December 15, 2024 ā¢ 30 mins
Ready to take your course creation business to the next level? Join me, Francesca Hudson, as we uncover the secret sauce behind Lifetime Customer Value (LCV) and how it can completely transform your revenue strategy. š
Ever wondered why some course creators seem to thrive while others struggle? Itās not luckāitās about mastering the power of upsells and referrals. In this episode, Iām breaking down how to nurture your students beyond their first enrollment, turning one-time buyers into lifelong advocates (and adding an extra 35% to your revenue pie š„§).
Hereās a sneak peek of what youāll learn:
āļø How to create an onboarding experience that makes students fall in love with your course from Day 1.
āļø The art of introducing advanced coursesāwhether through irresistible bundles for new students or exclusive offers for alumni.
āļø High-converting strategies to grow your audience and revenue using social proof, testimonials, and more.
Plus, weāll talk about building deeper connections through consistent communication and delivering value long after your course ends. š” By the end of this episode, youāll have the tools to elevate your brand, strengthen relationships, and unlock the full potential of your business.
Grab your coffee (or your favorite drink!) and letās dive into the strategies that will help you create a course business that not only thrives but makes an unforgettable impact. š§āØ
Oh, and for a nice slice of (sweet!) pie, here is my FREE LCV Worksheet for you to download so that you can start to maximize your return on your hard work and efforts for your own digital course! Click here.Ā
Think of your course (or your course idea,) like a luxury car. People wonāt pay top dollar unless itās high quality, delivers an incredible experience, and meets their needs perfectly. Teaching Mastery Academy teaches course creators like you how to ābuildā that luxury-level courseāone that students trust, complete, and rave about, justifying premium pricing every time. Ready to take your expertise and ensure your digital course stands out from the crowd? Premium courses (and premium returns) start with the core teaching fundamentals that all the best course creators instinctively do, but now I'm showing you how! Join the VIP waitlist for Teaching Mastery Academy now! Click here to learn more.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey friends, welcome back to another episode of
Teaching Mastery Academy.
I'm your host, francesca Hudson, and I'm thrilled to have you
here with me today.
We're going to look at a topicthat can truly transform your
mindset about your coursecreation business and help you
see the long game.
And this topic came up becauseI was recording a five-day
challenge last week, and in thatfive-day challenge, this
(00:23):
particular question came up andit was something that I thought
could really resonate with youon the podcast.
So I wanted to unpack it alittle further and go into some
more detail about it, becauseit's something that we all come
across in the course creationindustry and it's something that
we don't know straight off thebat.
We need to find out what it is.
(00:44):
What I'm talking about is thelifetime customer value, or the
LCV, and how understanding itcan unlock consistent, scalable
revenue for your business.
This is going to be a reallygood episode for you if you are
not sure about statistics andthe data behind your course
(01:05):
creation journey.
So, whether you're juststarting out or you've launched
courses before, this episode isgoing to be a goldmine of
actionable strategies andinsights for you.
So grab your coffee or your teaor whatever you want to drink
and let's jump in.
Let's start with the basics.
Why is LCV important?
(01:25):
And LCV, remember, stands forLifetime Customer Value.
So why is the Lifetime CustomerValue or LCV important?
Well, here's the thing Mostcourse creators get so laser
focused on the initialenrollment revenue that they
miss out on the larger picture.
There's so much more ahead ofthem.
It's like focusing only on thetip of an iceberg and ignoring
(01:47):
the vast potential underneaththe surface.
And, trust me, if you're notthinking about LCV, you're
leaving money, opportunities andrelationships on the table.
My friend, let me give you anexample or a scenario, if you
like, to explain what I mean.
I want you to imagine you'vejust launched your course and 20
(02:08):
amazing students enroll at 997H$997.
So that's amazing.
You're excited because you'vehit nearly $20,000 in revenue,
and that is a win in itselfAmazing.
But here's what I want you tosee that $19,940, to be exact is
(02:29):
just one slice of the pie.
What if I told you there aretwo additional slices you can
unlock and those slices upsellsand referrals can boost your
total revenue to $26,919.
