Written by
Gideon Aleonogwe
April 26, 2024
AI and Technology in Education
Mastering Online Course Monetization: A Step-by-Step Guide to Implementing 7 Proven Business Models
Gideon Aleonogwe
November 21, 2023
You've poured your expertise into an online course. You’re confident that you’re going to increase your revenue because you know it delivers real value, and you've priced it accordingly, following Patrick Campbell's expert pricing advice.
Yet, sales haven't quite reached the level you envisioned.
Here's the question you should be asking yourself:
“Is it just pricing, or could there be a bigger picture I am missing?”
This blog post will walk you through 10 proven ways to monetize your online course. And they go beyond traditional one-time pricing structures.
We'll help you unlock the full earning potential of your course content and ensure it reaches the students who need it most.
To truly tap into your course's potential, let’s start by revisiting the basics of effective monetization.
Understanding Online Course Monetization
For your educational content to thrive and expand, it needs a solid financial base.
This isn't just about profit, of course, we’d love you to earn your weight in gold, however, it’s about creating a sustainable cycle where quality teaching leads to revenue, which in turn leads to more quality content.
But here’s what most online course creators never really understand:
Focusing on content quality alone won’t give you the sales they desire.
And only when you truly understand monetization can you actually experience creative freedom and have the needed resources to improve educational offerings.
Before now, courses were often sold for a one-time fee. But as technology has advanced, there have become more options for making money.
That is why we see models like subscriptions or memberships which provide steady income—both critical for long-term planning.
For example, a study by the IMARC Group predicted that the e-learning market would reach $661 billion by 2025, driven by subscription models that provide predictable, recurring revenue.
This shift emphasises how crucial it is for educators to adapt to more modern methods.
Platforms like VarsityScape are designed to handle various monetization models seamlessly. They offer tools for subscriptions, pay-per-course options, and even bundles, which can attract different types of learners.
What sets VarsityScape apart is its ability to integrate with marketing and analytics tools. This means not just selling a course but understanding who buys it, why they buy it, and how they use it. This data is invaluable for refining marketing strategies and course content, directly influencing revenue growth.
Let’s take a look at some pricing models you can use.
7 Business Models for Monetizing Your Online Courses
1. Subscription-Based Access
Subscription-based pricing is providing course access to students on a timely basis for a fee.
During this period, you will provide learners with premium access to your course until the fee expires.
For example, here is a subscription-based course on VarsityScape’s platform:
The idea behind subscription models is to provide continuous revenue, which can stabilise financial planning. Recurring payments helps to maintain a recurring yet predictable cash flow, which can be essential in scaling operations if planned right.
Other benefits of the subscription business model include:
Learners may want to access a wide range of courses and resources (if you have several courses).
Subscriptions can be more economical for learners who are interested in accessing multiple courses or continuous learning opportunities.
Subscription courses encourage learners to stay engaged with the platform.
How to Get Started with Subscription Business Models for Your Course
When creating your course, find ways to build in increasing content access and exclusivity.
If you do not start the planning process from inception, it will be challenging doing when the course is already live.
Carry out extensive geographical market research to know which business model fits your audience.
With entertainment giants like Netflix finding it hard to replicate its subscription model in Africa, you might have to reconsider if you are in a similar market.
Other challenges to consider for subscription revenue models are flexibility and compliance.
When all these have been carefully considered, you can then begin to introduce the tiers.
Use marketing automation tools to manage subscriptions and keep subscribers engaged.
Retaining subscribers can be tough. Regularly update course materials and add fresh content to keep the offering valuable.
Always set time aside to review your subscriber retention rate, reach out to them, get to know their reasons for discontinuing subscription and make plans to address the issues.
While many people see subscriptions as customer-binding, when you are transparent and find ways to continuously add value to the course, they enhance learners’ loyalty and lifetime value.
So while at it, urging students to subscribe to your course, have a plan to improve the value for long-term rewards.
2. Freemium Models with Paid Certifications
Freemium pricing model is a strategy that involves providing learners with two versions of the same course.
It could be in the form of granting students unlimited course access at no cost and a premium offer, usually at the end of the course which they can choose to pay or not.
Depending on your course structure, your premium offer could be paid certifications, limited-access communities, or internship placement.
Freemium courses often attract a large user base because people tend to want to try them out to see if they are worth it, this is why they are perfect for first-time creators.
At the end of the day, you making money from the course depends entirely on your premium offer.
Not sure how to implement the freemium business model? Maybe this Codecademy case study can rejig your memory.
Sure, here’s a simpler version of the Codecademy case study.
Case Study: How Codecademy Used Freemium Pricing to Drive Growth
Codecademy kicked off by sharing a free programming lesson on Hacker News. Within just three days, over 200,000 people joined the platform, showing a huge interest in learning to code.
After seeing early success, Codecademy quickly added more free courses.
They launched a big program called “Code Year” which got a lot of attention, even with the famous Mike Bloomberg spreading the word.
Codecademy took it a step further by allowing its users to create their own courses.
This strategy kept users coming back for more.
As their user base grew, Codecademy started offering some premium, paid features while keeping the basic courses free. The mix of premium and free versions helped them start making money while still offering free learning.
Codecademy’s strategy shows that starting free can build a large following if your offer is top quality.
To make sure you are on the right path, carry out extensive user research and consistently improve your offer.
How do you do that?
Our guide on creating profitable online courses covers the basics on creating the best learning content for your students to create that large following you need to get started.
3. Course Licensing
Course licensing is a great option if you prefer not to be the main focus but still want to make a big impact.
In this model, you allow other organisations to use your content for a set time and fee that you both agree on.
Here’s how it works:
You licence your course to institutions like schools, who handle all the technical stuff. Your job is mainly to keep the course updated and ensure it meets quality standards. This means you can focus less on the everyday details and more on the big picture.
One of the biggest benefits of course licensing is easier marketing. Instead of trying to reach lots of individual learners, you just work with a few educators or schools. This makes marketing simpler and often cheaper.
It’s important to protect your courses with copyright agreements to stop anyone from using them without permission.
This way, you don't have to worry about people using your content without permission and in the way you do not want. Even if they do, your licensing agreement will come in handy should you choose to sue.
How to Get Started with Course Licensing
Here's a few steps and questions get you started with course licensing:
Set Your Licensing Goals: First, decide what you want to licence. Is it a training course, a development program, or maybe a consultancy service? Think about how many licensees you'd want and whether you're aiming to expand locally, nationally, or internationally.
Assign the Project: To turn this idea into a new revenue stream, someone needs to take charge. Consider dedicating a few hours a week for you or a team member to explore this opportunity thoroughly.
Ensure Your Content is Top-Notch: Your course or service must be professional and complete with all necessary materials, like training guides, notes, PowerPoint presentations, and marketing tools.
Identify Ideal Licensees: Determine who would be the best fit to licence your product. Are they trainers, specialists, or perhaps similar organisations? Plan how you will find, recruit, and train them.
Create a Detailed Information Pack: Develop a comprehensive pack for potential licensees. It should clearly explain how they can successfully deliver your training and generate revenue or provide valuable services.
Develop a Strong Online Presence: Your website should showcase your range of products or services, highlighting the benefits and featuring testimonials and your achievements. This builds credibility and showcases your licensing opportunities.
Support Your Licensees: Provide excellent initial training and ongoing support, including product knowledge and case studies. Helping them succeed ensures they will partner with you long-term.
Licensing specialist, Des McCabe, talks about this extensively in his book Licensing Your Training Courses. And it is available for free download here.
