student Retention Using The Experience Product Phenomenon | with Marisa Murgatroyd
Aug 23 2016
Information products are dead. The road to riches depends on more than just simply creating a few videos and publishing them to an online learning system. Today's consumer is looking for more than just information. They are looking for an experience. They are seeking guidance and fulfilment.
The writing is on the wall. 2015 saw the first negative growth in the online education market. US demand for information products and home study courses actually declined by 3%
So why this decline in a seemingly booming market? After all, predictions were that the online course market was going to enjoy massive growth for the foreseeable future.
Well, the decline could well have been driven by another shocking statistic…
On average, 97% of people who buy information based products fail to complete the training and get results.
The numbers speak for themselves…
The majority of online courses are failing to deliver results and this is regardless of the quality of the information they contain.
This, in turn, has led to a drop in prices.
Also if you look at the amount of quality information that is freely available on the internet, the value of 'information' is actually $0.
Universities are publishing their entire curriculums online for free, people can view hours upon hours of how-to information on YouTube and Google will present you with an answer to any question you enter into the search box.
If information alone was all it took to change people's lives, we would all be living in Google-utopia, swimming in the data that over a billion websites have to share.
So how are you and the transformation your courses provide going to stand out and shine above all the noise?
What actually motivates people to make a change in their lives over the long term?
The point is the majority of people struggle to implement information that they've watched or read.
So in order to succeed as course creators, we have to design and deliver our material in ways that present our students with an enjoyable, engaging, fulfilling experience.
Imagine if you could provide the same level of excitement and addiction to an outcome as the Pokémon Go app. Adults and children alike are totally absorbed by this app and happily spending a lot of money to pursue little virtual creatures around the neighbourhood.
Seriously, what would you give for that level of engagement?
What if you could apply the same psychology that totally captures people attention when it comes to movies and video games and apply it to your online courses?
What would that mean to your course sales?
What would that mean to your business?
What would that mean to your lifestyle?
We have to face facts. The 19th-century practice of dumping a whole heap of information in front of someone is neither practical nor ideal when it comes to long-term, transformational change.
“When it comes to learning something new people don't want War and Peace, they want the cliff notes version. They want a game and a game they can win quickly.”
There is another huge benefit: When you help to bring about change in someone's life, not only are they more likely to purchase from you again, they are also more willing to recommend your material to others, they will do your marketing for you!
To help you understand what naturally motivates people to learn and how you can incorporate these key elements into your courses, Marisa has created the “Experience Formula”, which is ten very specific experiences that you can wrap your courses in, that work with peoples own internal motivation and commitment. So before they know it they're getting into action, they're getting results and they're gaining unstoppable momentum that allows them to get going, even when the going gets tough.
So before they know it they're getting into action, they're getting results and they're gaining unstoppable momentum that allows them to get going, even when the going gets tough.
One of the biggest principles that is often overlooked is having a super clear, focused mission that relates to what people want, that your whole course revolves around.
So you need to look at this from the outset when designing your material. What are you moving your students towards? What will they accomplish?
When stating your mission there should be no doubt what the time frame is and what the student is going to achieve in that time frame.
A fundamental design flaw in a lot of online courses is they are set up for this very broad, general 'how-to'.
“You will get all the information you need to do ______________”
But the material isn't clear, it's not structured around getting people to that result.
When your mission is clear you can set up a game to include “positive experience escalation”.
As your student goes through the process and has these positive experiences, they gain momentum.
So instead of instantly bombarding your new student with information that does nothing other than result in overwhelm and confusion, you should look at 'chunking down' your information to set your students up for 'constant wins'.
Giving people the chance to have a win right from the very beginning of their journey with you, even before they purchase your course is very important.
How can you give them a win?
Getting them to make a choice, check something off their to-do list, take an action that they are capable of performing, are all ways to set up these 'constant wins'. This gives the student the confidence that they have the ability to bring about the change they are seeking.
The number one reason why people don't buy to begin with or don't complete a product once they buy is because they don't have confidence and belief that they can complete it. Setting your marketing and course materials up so that your students have a sense of accomplishment and success right from the start is an important factor not only for increased sales but also student retention and referrals.
When you work with the psychology of winning and giving your students a sense of achievement through regular and constant positive experiences and constant wins, your students cannot help but feel good as they work through your course.
Will This Approach Work In My Niche?
The short answer is yes.
No matter what business or industry you're in, there is one common dominator - people get caught up in endless process.
So if you can break it down for them. Simplify it. Make it fun and keep them engaged through the use of the constant wins strategy then this will work no matter what you're teaching or who your audience is.
Why Is Now The Time For Experience Products?
We're seeing that more and more people are coming online every single year. More and more people are setting up their online stores and websites in order to tap into the ever-growing consumer demand.
With around one billion websites already in existence and growing at a rate of 300 million new sites a year, it's becoming harder and harder to compete in a very noisy environment.
The point is most people don't know about the 'Experience Product Phenomenon' so they are competing in a world where they are experiencing a decline in demand and falling prices but don't know why.
Basically, if you try to create an information product now it's like trying to open a video store after Netflix was invented…it just doesn't work.
But you have an opportunity today to get in on the ground floor of buying Netflix stock on day one.
So as more and more course creators discover that the information product model just doesn't work they will come to learn about the experience product phenomenon and get onboard.
Information products, in general, have a negative reputation in the industry for letting people down and experience products are the obvious alternative because -
1. you are going to create products that are more relevant, and if you use the experience product model you are going to avoid creating a course that will have a hard time selling.
2. you will be at the forefront of this major shift that is happening
If you have a question about any aspect of online course delivery, from concept to market, please feel free to send me an email at [email protected]. I'd love to hear from you and your question could very well feature in a future podcast.
Want More Help?
Are you looking at creating an online course but don't know where to start?
Have you started but got stuck along the way?
I'm here to help.
Contact me today to book your free 20 minute one-on-one Skype coaching session. The session will be laser focused, aimed at solving your problem and we won't try to sell you anything. Sounds good? Email me today at [email protected]
The online learning industry is booming and showing no signs of slowing down. This podcast is for those looking to create an online course for any number of reasons. You may be looking at creating a course and publishing it to Udemy or similar sites. You may already have courses published and are looking for ways to improve your content or reach a larger audience. You may be a workplace trainer or workshop presenter looking at streamlining your training material. No matter what the scenario, this podcast will arm you with all the information you need to take your online course from concept to market and beyond.
Thank you for subscribing and I look forward to seeing you in the community.
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