That is a staggering 35%increase.
(02:49):
Now I'll break it down for youso you can see what I mean, and
I'll show you how each piece ofthe pie works.
So imagine a pie a Thanksgivingpumpkin pie or a Christmas pie,
some sort of pie and whilenurturing these relationships
beyond the initial enrollment iscritical to building a
sustainable business, keepingyour customers happy, keeping
(03:11):
your customers engaged in yourcourse and spoiler alert, my
friend your biggest growth comesfrom satisfied students who
stick around and bring othersinto your world.
It's not the people that enroll.
The fast turnover, the quickturnover, the quick turnover of
getting people to sign up for$97 or $49, and you're all about
(03:33):
the volume.
We are all about quality.
We want to deliver quality onTeaching Mastery Academy,
because that's where thelong-term revenue growth is.
So let's talk data.
Why do some students becomerepeat buyers?
And obviously, when you're-termrevenue growth is, so let's
talk data.
Why do some students becomerepeat buyers?
And obviously, when you'relooking at revenue growth and
quality, you're looking atcourses and messaging and
transformations that areactually going to change the
(03:55):
world.
They're going to change yourcommunity.
They're going to change yourstudents' lives for the better,
one student at a time, and thatcan only have a positive effect
on the global outlook of energy,on the global outlook of
support and community.
So premium courses are reallyimportant, and satisfied
customers, satisfied students inyour premium courses are even
(04:18):
more important.
So why do some students becomerepeat buyers and not others?
It's not just magicalcoincidence when a student
decides to buy from you again.
It's all about trust, resultsand connection.
Obviously, we know these things, but studies in the e-learning
space show that students who seequick wins early in your course
(04:39):
are significantly more likelyto stay engaged and purchase
additional products or services.
Those keywords see quick winsearly in your course.
So, yes, we're obviouslyoffering transformations, but
it's the quick wins early on.
It's not just focus on the bigtransformations that happen by
(04:59):
the end of your course.
We need to see some quick winsearly on.
Think about it if you've helpedsomeone achieve tangible
results, they're going to wantto know what else you can offer
to help them go further.
And this brings me to theconcept of the success milestone
.
These are moments in yourcourse where students achieve a
specific result that makes themfeel proud, motivated and
(05:22):
excited to continue learningwith you.
Now, later in this episode,I'll share some practical
examples of how to integratesuccess milestones into your
courses to maximize engagementand loyalty.
But before we do that, I want tolook at the revenue streams in
the LCV pie chart.
Let's go back to that originalThanksgiving pie.
(05:43):
Let's look at the lifetimecustomer value pie chart, the
LCV pie chart.
Let's go back to that originalThanksgiving pie.
Let's look at the lifetimecustomer value pie chart, the
LCV, and let's break down thethree revenue streams that
contribute to lifetime customervalue.
If you're a visual learner, Iwant you to picture this as a
pie chart divided into threeslices.
Now, the first slice is initialenrollment revenue, that's 70%,
(06:04):
7-0, 70% of your pie.
Then we have the upsells foradvanced corsets.
These cover 20% of your pie,2-0, 20%.
And then we have referrals,which covers the final 10% of
your pie.
So let's break these three downand look at them piece by piece
(06:26):
, to use a pun, to use a pie pun.
So the first piece is theinitial enrollment revenue, the
foundation, 70% of your LCB piechart.
Now, this is the revenue youearn upfront when students
enroll in your premium course.
For our example, 20 studentspurchase your course at $997,
you're starting with $19,940.
(06:48):
Now, this is the moststraightforward slice of the pie
, but it's only the beginning.
Here's what I want you to keepin mind the experience these
students have with your coursewill directly impact whether or
not you unlock the other twoslices of the pie.
If your course over delivers,your students will naturally
want more from you.
They'll want another piece.
(07:09):
They'll want to come back forseconds.
So let me give you a little tipSet the stage from day one by
creating a memorable onboardingexperience.
How strong is your onboardingexperience?
Look at it, think about it.
How can you make it better?
Can you send a welcome video?