4. Corporate Partnerships and Sponsorships
Corporate partnership and sponsorship are similar to course licensing but this time, you take advantage of it all. Including the technical aspect.
Here’s an example:
Genius Hub Limited recently implemented a two-week training program in digital marketing and social media advertising. This initiative was in partnership with GIZ ZME.
You can see that Genius Hub is the trainer and GIZ ZME the partner and sponsor. These are the typical structure of partnership business models for courses.
Marketing to corporations rather than individual consumers usually leads to larger and more stable contracts. And they are usually high-volume sales and more financially rewarding due to the scale of training provided.
Plus, corporate partnerships serve as social proof and attract even juicier deals.
You can also access corporate sponsorships through:
Bundle courses with personalised services like coaching or consulting.
Engagement tiers, from basic courses to premium packages including personal consultations.
Steps to Establish Partnerships
To start reaching corporate organisations for sponsorships and partnerships, follow these steps:
Research and Identify: Start by researching companies that align with your course content and values. Look for businesses investing in employee development.
Tailor Your Pitch: Customise your educational offerings to meet the specific needs of each company. Highlight how your course solves a particular problem or enhances skills that are crucial for the company’s success.
Present Data-Driven Benefits: When approaching potential partners, back your proposals with data and social proof showing the effectiveness of your courses in similar settings. This might include success rates, testimonials, and case studies.
Negotiate Contract Details: Once a company shows interest, negotiate the terms of the partnership or sponsorship. Ensure these terms benefit both parties and lead to a sustainable relationship.
Support and Evaluate: After securing a contract, provide continuous support and periodically assess the program's impact. This helps in refining the course and strengthening the partnership.
5. Affiliate Marketing of Related Products or Services
Affiliate marketing is a straightforward concept where you earn commissions by promoting other companies' products or services. When someone buys through your affiliate link, you receive a portion of the sale.
For online course creators, affiliate marketing presents an opportunity to earn extra income by linking to products or services that are relevant to the course material.
This approach enhances the learning experience by providing additional resources but also offers a financial benefit without the need for direct sales of these products.
You can also create an affiliate program and get people to join in and refer students.
Here is Ryan Law’s affiliate program for his writing course:
How to Incorporate Affiliate Marketing into Your Courses
Here's how to do it effectively:
First, understand the basics of affiliate marketing.
Then select the products or services that align with your course content.
For example, if you teach cooking, you might link to kitchen tools or ingredients. It's important that these products are directly relevant to what you're teaching.
Next, sign up for programs that offer the products you want to promote.
Platforms like Amazon Associates or ShareASale have a wide range of affiliate programs available. Make sure their terms fit your course and audience.
Third, you need to add affiliate links to your course where they make sense.
For instance, include a photography tool link in a photo editing lesson. This should feel like a helpful resource, not a sales pitch.
Then, tell your students that these are affiliate links and you'll earn money if they make a purchase. Transparency builds trust.
When you recommend a product, explain how it can help in practical terms. This makes students more likely to use the link.
6 Crowdfunding for Course Development
Crowdfunding is a smart way to test if people are interested in your course and get the money you need before fully building it.
Platforms like Kickstarter and Indiegogo let you pitch your course idea to a wide audience and raise funds upfront.
When setting up a crowdfunding campaign, it's crucial to be clear.
Explain what your course is about, what makes it unique, and why it's valuable. People who might fund you need to see what they're getting and how it will benefit them.
To motivate people to fund your project, provide rewards for different levels of support. These could be early access to the course, extra materials, or even exclusive sessions for higher contributions. Incentives make backers feel more connected to your project and more willing to support it.
Your campaign should have eye-catching and convincing marketing materials. These should clearly show the benefits of your course and keep potential backers interested. Keep them updated on your progress to maintain their engagement and investment in the project's success.
How to Begin Crowdfunding for Your Course
Launching a crowdfunding campaign for your online course doesn't need to be complicated. Here's a simplified five-step guide to help you get started:
Step 1: Define Your Course and Set a Funding Goal
Clearly outline what your course will cover, who it's for, and what makes it unique. Determine how much money you need to raise to cover all aspects of course creation and delivery, including any rewards for backers.
Step 2: Choose a Crowdfunding Platform
Pick a platform that suits your course best, like Kickstarter for creative projects or Indiegogo for more flexible funding options. Check out each platform’s fees and audience to make sure it’s a good match for your project.
Step 3: Develop Reward Tiers and Create Your Campaign
Design rewards that add value for backers at different levels, such as early access, bonus materials, or exclusive webinars. Create compelling campaign content that includes a video and clear descriptions to explain the benefits of your course and why it's worth funding.
Step 4: Promote Your Campaign
Use social media, email, and personal networks to spread the word about your campaign. Keep potential backers engaged by regularly updating them on your progress and responding to their questions.
Step 5: Deliver Your Promises and Gather Feedback
Once your campaign is funded, focus on delivering the course as promised. Send out rewards, thank your backers, and ask for feedback to improve future courses.
By following these streamlined steps, you can effectively raise funds while building excitement and support for your online course.
7. Offering Additional Services (Coaching, Consulting)
Adding personalised services like coaching or consulting to your courses doesn't just bump up their value—it transforms them into comprehensive career development solutions.
This strategy boosts your pricing power and offers your learners something far beyond the basics of standard courses.
Say, for instance:
A career coach specialises in resume writing and interview techniques. By pairing her online course with options for one-on-one coaching, she's able to double her usual course fee. This isn't just good for business—it makes a real difference in her students' professional lives by providing tailored support that helps them nail job interviews and polish their resumes.
Incorporating these services turns a simple course into an all-encompassing program. It increases learner satisfaction and keeps them coming back.
Here’s how you can do it too:
1. Bundle Courses with Personalized Services
Create Tiers: Offer everything from basic courses to premium packages that include one-on-one consultations. This tiered approach caters to a range of budgets and needs, making your courses accessible to more people while offering deeper engagement for those who want it.
Highlight the Benefits: Stress how these additional services can specifically address individual challenges and goals, making the learning experience highly relevant and personal.
2. Ensure Scalability
Group Coaching Options: Incorporate group coaching sessions to efficiently share your expertise with more students at once. This not only maximises your time but also builds a community among learners.
Streamlined Consulting Models: Design consulting sessions that are impactful yet concise, ensuring you can handle a larger volume of clients without sacrificing the quality of your service.
3. Showcase Success
Use Success Stories: Share compelling case studies and testimonials that demonstrate the transformative effects of your courses, especially those enhanced by additional services.
Build Credibility: These success stories not only serve as powerful marketing tools but also help prospective students see the tangible benefits of enrolling in your courses.
By offering these expanded services, you’re not just teaching skills—you're actively participating in shaping your students' careers. This approach not only makes your offerings more attractive but also sets you apart as a key player in the professional growth of your learners. With higher satisfaction rates and enhanced course value, you're poised to attract more students and bigger opportunities.
Leveraging Technology for Effective Monetization
When it comes to making money from online courses, improving the learning experience is the most essential part.
This study by Momentum Worldwide supports the claim that 76% of consumers would rather spend on experiences.
CEO of VarsityScape, Daniel Idare, agrees with this insight when he said:
“Improving the learning experience is key to making money from online courses. When students really benefit from a course, they're more likely to finish it and recommend it to others. This increases enrollments and revenue. So, the better your course content, the more successful your course is likely to be financially.”
What are you doing to make students have the absolute best experience?
Which is why you must use the right tech to improve students’ learning experience. The typical online course creator requires 7-8 apps to get started.
