How much can I make selling courses online?
Is selling courses online profitable? That’s the number one queston I’ve been asked whenever I tell someone about selling courses, and the truth is that it largely depends on yoru audience.
Is selling courses online profitable?
When I posed this question on Google Search, it said something like $500 for beginners, $3,000K and up for those with steady traffic, and $100,000+ for those with large, established audiences (think influencers). The truth is that I didn’t make this much when I first started, as I largely used courses as lead magnet tool to grow my audience from 0. But I did make some money, and it was a wonderful feeling to wake up to an alert that someone purchased your course. Well, there’s no need to wander, because I’ve created a tool that will help.
The Online Course Revenue Estimator
The online course revenue estimator takes a few things into account when estimating your revenue - your social media following, ad revenue from newsletters, and ad revenue from social media ads. Here’s a breakdown:
Social Media Following
For followers, the tool uses a simple formula of 1% of your follower account, depending on the social media network. So, if you have 100 followers, it’s estimated 1 person will buy your course. For 1,000 followers, that estimate grows to 10 people. A more accurate estimate is 1% of your engaged following will purchase your course. So if you have 3,000 followers and 10% engagement (300 followers), 1% of those 300 followers will buy your course, which is 1person. Conversely, if you have 300 followers and 90% engagement (270), 1% of those 270 followers, which is ~2-3 people will buy your course. Most people don’t know their engagement rate off the top of their head, but they do know their rough follower count, which is why I’ve left off the engaged follower estimate.
Email List
Personal newsletter subscribers tend to be more engaged than social media followers. If you have a newsletter or email list, the estimator tool will estimate that 3% of your audience will be engaged.
Newsletter Ads
I’ve found some success placing ads in small niche newsletters, such as ilovecreatives or The Listings Project. Since I don’t use social media anymore, when I launch a new product, I place ads in niche communities where I’m involved. The calculator uses the newsletters reach or subscriber count to estimate your potential course sales.
Social Media Ads
Lastly, if you place social media ads, the tool uses revenue and reach to determine your reach.
Search Engine Ads
Lastly, the revenue tool considers web ads, if you’re placing ads on search engines, such as Google or Bing.
Other Ways to Promote Your Course
There are some additional ways to sell your course that aren’t accounted for in this revenue tool.
Friends of Friends
As a rule, I don’t recommend marketing courses to friends and family, but I do recommend asking for their support in spreading the word. When one social media averse client was ready to launch, I suggested beginning with an email to associates and friends, and not asking them to buy the course, but rather asking that they share with their friends! That very week a friend of friend purchased the course and it became her first sale!
Public Talks & Launches
Creative Mornings began offering Virtual Field Trips during the pandemic, and it’s turned into a wonderful way to meet people online. Some of the talks are group-oriented, while others are more lecture and listen. Either way, entrepreneurs, coaches, consultants, artists,and all kinds of people have launched their products and services on the web. I highly recommend it as a strategy to market your offering.
Calculate Your Revenue
Without further ado, here’s the course revenue calculator. Try it and let me know what you think.