Can you host a live kickoffcall?
Could you include a funsurprise like a digital workbook
(07:31):
?
Anything like that gets yourstudents excited and it will lay
the groundwork for loyalty.
So use that onboardingexperience like it is the
absolute gold dust in yourcourse.
This is your chance to reallyseal the deal with your students
who have just enrolled, becauseyour first interaction with the
student matters more than youmight realize.
(07:52):
According to behavioral studies, people form lasting
impressions within the firstseven seconds seven seconds of
meeting someone, and thisapplies to your course as well.
If your onboarding experiencefeels welcoming, valuable, your
students are more likely to viewyour entire course and your
(08:15):
brand in a positive light.
Think about ways to createmoments of delight, like sending
a personalized email or a shortget-to-know know me survey.
So now we turn our attention tothe sweet spot of your pie, and
that's the upsells or theadvanced courses.
We like to call this the sweetspot.
It's the 20% of your pie.
(08:37):
So in our example, let's say,25% of your students that's 5
out of 20 of your studentspurchase a follow-up or an
advanced course at the sameprice point $997.
That adds an extra $4,985 toyour revenue.
And here's the game-changer ideafor you.
(08:59):
Think about creating a naturalprogression of your students.
For instance, if your firstcourse helps them create their
course online, your advancedcourse could teach them how to
launch the course or grow theaudience.
You're solving a new problemfor the same group of people.
So I'll give you an examplescenario, and this is Sarah.
I'm going to tell you a littlebit about Sarah's sexy story.
(09:20):
So Sarah, one of my students,launched her first course
helping small business ownersmaster email marketing.
Now, after the initial launch,she noticed that many of her
students asked what's next?
Well, that gave her the idea tocreate an advanced course on
sales funnel automation.
And guess what?
Her second launch brought in30% of her original cohort.
(09:42):
These students didn't needconvincing because they already
trusted her expertise Amazing.
And so if you want to maximizethe revenue from app sales, you
need a solid plan to integratethem seamlessly into your
overall student journey, andhere are a few strategies to
build some momentum in yourstrategy.
I've got three for you.
So the first one is tointroduce app sales early.
(10:04):
Don't wait until the end of thecourse to mention your advanced
offering.
Instead, plant seeds throughoutyour lessons.
For example, you could saysomething like in module three
of the advanced course, we divedeeper into this concept, and
this really begins to buildanticipation and, to a certain
extent, expectation.
You're letting your audienceknow that there is more to come
(10:26):
if they want to continue theirjourney with you.
So bring in your very early onin your course.
The second thing, the secondstrategy, is to bundle your
offers.
So when students are enrollingin your flagship course,
consider offering a discountedbundle that includes the
advanced course.
Not only does this increaseyour initial revenue, but it
(10:46):
also ensures that students arealready committed to continuing
their learning journey with you.
And this might not apply toeverybody.
If you're just starting out inthe course creation industry,
you might not have even createdyour first course yet, let alone
your second, but it'sdefinitely something to keep in
mind as you grow and as youscale your online brand.
And the third strategy that youcan look at are exclusive
(11:08):
offers for alumni.
So create an exclusive advancedcourse that's only available to
students who've completed yourinitial program.
This makes them feel specialand valued and it really does
add that extra layer ofexclusivity to it.
You know the fact that they areone step up the ladder in terms
of their access to you, ortheir access to your community
(11:31):
and what you offer and yourvaluable insights access to your
community and what you offerand your valuable insights and
that has value, because noteverybody has access to that.
The general public won't havethat ability to be able to opt
in to those explosive offers.
So they are real dynamite foryour online brand.
So creating an advanced courseisn't just about adding more
content.
It's about diving deeper intosolving a specific problem that
(11:53):
your students face, and so wewant to ensure that we are
designing advanced courses thatstudents crave, right.
If you're going down the pathof creating advanced courses,
then we need to make sure thatthey are what our community,
what our students, are craving.
So we need to ask ourselveswhat obstacles do my students
encounter after completing myfirst course?