Here’s a straightforward guide to knowing what technology boosts your course monetization efforts:
1. Use AI to Improve Learning
Artificial Intelligence (AI) can make your courses more engaging and personalised.
For ideas and concepts students may find too complex, you could find a way to simplify and make the course content more engaging. This makes the learning experience better for students, which can lead to higher completion rates and more positive reviews.
How to Implement: Prioritise choosing a course platform with AI features through your course platform. VarsityScape’s Scape AI makes course creation a little effortless.
Benefit: Personalised learning keeps students interested and more likely to complete the course, helping to boost your course’s reputation and attract more students.
2. Make Your Courses Mobile-Friendly
With many students using smartphones and tablets for learning, making your courses work well on mobile devices has gone beyond necessary at this point. It expands your potential audience.
Mobile accessibility makes it easy for students to learn on the go, fitting education into their busy schedules.
How to Implement: Select a course platform that supports responsive design or provides a mobile app. Test the course on various devices to ensure a smooth learning experience.
Benefit: Accessible and flexible learning options can lead to an increase in course sign-ups and satisfaction, broadening your market reach.
3. You can Optimise Management with Robust Tools
Good management tools help you track course completion rates, how much money you’re making, and where it’s coming from. This can inform decisions about pricing, marketing, and updating your content. helping you increase profits.
How to Implement: Use a platform that offers detailed dashboards for revenue tracking and analytics. Monitor these regularly to spot trends and areas for improvement.
Benefit: Knowing which courses are popular and profitable allows you to focus your efforts and resources on what works best, maximising your income.
4. Integrate with Essential Tech Tools
Connecting your course platform with other tools like webinar software, customer relationship management (CRM) systems, and marketing tools can streamline operations and enhance the learning experience.
How to Implement: Ensure your platform can integrate smoothly with other technologies you use. Prioritise platforms, like VarsityScape, with multiple features integrated out to the box to prevent using too many apps than you can keep up with.
Benefit: Seamless integration reduces the workload and can improve both the administrative side of course management and the educational experience for students.
5. Make Decisions Based on Data
Make informed decisions about your courses based on students’ feedback. The feedback doesn’t have to be vocal, it could be anything for completion rate to dissatisfaction with the course content.
That way, you know what the problem is and find ways to make their learning experience much better.
How to Implement: Regularly analyse the data from your platform’s analytics to understand how students engage with your courses. What do the reviews say? Use insights from this data to refine your offerings.
Benefit: Data-driven strategies can lead to more effective courses and marketing
Maximise Your Course’s Potential With VarsityScape
You've just gotten the rundown on 7 innovative ways to monetize your online course, each with its own potential to boost your revenue.
Choose the business models that best align with your objectives, cater to your audience, and fit within your budget. Give them a shot.
And if you are not sure, ask them.
Focus on the ones that deliver results, and let go of the ones that don't.
That's how you build trust, loyalty, and lasting connections with your students. And really, that's how you build a lasting monetisation pipeline.
Looking for more tips? Our blog is full of free resources to guide you in perfecting your social proof strategy. And if you’re searching for a reliable cohort-based platform to host your course, consider varsityScape.com. We simplify the monetization process at no extra cost to you.
Frequently Asked Questions
1. What are the most effective business models for monetizing online courses?
There are many good ways to make money from online courses. The best method for you will depend on what your course is about, who it's for, and what you want to achieve.
2. How do I choose the right monetization model for my course?
Consider your course objectives, what your students want, and what you can keep up with. Experiment with several models to see which one aligns best with these factors and monitor the performance to know which is most suitable for you.
3. Can I combine different monetization models?
Yes, many course creators successfully combine multiple strategies to increase course sales. For example, you can use a subscription model for ongoing access while also offering certification upgrades as part of a freemium model.
4. What should I focus on to make a subscription model work?
Ensure your content is excellent and updated regularly, keep your prices reasonable, and provide strong customer support. Also, promote your course effectively to keep attracting new subscribers.
5. How do I successfully use a freemium model?
Start by offering basic content for free to draw users in and then charge for more advanced features or certifications. Make sure the free content is engaging enough to encourage users to pay for the extra benefits.
6. What do I need to consider for licensing my course?
Define the limits of how and where your course can be used. Protect your content legally and choose partners who share your educational goals and can reach your target students.
7. How can working with companies help me monetize my course?
Partnerships with companies can bring stable income and more students by including your courses in their training programs. These deals often involve larger groups and can lead to further development opportunities.
8. What are the advantages of adding affiliate marketing to my courses?
Affiliate marketing helps you earn extra by promoting related products or services. It enriches your course with additional resources and provides a financial boost without needing to sell these products directly.
9. How can I make sure my crowdfunding campaign is successful?
Be clear about what your course offers, set achievable financial targets, and offer appealing rewards to backers. Keep your supporters updated and use engaging content to connect with potential backers.
10. How do I know if my monetization strategy is working?
Keep track of how many people sign up, how many finish the course, how much money you make, and what feedback you receive. Use tools like those provided by VarsityScape to watch these metrics and tweak your approach if needed.
AI and Technology in Education
Mastering Online Course Monetization: A Step-by-Step Guide to Implementing 7 Proven Business Models
Gideon Aleonogwe
November 21, 2023
You've poured your expertise into an online course. You’re confident that you’re going to increase your revenue because you know it delivers real value, and you've priced it accordingly, following Patrick Campbell's expert pricing advice.
Yet, sales haven't quite reached the level you envisioned.
Here's the question you should be asking yourself:
“Is it just pricing, or could there be a bigger picture I am missing?”
This blog post will walk you through 10 proven ways to monetize your online course. And they go beyond traditional one-time pricing structures.
We'll help you unlock the full earning potential of your course content and ensure it reaches the students who need it most.
To truly tap into your course's potential, let’s start by revisiting the basics of effective monetization.
Understanding Online Course Monetization
For your educational content to thrive and expand, it needs a solid financial base.
This isn't just about profit, of course, we’d love you to earn your weight in gold, however, it’s about creating a sustainable cycle where quality teaching leads to revenue, which in turn leads to more quality content.
But here’s what most online course creators never really understand:
Focusing on content quality alone won’t give you the sales they desire.
And only when you truly understand monetization can you actually experience creative freedom and have the needed resources to improve educational offerings.
Before now, courses were often sold for a one-time fee. But as technology has advanced, there have become more options for making money.
That is why we see models like subscriptions or memberships which provide steady income—both critical for long-term planning.
For example, a study by the IMARC Group predicted that the e-learning market would reach $661 billion by 2025, driven by subscription models that provide predictable, recurring revenue.
This shift emphasises how crucial it is for educators to adapt to more modern methods.
Platforms like VarsityScape are designed to handle various monetization models seamlessly. They offer tools for subscriptions, pay-per-course options, and even bundles, which can attract different types of learners.
What sets VarsityScape apart is its ability to integrate with marketing and analytics tools. This means not just selling a course but understanding who buys it, why they buy it, and how they use it. This data is invaluable for refining marketing strategies and course content, directly influencing revenue growth.
Let’s take a look at some pricing models you can use.
7 Business Models for Monetizing Your Online Courses
1. Subscription-Based Access
Subscription-based pricing is providing course access to students on a timely basis for a fee.
During this period, you will provide learners with premium access to your course until the fee expires.
For example, here is a subscription-based course on VarsityScape’s platform:
The idea behind subscription models is to provide continuous revenue, which can stabilise financial planning. Recurring payments helps to maintain a recurring yet predictable cash flow, which can be essential in scaling operations if planned right.
