Ever since the age of the internet has taken hold of our daily lives, the dependencies of people across the globe over the internet have drastically changed the way we consume information and communicate. It has had a great change in the field of education with online e-learning classes taking up the front seat. Educationalists and universities and teaching professionals have adapted to the norms of the internet and the term E-learning has its toll and enhanced the art of learning, training and educating. Educators, professionals are monetizing their educational content through e-learning modules through monetization platforms saving tons of money and time. Let’s have a look at the process and progress of e-learning monetization and online courses benefits further below.
Why Online Course is said to be profitable?
Creating and selling online courses has been booming all these years in the market internationally. According to research carried out by global market insights, it is estimated that the elearning market is anticipated to rise above $325 Billion by 2025. As a result a yearly growth rate is said to have 5%.
Becoming an online instructor serves to be a major plus as you could explore e money earning from a few hundred dollars annually to a six-figure revenue.
Surely when you plan around to make a profitable online course, 90% of your education-based content needs to rely on marketing and sales.
There are several factors that underplay in shaping your online course, right from your subject to your audience’s size. Some of them while calculating profitability, determine with:
- Personalized brand recognition
- Showcasing of level of expertise
- Training collaterals in hand (blog posts, video/vlogs, podcasts, books)
- Size of your target audience/ Email list
- Market size & competition is favourable
- Your way of Marketing & Sales skills
- Income generated from Audience
Although having a strong presence online with an engaging social network or with a emailing list are major advantages. They can indeed help you to have a successful course launch.
However, it doesn’t get away with the fact that attaining a loyal audience isn’t one-day’s job. And when you do, you will have to invest lots more in shaping your brand recognition.
The simple calculation is more people are aware of your brand’s name & the product that you offer, it increases the chance of profitability from sales. Gradually, when you will start building your own online tutoring business, you will get a better approach of this.
Up next let’s delve into..
Kick start your e-learning business in the best possible way!
You might be wondering what’s the best way to start an elearning business? Just as we find a flood of big questions, there’s no quick or easy answer– but you’ll need some content surely ready once you think to launch your business.
But, before you can create curative pieces of content, make sure you tackle the following:
1) Target your E-learning Audience
The key step is to determine if there is enough demand for your chosen genre with respect to learning categories. For identifying your approached target, you will need to conduct audience research via instructors, learners and skilled experts.
It may be challenging to understand audience needs. Therefore the best practice is to know answers for the following questions about your target.
- What is the age range of your target audience?
- Where is your audience located?
- What kind of courses do they prefer?
- What are they specifically looking for at online courses?
- Will they be able to pay for the courses?
2) Fixate your E-Learning Business content before you create
The next step comes into the limelight of core content that your audience would desire. Ideally it would be better to list down core skills that the learners would seem to acquire. For example, if your elearning business is centred around upskilling marketing professionals, some of the content that you generate can be around the same.
Using this data and keeping your target audience in mind, you can decide about your core content that you need to deliver based on trends.
The niche that you are targeting also has to be taken into consideration. Moreover, it is recommended to primarily focus on the content that would stay relevant to your industry in future.
This would pull-in more learners while retaining your existing audience. In this regard, you can finalize more than single core content while targeting a cluster of audiences.
3) A right e-learning platform will reap benefits
In general, there’s no shortage of E-learning platforms in the market. But having said that, the best one would entirely depend on your unique business requirements. Let’s say, if you’re looking for a solution, to host content in a simple way and sell them, platforms like Teachable, or Thinkific might be a good fit.
But if you’re looking for more flexibility for customization & more control over your teaching material, these platforms may serve to be little disadvantageous than your expectations. GUDSHO can be a great option with various features.
With a planned video monetization or OTT platform, tutors and curriculum instructors can
- Build branded channels along with apps
- Create an immersive viewing HD experience
- Stream content at any corner which includes live stream hosting.
- Effortlessly monetize content and process payments digitally
- Manage content & digital rights with zero limitations
- Measure calculated success with in-depth analytics
Thus, a video monetization platform will enable trainers and instructors to use a combined model of SVOD as well as TVOD to ensure their video offerings produce immediate & long-term profits.
4) Don’t compensate quantity over quality
While you could plan to launch your educational platform, we recommend you to create a few video lessons and courses for every piece of content. In order to yield great admission along with a positive response, it is important to make sure your content quality stays top-notch and gives value to e-learners for E-Leanring money they spend.
One thing is certain, that the first impression of knowledge-gainers would either make or break the success of eLearning platform.
Now it’s time to apply that insights of your ideal user to course and curriculum design. Some of the questions would help you to form your educational program.. Some of them are: Should you build a series or a bunch of videos? If so, what will each course look like?
What kind of formats each video should be in? Are these different learning path for varied students?
In order to design educational experience, which truly delivers value to learners, start by pinning down the list of relevant audience milestones. Then make sure the lessons that you deliver are quite actionable.
5) Pricing matters and plan your courses accordingly
Every e-learning business has a key goal of becoming lucrative and for that, you will have to set prices for your courses in a smart way. One has to see to it that it shouldn’t be too high as no one will register to your course. Or they shouldn’t be too low that your costs aren’t covered.
The price of your tailor-made courses can vary depending upon underlying factors such as course duration and the experience of instructor. You can conduct a competitor analysis to find out the fee of similar-like courses offered on competitive platforms. At the start, you can provide your course with a fee less than your competition or you can get discount coupons to make your individual identity in the marketplace.