(12:14):
And you'll know this from thequestions that arise through
your Q&As or through your emails, or any little hiccups along
the way or queries that yourstudents will have about wanting
more detail into one module orone lesson or so forth.
So really listen to those andsee them as potential for
creating an advanced course inthe future.
(12:36):
The other question that you canask yourself is what's the next
logical step in their journey?
So you've taken them from pointA to point B.
Well, naturally, what wouldpoint B to point C look like?
So you want to ensure that youare building on the knowledge,
the base that they've got fromyour initial course with an
advanced offering and they havesomething measurable that they
(12:59):
can, or tangible that they canachieve from it.
And the other question is howcan I provide even greater
transformation or results?
So, looking at, really, how doyou offer that advanced level of
support in order for yourstudents to get the results that
they crave within your niche?
So, for example, if yourflagship course teaches the
(13:20):
basics of building a website,your advanced course could focus
on mastering SEO or advancedgraphic design techniques.
So you're always thinking aboutwhere your students want to go
next.
So those three questions arereally key.
What obstacles do my studentsencounter after completing my
first course?
What is the next logical stepin their journey and how can I
provide even greatertransformation or results?
(13:43):
They're really key questions toask when you are thinking about
how do you develop youradvanced course.
I'll give you another example.
Let talk about Mark, a coursecreator who teaches fitness
professionals how to buildonline coaching businesses.
His flagship course covers thebasics of creating a website and
finding clients.
(14:04):
But after reviewing studentfeedback, mark realized many of
them wanted to help scalingtheir businesses.
So he created an advancedcourse on automating client
onboarding and marketing funnelsand it became his top revenue
driver.
The advanced course generated50% more revenue than his
flagship course over timebecause his alumni were eager to
(14:26):
learn the next steps.
So listening to your community,listening to your students,
giving them every opportunity toask questions, is going to help
you in the long run.
Look at how you can continue togrow your brand.
Upsells work best when you'vebuilt trust with your students.
They need to feel confidentthat the advanced course will
deliver even more value, andhere's how you can do it.
(14:47):
You can look at success storiesso you can share some
testimonials and some casestudies from students who've
completed both your flagship andyour advanced courses.
You can look at webinars andlive Q&A so you could host a
live session exclusively foralumni where you can discuss
advanced strategies and previewthe advanced course, and this is
a great opportunity to answerquestions and address
(15:10):
hesitations.
And then, finally, you can lookat using scarcity tactics so
you can create urgency byoffering limited time bonuses or
discounts for alumni who enrollin the advanced course within a
specific time frame.
Now, upsells don't have to stopat advanced courses, and here
are other ways to increaselifetime customer value.
(15:31):
I've got three other ways foryou.
Here are other ways to increaselifetime customer value.
I've got three other ways foryou Membership programs.
So offer a monthly or annualmembership that provides ongoing
training, resources and accessto an exclusive community.
This works really well forniches where perhaps your
demographics don't have hugeamounts of disposable income.
(15:51):
Or you offering, or you'recoaching, or you're teaching a
product or an expertise thatmight not necessarily lend
itself to high ticket courses.
So if you can break that down,let's say you're doing a
membership and your membershipis $39 a month, or round that up
(16:11):
to $40 a month and and thentimes that by 12 months, that
gives you what is it?
$480.
That gives you nearly.
It comes in just under $500over the course of a year and I
mean that's amazing.
That's better than a $500upfront product.
You're breaking it into amembership or a subscription.
(16:32):
Even Subscriptions work verysimilar, where you're paying a
monthly membership to get accessto the material.
You can also look at one-on-onecoaching.
So for students who wantpersonalized guidance, you can
offer premium coaching packagesas an upsell.
If that's in your particularline of expertise or that lends
itself to your niche and you'reprepared to do that, then you
can really make those premiumofferings and people can make a
(16:57):
lot of money doing theone-on-one coaching.
I mean you can think you knowyou can charge several thousand
in some niches for a one-on-onecoaching session.
So think about how you canleverage that if that lends
itself to your niche.
And the third thing is thedone-for-you services.