Other benefits of the subscription business model include:
Learners may want to access a wide range of courses and resources (if you have several courses).
Subscriptions can be more economical for learners who are interested in accessing multiple courses or continuous learning opportunities.
Subscription courses encourage learners to stay engaged with the platform.
How to Get Started with Subscription Business Models for Your Course
When creating your course, find ways to build in increasing content access and exclusivity.
If you do not start the planning process from inception, it will be challenging doing when the course is already live.
Carry out extensive geographical market research to know which business model fits your audience.
With entertainment giants like Netflix finding it hard to replicate its subscription model in Africa, you might have to reconsider if you are in a similar market.
Other challenges to consider for subscription revenue models are flexibility and compliance.
When all these have been carefully considered, you can then begin to introduce the tiers.
Use marketing automation tools to manage subscriptions and keep subscribers engaged.
Retaining subscribers can be tough. Regularly update course materials and add fresh content to keep the offering valuable.
Always set time aside to review your subscriber retention rate, reach out to them, get to know their reasons for discontinuing subscription and make plans to address the issues.
While many people see subscriptions as customer-binding, when you are transparent and find ways to continuously add value to the course, they enhance learners’ loyalty and lifetime value.
So while at it, urging students to subscribe to your course, have a plan to improve the value for long-term rewards.
2. Freemium Models with Paid Certifications
Freemium pricing model is a strategy that involves providing learners with two versions of the same course.
It could be in the form of granting students unlimited course access at no cost and a premium offer, usually at the end of the course which they can choose to pay or not.
Depending on your course structure, your premium offer could be paid certifications, limited-access communities, or internship placement.
Freemium courses often attract a large user base because people tend to want to try them out to see if they are worth it, this is why they are perfect for first-time creators.
At the end of the day, you making money from the course depends entirely on your premium offer.
Not sure how to implement the freemium business model? Maybe this Codecademy case study can rejig your memory.
Sure, here’s a simpler version of the Codecademy case study.
Case Study: How Codecademy Used Freemium Pricing to Drive Growth
Codecademy kicked off by sharing a free programming lesson on Hacker News. Within just three days, over 200,000 people joined the platform, showing a huge interest in learning to code.
After seeing early success, Codecademy quickly added more free courses.
They launched a big program called “Code Year” which got a lot of attention, even with the famous Mike Bloomberg spreading the word.
Codecademy took it a step further by allowing its users to create their own courses.
This strategy kept users coming back for more.
As their user base grew, Codecademy started offering some premium, paid features while keeping the basic courses free. The mix of premium and free versions helped them start making money while still offering free learning.
Codecademy’s strategy shows that starting free can build a large following if your offer is top quality.
To make sure you are on the right path, carry out extensive user research and consistently improve your offer.
How do you do that?
Our guide on creating profitable online courses covers the basics on creating the best learning content for your students to create that large following you need to get started.
3. Course Licensing
Course licensing is a great option if you prefer not to be the main focus but still want to make a big impact.
In this model, you allow other organisations to use your content for a set time and fee that you both agree on.
Here’s how it works:
You licence your course to institutions like schools, who handle all the technical stuff. Your job is mainly to keep the course updated and ensure it meets quality standards. This means you can focus less on the everyday details and more on the big picture.
One of the biggest benefits of course licensing is easier marketing. Instead of trying to reach lots of individual learners, you just work with a few educators or schools. This makes marketing simpler and often cheaper.
It’s important to protect your courses with copyright agreements to stop anyone from using them without permission.
This way, you don't have to worry about people using your content without permission and in the way you do not want. Even if they do, your licensing agreement will come in handy should you choose to sue.
How to Get Started with Course Licensing
Here's a few steps and questions get you started with course licensing:
Set Your Licensing Goals: First, decide what you want to licence. Is it a training course, a development program, or maybe a consultancy service? Think about how many licensees you'd want and whether you're aiming to expand locally, nationally, or internationally.
Assign the Project: To turn this idea into a new revenue stream, someone needs to take charge. Consider dedicating a few hours a week for you or a team member to explore this opportunity thoroughly.
Ensure Your Content is Top-Notch: Your course or service must be professional and complete with all necessary materials, like training guides, notes, PowerPoint presentations, and marketing tools.
Identify Ideal Licensees: Determine who would be the best fit to licence your product. Are they trainers, specialists, or perhaps similar organisations? Plan how you will find, recruit, and train them.
Create a Detailed Information Pack: Develop a comprehensive pack for potential licensees. It should clearly explain how they can successfully deliver your training and generate revenue or provide valuable services.
Develop a Strong Online Presence: Your website should showcase your range of products or services, highlighting the benefits and featuring testimonials and your achievements. This builds credibility and showcases your licensing opportunities.
Support Your Licensees: Provide excellent initial training and ongoing support, including product knowledge and case studies. Helping them succeed ensures they will partner with you long-term.
Licensing specialist, Des McCabe, talks about this extensively in his book Licensing Your Training Courses. And it is available for free download here.
4. Corporate Partnerships and Sponsorships
Corporate partnership and sponsorship are similar to course licensing but this time, you take advantage of it all. Including the technical aspect.
Here’s an example:
Genius Hub Limited recently implemented a two-week training program in digital marketing and social media advertising. This initiative was in partnership with GIZ ZME.
You can see that Genius Hub is the trainer and GIZ ZME the partner and sponsor. These are the typical structure of partnership business models for courses.
Marketing to corporations rather than individual consumers usually leads to larger and more stable contracts. And they are usually high-volume sales and more financially rewarding due to the scale of training provided.
Plus, corporate partnerships serve as social proof and attract even juicier deals.
You can also access corporate sponsorships through:
Bundle courses with personalised services like coaching or consulting.
Engagement tiers, from basic courses to premium packages including personal consultations.
Steps to Establish Partnerships
To start reaching corporate organisations for sponsorships and partnerships, follow these steps:
Research and Identify: Start by researching companies that align with your course content and values. Look for businesses investing in employee development.
Tailor Your Pitch: Customise your educational offerings to meet the specific needs of each company. Highlight how your course solves a particular problem or enhances skills that are crucial for the company’s success.
Present Data-Driven Benefits: When approaching potential partners, back your proposals with data and social proof showing the effectiveness of your courses in similar settings. This might include success rates, testimonials, and case studies.
Negotiate Contract Details: Once a company shows interest, negotiate the terms of the partnership or sponsorship. Ensure these terms benefit both parties and lead to a sustainable relationship.
Support and Evaluate: After securing a contract, provide continuous support and periodically assess the program's impact. This helps in refining the course and strengthening the partnership.
5. Affiliate Marketing of Related Products or Services
Affiliate marketing is a straightforward concept where you earn commissions by promoting other companies' products or services. When someone buys through your affiliate link, you receive a portion of the sale.
For online course creators, affiliate marketing presents an opportunity to earn extra income by linking to products or services that are relevant to the course material.
This approach enhances the learning experience by providing additional resources but also offers a financial benefit without the need for direct sales of these products.
You can also create an affiliate program and get people to join in and refer students.
Here is Ryan Law’s affiliate program for his writing course:
How to Incorporate Affiliate Marketing into Your Courses
Here's how to do it effectively:
First, understand the basics of affiliate marketing.
Then select the products or services that align with your course content.
For example, if you teach cooking, you might link to kitchen tools or ingredients. It's important that these products are directly relevant to what you're teaching.
Next, sign up for programs that offer the products you want to promote.
Platforms like Amazon Associates or ShareASale have a wide range of affiliate programs available. Make sure their terms fit your course and audience.