6) Market & Promote your E-Learning business by all means
It doesn’t matter how good your platform is, you cannot accomplish business goals without good marketing. Remember that, you are not the only one who is offering online courses and other elearning opportunities for learners out there.
There are millions of elearning platforms that are constantly chasing your set of audience before you could deem it necessary to in making yourself heard. In the right audience circles, it works best with the help of right set of marketing strategies.
You may promote your brand aggressively with an active presence on social media and run ad campaigns on Google, LinkedIn as well as Facebook. Further to that, you can also start your newsletter and engage your audience with various high-valued insights into the industry.
Another means to reach out is to collaborate with education-based organizations and actively enroll their students into your offered courses.
Now let us look into..
Essential functionalities that help to monetize from an E-Learning Platform
Most professional e-learning platforms that are equipped with a varied range of functionalities which allow users to go through easy and efficient access to learning. Of course, these functionalities might differ depending on the needs of the platform. All you’ll need to do is adjust them to suit your strategy and target group. Let’s delve into some of the examples.
i) The Power of Video
Let’s start with the primary functionality. It is necessary to have a good audio-video system which supports two-way communication between the teacher and student. It is indeed a catalyst and a must-have equipment when it comes to building an e-learning platform.
ii) Shape learning via Interactive Board
It fosters two-way communication while using an interactive whiteboard. It essentializes the need for both academic trainers and learner’s point of view. The digital whiteboard allows them to share important definitions, create notes, or implement exercises during the class.
iii) Instant Way of Reaching with Notifications
Any kinds of intimations or notifications are very welcome. Students should be regularly informed about any kind of changes in their study material. Let’s say for an example, students could be sent reminders before every class they enrol into.
iv) Centralized Hub of Video Knowledge Base
This functionality allows users to collect basic information about the prepared topic. It is quite useful when they need to review the data and be up to date with all kinds of relevant educational resources.
v) Quick Streams of Communicable Chats
An E-Learning platform needs to be equipped with a real-time chat facility for ongoing communication between the users who participate in order to ask questions or talking, etc. You can easily add a real time chat function to your application by using external chat SDK available in the market.
vi) Best Resource to Analyze via Dashboard
If you own an e-learning platform which includes a number of courses, it is necessary to ensure that users should have intuitive access to each one of them. A dashboard which provides a clear view and engaging UX design assists users to use the product effectively. Users should willingly get an option to join a chosen course, check all necessary course data, start it from the point where they left off their lessons, and much more.
Monetize, market and make content that meets all e-learning channel needs- 7 suitable ways
Managing an entire online learning platform can be much rewarding venture. After all, your elearning business provides a pathway to learn new skills which can help users to pursue high education.
Factors such as the mode of accessibility and flexible means of being able to conduct online courses allows platform members to learn at their own pace. But the question is, how can you earn from this genre of business? Unveil this below..
- Earn Income via Donation Buttons
We all know that education is a necessity in our lives and because of e-learning platforms, almost anybody in the planet can simply learn by gaining access to the internet.
Wikipedia is a one such finest example for providing any accessible data, with site maintenance, which is purely funded by donations.
- Recurring Means via Subscription Model
There’s another way with which you can monetize your content via online certification platform and that would be implementing a subscription model. Members will only be able to access entire course by subscribing to it with a certain amount of recurring fee.
Depending upon number of criterias that you consider to distribute your content, subscribers are commonly charged monthly or yearly fees.
- Best payoff from Pay-per-Course
With a pay-per-course model, you can leverage the chance of enticing members to pay for premium content (material submitted by industry specialists). You can do this by offering free as well as advanced courses on your elearning platform.
This way, members can still get access to content and will only pay for premium learning content if they need to. There’s an example of online learning platform where you can make use of pay-per-course model.
- Quick ROI from Online Advertising
Next you can also try methods of implementing online advertising such as web banners or video ads for you to monetize your E-learning website. Educational-based content such as course video ads or ebooks can be integrated with digital advertising spots. Some of them can be displayed as overlay ads, banner ads, etc.
Additional advertising can also be done by preparing a blog writeups, topics that can range from new courses, important study tips, elearning updates along with FAQs. This can be initiated once uses are interested on subscribing for these online courses.
- Scaleup largely by Selling Additional Content
Support with materials such as classroom tools, course software, other online learning tools, etc, which can be sold for additional source of revenue.
In addition to that, you can also think of partnering with third-party collaborators for example, SaaS businesses to advertise or provide additional value content which is to be sold on the website.
- Another source with Affiliate Marketing Program
E-Learning or education-based websites can also increase steady income by joining an affiliate program. By this commission can be earned by setting up links which will then redirect their traffic to partnered websites.
The main advantages can let us know that it can yield pure monetization of traffic and there’s no need to set up any sort of payment gateways.
- Monetize with Payment gateways
There are elearning services which can monetize their video courses by offering multiple options for their members to pay. There is plenty of online payment platform which integrates thousands of payment methods.
This allows digital learning sites to offer their students a convenient and flexible ways to pay. This it gives e-learning sites opportunity to expand their horizons globally.
There is a huge development in the online e-learning business and each unique e-learning channel is earning fruitful revenue setting up a solid standard. Channel creators and business owners can build their e-learning business, but the bigger question is are you ready to become an entrepreneur by opening your online learning business and leveraging resources that you already possess! To initiate a successful e-learning online classes click here.