So if your students don't havetime to implement what they've
learned, why don't you consideroffering done-for-you services
(17:19):
at a premium price?
So, for example, if you'llteach courses students how to
write a book, an upsell could bea service where you edit or
format their manuscript forpublication.
So think about all of thesedifferent ways that you can add
upsells, and the most obviousone is having products in your
checkouts.
So when your students go tosign up for your initial course,
(17:42):
then you will have the upsellsat the end when they go to put
their credit card details in,where you can offer other top up
courses or bonus courses orbonus products that might
complement the existing courseand all the course.
Platforms like Kajabi will havethis function built into the
checkout cart process, so youcan use that as well.
(18:05):
Now let's just talk quicklyabout referrals, because they
are a little bit like theelephant in the room, especially
when you are just gettingstarted and you might not have a
lot of testimonials orreferrals.
But a referral makes up 10% ofyour pie and this is where
satisfied students recommendyour course to others.
So in our example, if 10% ofyour students that's two out of
(18:26):
20, refers someone who enrolls,that's another $1,994 revenue
for you.
And here's the magic ofreferrals they cost you nothing
to acquire, no ad spend, nofancy marketing campaigns.
These leave students enrolledbecause someone they trust raved
about your course.
So what you can do is create areferral incentive program.
(18:48):
So, for example, you couldoffer a bonus module or a
discount for every successfulreferral.
Even a heartfelt thank you cango a long way in encouraging
word of mouth.
So think about this piece ofthe pie, as the smallest part is
10%, but it's still worth apercentage to your overall
revenue.
So really look at the referralsand how you can utilize
(19:12):
referrals in your online course,because they really are
something that will cost younothing, but they'll add so much
more value to your course, toyour offering, to your brand.
Okay, so now you know how thepie is divided and we've looked
into that 70%, the 20% and the10% how do you maximize each
(19:32):
slice?
So let's talk some strategies.
And 10% how do you maximizeeach slice?
So let's talk some strategiesFor the initial enrollment
revenue, that's 70% of your pie.
Focus on high converting launchstrategies.
This includes email sequences,webinars and social proof.
Remember your goal here is toenroll as many ideal students as
possible.
So look at your launch strategyand make sure that it is
(19:52):
watertight.
Make sure that every singleemail has been checked and it
has been edited and the linksare working.
They've been tested.
Make sure that your webinar isclear, it's to the point.
It's really touching on thosepain points for your audience.
And if you've got anytestimonials, get them out there
, get them on your website, getthem on your sales page, your
(20:13):
email copy, your social mediapages, just everywhere that you
can think of.
That's a platform.
Get them out there Now.
For upsells start planting seedsduring your first course.
So mention your advanced coursein lessons or include a sneak
peek of what's to come when youfinish this initial course.
You really want to be buildinganticipation, so students are
(20:33):
already thinking, oh, what'snext.
And for referrals highlightsuccess stories from your
students.
Create shareable content liketestimonials or case studies
that make it easy for yourstudents to recommend your
course.
Did you know that 92% of peopletrust recommendations from
friends and family more than anyother form of advertising?
Amazing Not surprising, butamazing that it's that high 92%.
(20:58):
That's why testimonials, casestudies and success stories are
so powerful.
Create short video testimonialsof your top students and share
them in your marketing materials.
This not only encouragesreferrals, but also builds trust
with new leads.
Now this pie is exciting, but itis a long term game, and I'll
tell you why.
Building lifetime customervalue isn't a one and done
(21:22):
effort.
It is about playing the longgame, and that requires
consistency, authenticity and acommitment to serve your
students at the highest level.
Long term, the essence ofmaximizing LCV lies in fostering
trust and creating deep,meaningful connections with your
audience.
Long term relationships aren'tjust beneficial financially.
(21:45):
They also build yourcredibility and they build your
brand reputation.
But how do you cultivate theserelationships effectively?
Well, you can be consistent inyour communications, because
consistent communication is thebackbone of long-term
relationships, as we know, inanything in life, in any type of
relationship in life.