Third, you need to add affiliate links to your course where they make sense.
For instance, include a photography tool link in a photo editing lesson. This should feel like a helpful resource, not a sales pitch.
Then, tell your students that these are affiliate links and you'll earn money if they make a purchase. Transparency builds trust.
When you recommend a product, explain how it can help in practical terms. This makes students more likely to use the link.
6 Crowdfunding for Course Development
Crowdfunding is a smart way to test if people are interested in your course and get the money you need before fully building it.
Platforms like Kickstarter and Indiegogo let you pitch your course idea to a wide audience and raise funds upfront.
When setting up a crowdfunding campaign, it's crucial to be clear.
Explain what your course is about, what makes it unique, and why it's valuable. People who might fund you need to see what they're getting and how it will benefit them.
To motivate people to fund your project, provide rewards for different levels of support. These could be early access to the course, extra materials, or even exclusive sessions for higher contributions. Incentives make backers feel more connected to your project and more willing to support it.
Your campaign should have eye-catching and convincing marketing materials. These should clearly show the benefits of your course and keep potential backers interested. Keep them updated on your progress to maintain their engagement and investment in the project's success.
How to Begin Crowdfunding for Your Course
Launching a crowdfunding campaign for your online course doesn't need to be complicated. Here's a simplified five-step guide to help you get started:
Step 1: Define Your Course and Set a Funding Goal
Clearly outline what your course will cover, who it's for, and what makes it unique. Determine how much money you need to raise to cover all aspects of course creation and delivery, including any rewards for backers.
Step 2: Choose a Crowdfunding Platform
Pick a platform that suits your course best, like Kickstarter for creative projects or Indiegogo for more flexible funding options. Check out each platform’s fees and audience to make sure it’s a good match for your project.
Step 3: Develop Reward Tiers and Create Your Campaign
Design rewards that add value for backers at different levels, such as early access, bonus materials, or exclusive webinars. Create compelling campaign content that includes a video and clear descriptions to explain the benefits of your course and why it's worth funding.
Step 4: Promote Your Campaign
Use social media, email, and personal networks to spread the word about your campaign. Keep potential backers engaged by regularly updating them on your progress and responding to their questions.
Step 5: Deliver Your Promises and Gather Feedback
Once your campaign is funded, focus on delivering the course as promised. Send out rewards, thank your backers, and ask for feedback to improve future courses.
By following these streamlined steps, you can effectively raise funds while building excitement and support for your online course.
7. Offering Additional Services (Coaching, Consulting)
Adding personalised services like coaching or consulting to your courses doesn't just bump up their value—it transforms them into comprehensive career development solutions.
This strategy boosts your pricing power and offers your learners something far beyond the basics of standard courses.
Say, for instance:
A career coach specialises in resume writing and interview techniques. By pairing her online course with options for one-on-one coaching, she's able to double her usual course fee. This isn't just good for business—it makes a real difference in her students' professional lives by providing tailored support that helps them nail job interviews and polish their resumes.
Incorporating these services turns a simple course into an all-encompassing program. It increases learner satisfaction and keeps them coming back.
Here’s how you can do it too:
1. Bundle Courses with Personalized Services
Create Tiers: Offer everything from basic courses to premium packages that include one-on-one consultations. This tiered approach caters to a range of budgets and needs, making your courses accessible to more people while offering deeper engagement for those who want it.
Highlight the Benefits: Stress how these additional services can specifically address individual challenges and goals, making the learning experience highly relevant and personal.
2. Ensure Scalability
Group Coaching Options: Incorporate group coaching sessions to efficiently share your expertise with more students at once. This not only maximises your time but also builds a community among learners.
Streamlined Consulting Models: Design consulting sessions that are impactful yet concise, ensuring you can handle a larger volume of clients without sacrificing the quality of your service.
3. Showcase Success
Use Success Stories: Share compelling case studies and testimonials that demonstrate the transformative effects of your courses, especially those enhanced by additional services.
Build Credibility: These success stories not only serve as powerful marketing tools but also help prospective students see the tangible benefits of enrolling in your courses.
By offering these expanded services, you’re not just teaching skills—you're actively participating in shaping your students' careers. This approach not only makes your offerings more attractive but also sets you apart as a key player in the professional growth of your learners. With higher satisfaction rates and enhanced course value, you're poised to attract more students and bigger opportunities.
Leveraging Technology for Effective Monetization
When it comes to making money from online courses, improving the learning experience is the most essential part.
This study by Momentum Worldwide supports the claim that 76% of consumers would rather spend on experiences.
CEO of VarsityScape, Daniel Idare, agrees with this insight when he said:
“Improving the learning experience is key to making money from online courses. When students really benefit from a course, they're more likely to finish it and recommend it to others. This increases enrollments and revenue. So, the better your course content, the more successful your course is likely to be financially.”
What are you doing to make students have the absolute best experience?
Which is why you must use the right tech to improve students’ learning experience. The typical online course creator requires 7-8 apps to get started.
Here’s a straightforward guide to knowing what technology boosts your course monetization efforts:
1. Use AI to Improve Learning
Artificial Intelligence (AI) can make your courses more engaging and personalised.
For ideas and concepts students may find too complex, you could find a way to simplify and make the course content more engaging. This makes the learning experience better for students, which can lead to higher completion rates and more positive reviews.
How to Implement: Prioritise choosing a course platform with AI features through your course platform. VarsityScape’s Scape AI makes course creation a little effortless.
Benefit: Personalised learning keeps students interested and more likely to complete the course, helping to boost your course’s reputation and attract more students.
2. Make Your Courses Mobile-Friendly
With many students using smartphones and tablets for learning, making your courses work well on mobile devices has gone beyond necessary at this point. It expands your potential audience.
Mobile accessibility makes it easy for students to learn on the go, fitting education into their busy schedules.
How to Implement: Select a course platform that supports responsive design or provides a mobile app. Test the course on various devices to ensure a smooth learning experience.
Benefit: Accessible and flexible learning options can lead to an increase in course sign-ups and satisfaction, broadening your market reach.
3. You can Optimise Management with Robust Tools
Good management tools help you track course completion rates, how much money you’re making, and where it’s coming from. This can inform decisions about pricing, marketing, and updating your content. helping you increase profits.
How to Implement: Use a platform that offers detailed dashboards for revenue tracking and analytics. Monitor these regularly to spot trends and areas for improvement.
Benefit: Knowing which courses are popular and profitable allows you to focus your efforts and resources on what works best, maximising your income.
4. Integrate with Essential Tech Tools
Connecting your course platform with other tools like webinar software, customer relationship management (CRM) systems, and marketing tools can streamline operations and enhance the learning experience.
How to Implement: Ensure your platform can integrate smoothly with other technologies you use. Prioritise platforms, like VarsityScape, with multiple features integrated out to the box to prevent using too many apps than you can keep up with.
Benefit: Seamless integration reduces the workload and can improve both the administrative side of course management and the educational experience for students.
5. Make Decisions Based on Data
Make informed decisions about your courses based on students’ feedback. The feedback doesn’t have to be vocal, it could be anything for completion rate to dissatisfaction with the course content.
That way, you know what the problem is and find ways to make their learning experience much better.
How to Implement: Regularly analyse the data from your platform’s analytics to understand how students engage with your courses. What do the reviews say? Use insights from this data to refine your offerings.
Benefit: Data-driven strategies can lead to more effective courses and marketing
Maximise Your Course’s Potential With VarsityScape
You've just gotten the rundown on 7 innovative ways to monetize your online course, each with its own potential to boost your revenue.
