Online entrepreneurs everywhere have seen the cute little mugs with gold leaf declaring the owner a #GoalDigger, heck some of you might even own them.
Well, today, we are going to embrace the Goal Digger in all of us and set our income goals for our online course launches.
Going into your launch with a clear idea of what you'd like to accomplish and numbers you are going to hit will help you gauge the success of your launch and understand how hard you should be promoting your online course. Here at Teachable we have a simple and accurate formula for goal setting, and I'll walk you through it.
In case you didn't know - this is part two of a seven part series! I am walking you through our 7 step course creation process and last week we covered how to come up with your profitable course idea.
In case you missed it, I'm creating my online course on how to create a theme or solid brand for your Instagram account.
Setting your income goals
We are big advocates of selling a high-value course for what it's worth - likely hundreds of dollars. And if you know how much you want to make before you launch, you can look at your email list size and decide how much you will have to sell your online course for in order to hit your goals.
After deciding on how much you want to make, you can then look at everything you'll need to offer in your online course in order to justify charging premium pricing.
Whatever you’re hoping to accomplish with your online course, come up with a solid number to strive for.
Let’s say you’re hoping to make $5,000 with your online course.
With that in mind, if you keep your price point at $100, you’d need fifty people to buy your course to reach your goal.
But what if you decide to price your course at $250? In that case, you’d only need 20 people to buy.
And if you price your online course at $500, now you only need to sell to ten people.
By putting these goals into place, you can establish a clearer picture of just how many people you need to be selling to in order to consider your launch successful.
Another way to look at this is figuring out how many people are likely to buy your course.
Generally, you can assume that at least 2% of your email list will purchase, so you can decide on pricing that way.
If you have 1,000 people on your list, 20 people will probably purchase. If you want to make $4,000 you’ll need to sell your course for at least $200 to meet your goal.
Me? I'm hoping to make $5,000 dollars on my online course launch. My gut says I can easily make two or three thousand, so the last couple thousand I'm going to have to work hard for.
Now that I know how much I want to make, I can look at my email list and figure out how much I should charge.
Right now, my email list is at about 2,800 people and is projected to be at about 3,200 people when I launch my online course.
With a list of 3,200 people, I can expect around 64 of those people to convert. Dividing 5,000 by 64, I see that I should charge at least $78 for my online course.
We recommend setting your minimum course price no lower that $100 though, and I am looking at the $150-$200 range for mine. With that in mind, if I charge $150 and have 64 conversions I can make $9,600 which is significantly more than the goal I had originally set.
With that said, I'll make a slight adjustment to my goal and aim for $7,500 with a bare minimum of $5,000.
Adding value to your course
If your heart about stopped when I recommended you price at no less than $100 - this one's for you.
A lot of people have trouble believing that their offering can be worth $50 much less several hundred. I promise you that if you do everything correctly your online course will be incredibly valuable and more than worth premium pricing.
As a course creator, you are bringing your students to a transformation that they would have otherwise had to devote time and resources to learning on their own at a far less efficient rate.
The transformation in itself is valuable and worth that base of $100.
Now take that transformation and accelerate it with your teaching and increase the overall value by doing anything from offering live Q&A's to offering bonuses. We will go further in depth on how you can add value during week four.
What else I did this week
Each week I'm covering a different step of our seven step process in the blog to make it organized and easy to follow for all of you.
When it comes to content creation, though, it's not realistic to think that I can create all of my content in one week and also blog about the process and create a video. Starting this week, and each week forward, I'm also going to be working a bit on content creation as well.
This week I wrote out my transformation (my audience will be able to create and maintain a theme for their Instagram) and wrote out the steps they'll need to take to get there so I can start coming up with modules and slides.
I'm so excited for next week because we are going to start focusing on growing our audience by creating lead magnets.
A lead magnet is any high-value product that you give away for free to entice people into giving you their email addresses so you can market your offerings to them.
Lead magnets should be related to your signature product so that the audience you are attracting will be interested in what you're selling, and it should be more valuable than ungated content that you offer.
I've seen people give away anything from checklists to ebooks to miniature courses as their lead magnet, but you can really use whatever you can dream up.
You can insert your lead magnet into the sidebar of your blog, into an old popular blog post, into a new post, or promote it on social media.
Without offering your audience something in return for their email addresses, you'll find that list growth will move fairly slow for you.
Additionally, you should have a clear call to action asking people to opt-in for your freebie, rather than passively leaving a link in a sidebar or the bottom of the post.
We are going to brainstorm what we'd like our lead magnet to be, go about creating our lead magnet in either Adobe Suite or Canva (or whichever program you prefer - those are simply the two I'll be walking you through!) and then setting up a leadpage to deliver our lead magnets.
Previous Posts in the Series
What is your income goal? Leave it in the comments if you're comfortable sharing it!