So, when it comes to your brand,your LCB, your course offering,
(22:09):
this could be in the form ofregular email updates, monthly
webinars or an exclusivecommunity forum.
When your students know thatthey'll hear from you regularly
and that you're providing value.
Every interaction has to begold, valuable.
It strengthens your community'sloyalty to your brand.
And also think about providingvalue beyond the course.
Remember.
(22:29):
You have a public face to yourbrand, where anybody can come
and go without needing any levelof commitment.
And then you have a moreprivate area of your brand where
people opt in, and that couldbe through a lead magnet, it
could be through a newsletter.
It's the content that's stillfree, but it's people that have
opted in to put their hands upand say, yes, I want to hear
more from you, and so you needto be providing value to this
(22:52):
part of your audience, beyondjust the course that you're
trying to sell for them, thatyou are promoting to them or
talking to students that havealready purchased your course.
Because what happens to thesestudents after they complete
your course?
Many course creators fall intothis trap of disengagement
post-course.
They think it's done, dustedand this is a missed opportunity
(23:14):
.
Consider providing ongoingvalue, like offering free
resources, downloadabletemplates or exclusive insights
that are part of the course.
This shows your commitment totheir success.
So I would even have you know,maybe like a bonus module that
you don't even tell yourcommunity about, and then, once
(23:35):
they have finished the initialcourse that they're paid for,
you can release this bonusmodule to them, or you can drip
feed it lesson by lesson as anongoing thing for another six
weeks or another eight weeks orwhatever it is, and it will
really, really enhance the valueand the goodwill of your brand
in the eyes of your community.
And this is so different fromgiving them a bonus right at the
(23:58):
start of when they sign up tothe course, or telling them that
they're going to be getting abonus at the end of the course.
This is simply the ongoingsupport that up to the course.
Or telling them that they'regoing to be getting a bonus at
the end of the course.
This is simply the ongoingsupport that happens once the
course is finished.
So I'll give you an example.
So imagine offering yourstudents a quarterly check-in
webinar to help them implementwhat they've learned.
Not only does this keep you topof mind, but it also positions
(24:20):
you as a lifelong mentor ratherthan a one-time instructor.
Another way you can build thisgoodwill with your community is
to design an ecosystem oflearning that evolves with them.
Now this means offeringdifferent levels of courses,
masterminds or even retreatstailored to their growth journey
.
So I'll give you an example.
(24:41):
Another student of mine, lisa,started with an entry-level
course on Instagram marketing.
She then introduced an advancedInstagram course, followed by a
VIP coaching package, and eachstep built on the previous one,
giving her students a clear pathto follow while also increasing
their investment in herexpertise.
So they're like stepping stones, if you like and I love that
(25:04):
term.
Ecosystem of learning.
Another way to play thelong-term game is through
loyalty programs.
These programs reward your mostengaged students and they
incentivize them to stick around, and I'll give you some
examples of how to do it.
You could offer points forcompleting courses, leaving
reviews or referring friends,because points can be redeemed
for discounts for exclusivecontent.
(25:25):
You could create a tieredsystem bronze, silver, gold
memberships based on engagement,or you could send personalized
thank you gifts or notes to yourtop students annually.
Oh, how good is that.
You could even do it like aChristmas or an Easter or some
sort of seasonal incentive orgift or thank you, because your
(25:46):
students are your best advocates, so encourage them to share
their success stories and theirexperiences.
The more that you empower yourstudents, the more likely they
are going to bring others intoyour ecosystem.
So consider showcasing studentcase studies in your marketing
materials, featuringtestimonials prominently on your
website and celebrating theirpublicly.
(26:06):
All right friends.
Let's recap.
Today we explored the threeslices of the LCB pie Our
initial enrollment revenue, thatwas 70%.
Our upsells, which was 20%, andour referrals, which was 10%.
We talked about how focusing onall three can boost your
revenue from $19,940 to $26,919for a cohort of just 20 students
(26:30):
.
But here is my challenge foryou, my friend, start thinking
about how you can nurture yourstudents beyond the initial
enrollment.
Can you create an advancedcourse or launch a referral
program?