Choose the business models that best align with your objectives, cater to your audience, and fit within your budget. Give them a shot.
And if you are not sure, ask them.
Focus on the ones that deliver results, and let go of the ones that don't.
That's how you build trust, loyalty, and lasting connections with your students. And really, that's how you build a lasting monetisation pipeline.
Looking for more tips? Our blog is full of free resources to guide you in perfecting your social proof strategy. And if you’re searching for a reliable cohort-based platform to host your course, consider varsityScape.com. We simplify the monetization process at no extra cost to you.
Frequently Asked Questions
1. What are the most effective business models for monetizing online courses?
There are many good ways to make money from online courses. The best method for you will depend on what your course is about, who it's for, and what you want to achieve.
2. How do I choose the right monetization model for my course?
Consider your course objectives, what your students want, and what you can keep up with. Experiment with several models to see which one aligns best with these factors and monitor the performance to know which is most suitable for you.
3. Can I combine different monetization models?
Yes, many course creators successfully combine multiple strategies to increase course sales. For example, you can use a subscription model for ongoing access while also offering certification upgrades as part of a freemium model.
4. What should I focus on to make a subscription model work?
Ensure your content is excellent and updated regularly, keep your prices reasonable, and provide strong customer support. Also, promote your course effectively to keep attracting new subscribers.
5. How do I successfully use a freemium model?
Start by offering basic content for free to draw users in and then charge for more advanced features or certifications. Make sure the free content is engaging enough to encourage users to pay for the extra benefits.
6. What do I need to consider for licensing my course?
Define the limits of how and where your course can be used. Protect your content legally and choose partners who share your educational goals and can reach your target students.
7. How can working with companies help me monetize my course?
Partnerships with companies can bring stable income and more students by including your courses in their training programs. These deals often involve larger groups and can lead to further development opportunities.
8. What are the advantages of adding affiliate marketing to my courses?
Affiliate marketing helps you earn extra by promoting related products or services. It enriches your course with additional resources and provides a financial boost without needing to sell these products directly.
9. How can I make sure my crowdfunding campaign is successful?
Be clear about what your course offers, set achievable financial targets, and offer appealing rewards to backers. Keep your supporters updated and use engaging content to connect with potential backers.
10. How do I know if my monetization strategy is working?
Keep track of how many people sign up, how many finish the course, how much money you make, and what feedback you receive. Use tools like those provided by VarsityScape to watch these metrics and tweak your approach if needed.
AI and Technology in Education
Mastering Online Course Monetization: A Step-by-Step Guide to Implementing 7 Proven Business Models
Gideon Aleonogwe
November 21, 2023
You've poured your expertise into an online course. You’re confident that you’re going to increase your revenue because you know it delivers real value, and you've priced it accordingly, following Patrick Campbell's expert pricing advice.
Yet, sales haven't quite reached the level you envisioned.
Here's the question you should be asking yourself:
“Is it just pricing, or could there be a bigger picture I am missing?”
This blog post will walk you through 10 proven ways to monetize your online course. And they go beyond traditional one-time pricing structures.
We'll help you unlock the full earning potential of your course content and ensure it reaches the students who need it most.
To truly tap into your course's potential, let’s start by revisiting the basics of effective monetization.
Understanding Online Course Monetization
For your educational content to thrive and expand, it needs a solid financial base.
This isn't just about profit, of course, we’d love you to earn your weight in gold, however, it’s about creating a sustainable cycle where quality teaching leads to revenue, which in turn leads to more quality content.
But here’s what most online course creators never really understand:
Focusing on content quality alone won’t give you the sales they desire.
And only when you truly understand monetization can you actually experience creative freedom and have the needed resources to improve educational offerings.
Before now, courses were often sold for a one-time fee. But as technology has advanced, there have become more options for making money.
That is why we see models like subscriptions or memberships which provide steady income—both critical for long-term planning.
For example, a study by the IMARC Group predicted that the e-learning market would reach $661 billion by 2025, driven by subscription models that provide predictable, recurring revenue.
This shift emphasises how crucial it is for educators to adapt to more modern methods.
Platforms like VarsityScape are designed to handle various monetization models seamlessly. They offer tools for subscriptions, pay-per-course options, and even bundles, which can attract different types of learners.
What sets VarsityScape apart is its ability to integrate with marketing and analytics tools. This means not just selling a course but understanding who buys it, why they buy it, and how they use it. This data is invaluable for refining marketing strategies and course content, directly influencing revenue growth.
Let’s take a look at some pricing models you can use.
7 Business Models for Monetizing Your Online Courses
1. Subscription-Based Access
Subscription-based pricing is providing course access to students on a timely basis for a fee.
During this period, you will provide learners with premium access to your course until the fee expires.
For example, here is a subscription-based course on VarsityScape’s platform:
The idea behind subscription models is to provide continuous revenue, which can stabilise financial planning. Recurring payments helps to maintain a recurring yet predictable cash flow, which can be essential in scaling operations if planned right.
Other benefits of the subscription business model include:
Learners may want to access a wide range of courses and resources (if you have several courses).
Subscriptions can be more economical for learners who are interested in accessing multiple courses or continuous learning opportunities.
Subscription courses encourage learners to stay engaged with the platform.
How to Get Started with Subscription Business Models for Your Course
When creating your course, find ways to build in increasing content access and exclusivity.
If you do not start the planning process from inception, it will be challenging doing when the course is already live.
Carry out extensive geographical market research to know which business model fits your audience.
With entertainment giants like Netflix finding it hard to replicate its subscription model in Africa, you might have to reconsider if you are in a similar market.
Other challenges to consider for subscription revenue models are flexibility and compliance.
When all these have been carefully considered, you can then begin to introduce the tiers.
Use marketing automation tools to manage subscriptions and keep subscribers engaged.
Retaining subscribers can be tough. Regularly update course materials and add fresh content to keep the offering valuable.
Always set time aside to review your subscriber retention rate, reach out to them, get to know their reasons for discontinuing subscription and make plans to address the issues.
While many people see subscriptions as customer-binding, when you are transparent and find ways to continuously add value to the course, they enhance learners’ loyalty and lifetime value.
So while at it, urging students to subscribe to your course, have a plan to improve the value for long-term rewards.
2. Freemium Models with Paid Certifications
Freemium pricing model is a strategy that involves providing learners with two versions of the same course.
It could be in the form of granting students unlimited course access at no cost and a premium offer, usually at the end of the course which they can choose to pay or not.
Depending on your course structure, your premium offer could be paid certifications, limited-access communities, or internship placement.
Freemium courses often attract a large user base because people tend to want to try them out to see if they are worth it, this is why they are perfect for first-time creators.
At the end of the day, you making money from the course depends entirely on your premium offer.
Not sure how to implement the freemium business model? Maybe this Codecademy case study can rejig your memory.
Sure, here’s a simpler version of the Codecademy case study.
Case Study: How Codecademy Used Freemium Pricing to Drive Growth
Codecademy kicked off by sharing a free programming lesson on Hacker News. Within just three days, over 200,000 people joined the platform, showing a huge interest in learning to code.
After seeing early success, Codecademy quickly added more free courses.
They launched a big program called “Code Year” which got a lot of attention, even with the famous Mike Bloomberg spreading the word.
Codecademy took it a step further by allowing its users to create their own courses.
This strategy kept users coming back for more.
As their user base grew, Codecademy started offering some premium, paid features while keeping the basic courses free. The mix of premium and free versions helped them start making money while still offering free learning.
Codecademy’s strategy shows that starting free can build a large following if your offer is top quality.
To make sure you are on the right path, carry out extensive user research and consistently improve your offer.
How do you do that?
Our guide on creating profitable online courses covers the basics on creating the best learning content for your students to create that large following you need to get started.
3. Course Licensing
Course licensing is a great option if you prefer not to be the main focus but still want to make a big impact.
In this model, you allow other organisations to use your content for a set time and fee that you both agree on.
Here’s how it works:
You licence your course to institutions like schools, who handle all the technical stuff. Your job is mainly to keep the course updated and ensure it meets quality standards. This means you can focus less on the everyday details and more on the big picture.
One of the biggest benefits of course licensing is easier marketing. Instead of trying to reach lots of individual learners, you just work with a few educators or schools. This makes marketing simpler and often cheaper.
It’s important to protect your courses with copyright agreements to stop anyone from using them without permission.
This way, you don't have to worry about people using your content without permission and in the way you do not want. Even if they do, your licensing agreement will come in handy should you choose to sue.
How to Get Started with Course Licensing
Here's a few steps and questions get you started with course licensing:
Set Your Licensing Goals: First, decide what you want to licence. Is it a training course, a development program, or maybe a consultancy service? Think about how many licensees you'd want and whether you're aiming to expand locally, nationally, or internationally.
Assign the Project: To turn this idea into a new revenue stream, someone needs to take charge. Consider dedicating a few hours a week for you or a team member to explore this opportunity thoroughly.
Ensure Your Content is Top-Notch: Your course or service must be professional and complete with all necessary materials, like training guides, notes, PowerPoint presentations, and marketing tools.
Identify Ideal Licensees: Determine who would be the best fit to licence your product. Are they trainers, specialists, or perhaps similar organisations? Plan how you will find, recruit, and train them.
Create a Detailed Information Pack: Develop a comprehensive pack for potential licensees. It should clearly explain how they can successfully deliver your training and generate revenue or provide valuable services.
Develop a Strong Online Presence: Your website should showcase your range of products or services, highlighting the benefits and featuring testimonials and your achievements. This builds credibility and showcases your licensing opportunities.
Support Your Licensees: Provide excellent initial training and ongoing support, including product knowledge and case studies. Helping them succeed ensures they will partner with you long-term.
Licensing specialist, Des McCabe, talks about this extensively in his book Licensing Your Training Courses. And it is available for free download here.
4. Corporate Partnerships and Sponsorships
Corporate partnership and sponsorship are similar to course licensing but this time, you take advantage of it all. Including the technical aspect.
Here’s an example:
Genius Hub Limited recently implemented a two-week training program in digital marketing and social media advertising. This initiative was in partnership with GIZ ZME.
You can see that Genius Hub is the trainer and GIZ ZME the partner and sponsor. These are the typical structure of partnership business models for courses.
Marketing to corporations rather than individual consumers usually leads to larger and more stable contracts. And they are usually high-volume sales and more financially rewarding due to the scale of training provided.
Plus, corporate partnerships serve as social proof and attract even juicier deals.
You can also access corporate sponsorships through:
Bundle courses with personalised services like coaching or consulting.
Engagement tiers, from basic courses to premium packages including personal consultations.
Steps to Establish Partnerships
To start reaching corporate organisations for sponsorships and partnerships, follow these steps:
Research and Identify: Start by researching companies that align with your course content and values. Look for businesses investing in employee development.
Tailor Your Pitch: Customise your educational offerings to meet the specific needs of each company. Highlight how your course solves a particular problem or enhances skills that are crucial for the company’s success.
Present Data-Driven Benefits: When approaching potential partners, back your proposals with data and social proof showing the effectiveness of your courses in similar settings. This might include success rates, testimonials, and case studies.
Negotiate Contract Details: Once a company shows interest, negotiate the terms of the partnership or sponsorship. Ensure these terms benefit both parties and lead to a sustainable relationship.
Support and Evaluate: After securing a contract, provide continuous support and periodically assess the program's impact. This helps in refining the course and strengthening the partnership.
5. Affiliate Marketing of Related Products or Services
Affiliate marketing is a straightforward concept where you earn commissions by promoting other companies' products or services. When someone buys through your affiliate link, you receive a portion of the sale.
For online course creators, affiliate marketing presents an opportunity to earn extra income by linking to products or services that are relevant to the course material.
This approach enhances the learning experience by providing additional resources but also offers a financial benefit without the need for direct sales of these products.
You can also create an affiliate program and get people to join in and refer students.
Here is Ryan Law’s affiliate program for his writing course:
How to Incorporate Affiliate Marketing into Your Courses
Here's how to do it effectively:
First, understand the basics of affiliate marketing.
Then select the products or services that align with your course content.
For example, if you teach cooking, you might link to kitchen tools or ingredients. It's important that these products are directly relevant to what you're teaching.
Next, sign up for programs that offer the products you want to promote.
Platforms like Amazon Associates or ShareASale have a wide range of affiliate programs available. Make sure their terms fit your course and audience.
Third, you need to add affiliate links to your course where they make sense.
For instance, include a photography tool link in a photo editing lesson. This should feel like a helpful resource, not a sales pitch.
Then, tell your students that these are affiliate links and you'll earn money if they make a purchase. Transparency builds trust.
When you recommend a product, explain how it can help in practical terms. This makes students more likely to use the link.
6 Crowdfunding for Course Development
Crowdfunding is a smart way to test if people are interested in your course and get the money you need before fully building it.
Platforms like Kickstarter and Indiegogo let you pitch your course idea to a wide audience and raise funds upfront.
When setting up a crowdfunding campaign, it's crucial to be clear.
Explain what your course is about, what makes it unique, and why it's valuable. People who might fund you need to see what they're getting and how it will benefit them.
To motivate people to fund your project, provide rewards for different levels of support. These could be early access to the course, extra materials, or even exclusive sessions for higher contributions. Incentives make backers feel more connected to your project and more willing to support it.
Your campaign should have eye-catching and convincing marketing materials. These should clearly show the benefits of your course and keep potential backers interested. Keep them updated on your progress to maintain their engagement and investment in the project's success.
How to Begin Crowdfunding for Your Course
Launching a crowdfunding campaign for your online course doesn't need to be complicated. Here's a simplified five-step guide to help you get started:
Step 1: Define Your Course and Set a Funding Goal
Clearly outline what your course will cover, who it's for, and what makes it unique. Determine how much money you need to raise to cover all aspects of course creation and delivery, including any rewards for backers.
Step 2: Choose a Crowdfunding Platform
Pick a platform that suits your course best, like Kickstarter for creative projects or Indiegogo for more flexible funding options. Check out each platform’s fees and audience to make sure it’s a good match for your project.
Step 3: Develop Reward Tiers and Create Your Campaign
Design rewards that add value for backers at different levels, such as early access, bonus materials, or exclusive webinars. Create compelling campaign content that includes a video and clear descriptions to explain the benefits of your course and why it's worth funding.
Step 4: Promote Your Campaign
Use social media, email, and personal networks to spread the word about your campaign. Keep potential backers engaged by regularly updating them on your progress and responding to their questions.
Step 5: Deliver Your Promises and Gather Feedback
Once your campaign is funded, focus on delivering the course as promised. Send out rewards, thank your backers, and ask for feedback to improve future courses.
By following these streamlined steps, you can effectively raise funds while building excitement and support for your online course.
7. Offering Additional Services (Coaching, Consulting)
Adding personalised services like coaching or consulting to your courses doesn't just bump up their value—it transforms them into comprehensive career development solutions.
This strategy boosts your pricing power and offers your learners something far beyond the basics of standard courses.
Say, for instance:
A career coach specialises in resume writing and interview techniques. By pairing her online course with options for one-on-one coaching, she's able to double her usual course fee. This isn't just good for business—it makes a real difference in her students' professional lives by providing tailored support that helps them nail job interviews and polish their resumes.
Incorporating these services turns a simple course into an all-encompassing program. It increases learner satisfaction and keeps them coming back.
Here’s how you can do it too:
1. Bundle Courses with Personalized Services
Create Tiers: Offer everything from basic courses to premium packages that include one-on-one consultations. This tiered approach caters to a range of budgets and needs, making your courses accessible to more people while offering deeper engagement for those who want it.
Highlight the Benefits: Stress how these additional services can specifically address individual challenges and goals, making the learning experience highly relevant and personal.
2. Ensure Scalability
Group Coaching Options: Incorporate group coaching sessions to efficiently share your expertise with more students at once. This not only maximises your time but also builds a community among learners.
Streamlined Consulting Models: Design consulting sessions that are impactful yet concise, ensuring you can handle a larger volume of clients without sacrificing the quality of your service.
3. Showcase Success
Use Success Stories: Share compelling case studies and testimonials that demonstrate the transformative effects of your courses, especially those enhanced by additional services.
Build Credibility: These success stories not only serve as powerful marketing tools but also help prospective students see the tangible benefits of enrolling in your courses.
By offering these expanded services, you’re not just teaching skills—you're actively participating in shaping your students' careers. This approach not only makes your offerings more attractive but also sets you apart as a key player in the professional growth of your learners. With higher satisfaction rates and enhanced course value, you're poised to attract more students and bigger opportunities.
Leveraging Technology for Effective Monetization
When it comes to making money from online courses, improving the learning experience is the most essential part.
This study by Momentum Worldwide supports the claim that 76% of consumers would rather spend on experiences.
CEO of VarsityScape, Daniel Idare, agrees with this insight when he said:
“Improving the learning experience is key to making money from online courses. When students really benefit from a course, they're more likely to finish it and recommend it to others. This increases enrollments and revenue. So, the better your course content, the more successful your course is likely to be financially.”
What are you doing to make students have the absolute best experience?
Which is why you must use the right tech to improve students’ learning experience. The typical online course creator requires 7-8 apps to get started.
Here’s a straightforward guide to knowing what technology boosts your course monetization efforts:
1. Use AI to Improve Learning
Artificial Intelligence (AI) can make your courses more engaging and personalised.
For ideas and concepts students may find too complex, you could find a way to simplify and make the course content more engaging. This makes the learning experience better for students, which can lead to higher completion rates and more positive reviews.
How to Implement: Prioritise choosing a course platform with AI features through your course platform. VarsityScape’s Scape AI makes course creation a little effortless.
Benefit: Personalised learning keeps students interested and more likely to complete the course, helping to boost your course’s reputation and attract more students.
2. Make Your Courses Mobile-Friendly
With many students using smartphones and tablets for learning, making your courses work well on mobile devices has gone beyond necessary at this point. It expands your potential audience.
Mobile accessibility makes it easy for students to learn on the go, fitting education into their busy schedules.
How to Implement: Select a course platform that supports responsive design or provides a mobile app. Test the course on various devices to ensure a smooth learning experience.
Benefit: Accessible and flexible learning options can lead to an increase in course sign-ups and satisfaction, broadening your market reach.
3. You can Optimise Management with Robust Tools
Good management tools help you track course completion rates, how much money you’re making, and where it’s coming from. This can inform decisions about pricing, marketing, and updating your content. helping you increase profits.
How to Implement: Use a platform that offers detailed dashboards for revenue tracking and analytics. Monitor these regularly to spot trends and areas for improvement.
Benefit: Knowing which courses are popular and profitable allows you to focus your efforts and resources on what works best, maximising your income.
4. Integrate with Essential Tech Tools
Connecting your course platform with other tools like webinar software, customer relationship management (CRM) systems, and marketing tools can streamline operations and enhance the learning experience.
How to Implement: Ensure your platform can integrate smoothly with other technologies you use. Prioritise platforms, like VarsityScape, with multiple features integrated out to the box to prevent using too many apps than you can keep up with.
Benefit: Seamless integration reduces the workload and can improve both the administrative side of course management and the educational experience for students.
5. Make Decisions Based on Data
Make informed decisions about your courses based on students’ feedback. The feedback doesn’t have to be vocal, it could be anything for completion rate to dissatisfaction with the course content.
That way, you know what the problem is and find ways to make their learning experience much better.
How to Implement: Regularly analyse the data from your platform’s analytics to understand how students engage with your courses. What do the reviews say? Use insights from this data to refine your offerings.
Benefit: Data-driven strategies can lead to more effective courses and marketing
Maximise Your Course’s Potential With VarsityScape
You've just gotten the rundown on 7 innovative ways to monetize your online course, each with its own potential to boost your revenue.
Choose the business models that best align with your objectives, cater to your audience, and fit within your budget. Give them a shot.
And if you are not sure, ask them.
Focus on the ones that deliver results, and let go of the ones that don't.
That's how you build trust, loyalty, and lasting connections with your students. And really, that's how you build a lasting monetisation pipeline.
Looking for more tips? Our blog is full of free resources to guide you in perfecting your social proof strategy. And if you’re searching for a reliable cohort-based platform to host your course, consider varsityScape.com. We simplify the monetization process at no extra cost to you.
Frequently Asked Questions
1. What are the most effective business models for monetizing online courses?
There are many good ways to make money from online courses. The best method for you will depend on what your course is about, who it's for, and what you want to achieve.
2. How do I choose the right monetization model for my course?
Consider your course objectives, what your students want, and what you can keep up with. Experiment with several models to see which one aligns best with these factors and monitor the performance to know which is most suitable for you.
3. Can I combine different monetization models?
Yes, many course creators successfully combine multiple strategies to increase course sales. For example, you can use a subscription model for ongoing access while also offering certification upgrades as part of a freemium model.
4. What should I focus on to make a subscription model work?
Ensure your content is excellent and updated regularly, keep your prices reasonable, and provide strong customer support. Also, promote your course effectively to keep attracting new subscribers.
5. How do I successfully use a freemium model?
Start by offering basic content for free to draw users in and then charge for more advanced features or certifications. Make sure the free content is engaging enough to encourage users to pay for the extra benefits.
6. What do I need to consider for licensing my course?
Define the limits of how and where your course can be used. Protect your content legally and choose partners who share your educational goals and can reach your target students.
7. How can working with companies help me monetize my course?
Partnerships with companies can bring stable income and more students by including your courses in their training programs. These deals often involve larger groups and can lead to further development opportunities.
8. What are the advantages of adding affiliate marketing to my courses?
Affiliate marketing helps you earn extra by promoting related products or services. It enriches your course with additional resources and provides a financial boost without needing to sell these products directly.
9. How can I make sure my crowdfunding campaign is successful?
Be clear about what your course offers, set achievable financial targets, and offer appealing rewards to backers. Keep your supporters updated and use engaging content to connect with potential backers.
10. How do I know if my monetization strategy is working?
Keep track of how many people sign up, how many finish the course, how much money you make, and what feedback you receive. Use tools like those provided by VarsityScape to watch these metrics and tweak your approach if needed.
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Made with ❤️ by the VarsityScape Team
All Rights Reserved © 2023
Made with ❤️ by the VarsityScape Team
All Rights Reserved © 2023
Made with ❤️ by the VarsityScape Team