Pick one action item that wediscussed today and run with it.
Trust me, your future self willthank you, as always.
If you loved this episode, takea screenshot and share it on
(26:52):
Instagram.
Tag me at Teaching MasteryAcademy so I can cheer you on,
and, if you haven't already,make sure to download the free
worksheet I created just forthis episode.
It'll help you make out yourown LCB pie chart, step by step.
Thanks for tuning in, my friend, and I'll catch you next week
for another episode of TeachingMastery Academy.
Until then, keep inspiring andkeep teaching.
Hey friends, welcome back to another episode of
Teaching Mastery Academy.
I'm your host, francesca Hudson, and I'm thrilled to have you
here with me today.
We're going to look at a topicthat can truly transform your
mindset about your coursecreation business and help you
see the long game.
And this topic came up becauseI was recording a five-day
challenge last week, and in thatfive-day challenge, this
(00:23):
particular question came up andit was something that I thought
could really resonate with youon the podcast.
So I wanted to unpack it alittle further and go into some
more detail about it, becauseit's something that we all come
across in the course creationindustry and it's something that
we don't know straight off thebat.
We need to find out what it is.
(00:44):
What I'm talking about is thelifetime customer value, or the
LCV, and how understanding itcan unlock consistent, scalable
revenue for your business.
This is going to be a reallygood episode for you if you are
not sure about statistics andthe data behind your course
(01:05):
creation journey.
So, whether you're juststarting out or you've launched
courses before, this episode isgoing to be a goldmine of
actionable strategies andinsights for you.
So grab your coffee or your teaor whatever you want to drink
and let's jump in.
Let's start with the basics.
Why is LCV important?
(01:25):
And LCV, remember, stands forLifetime Customer Value.
So why is the Lifetime CustomerValue or LCV important?
Well, here's the thing Mostcourse creators get so laser
focused on the initialenrollment revenue that they
miss out on the larger picture.
There's so much more ahead ofthem.
It's like focusing only on thetip of an iceberg and ignoring
(01:47):
the vast potential underneaththe surface.
And, trust me, if you're notthinking about LCV, you're
leaving money, opportunities andrelationships on the table.
My friend, let me give you anexample or a scenario, if you
like, to explain what I mean.
I want you to imagine you'vejust launched your course and 20
(02:08):
amazing students enroll at 997H$997.
So that's amazing.
You're excited because you'vehit nearly $20,000 in revenue,
and that is a win in itselfAmazing.
But here's what I want you tosee that $19,940, to be exact is
(02:29):
just one slice of the pie.
What if I told you there aretwo additional slices you can
unlock and those slices upsellsand referrals can boost your
total revenue to $26,919.
That is a staggering 35%increase.
(02:49):
Now I'll break it down for youso you can see what I mean, and
I'll show you how each piece ofthe pie works.
So imagine a pie a Thanksgivingpumpkin pie or a Christmas pie,
some sort of pie and whilenurturing these relationships
beyond the initial enrollment iscritical to building a
sustainable business, keepingyour customers happy, keeping
(03:11):
your customers engaged in yourcourse and spoiler alert, my
friend your biggest growth comesfrom satisfied students who
stick around and bring othersinto your world.
It's not the people that enroll.
The fast turnover, the quickturnover, the quick turnover of
getting people to sign up for$97 or $49, and you're all about
(03:33):
the volume.
We are all about quality.
We want to deliver quality onTeaching Mastery Academy,
because that's where thelong-term revenue growth is.
So let's talk data.
Why do some students becomerepeat buyers?
And obviously, when you're-termrevenue growth is, so let's
talk data.
Why do some students becomerepeat buyers?
And obviously, when you'relooking at revenue growth and
quality, you're looking atcourses and messaging and
transformations that areactually going to change the
(03:55):
world.
They're going to change yourcommunity.
They're going to change yourstudents' lives for the better,
one student at a time, and thatcan only have a positive effect
on the global outlook of energy,on the global outlook of
support and community.
So premium courses are reallyimportant, and satisfied
customers, satisfied students inyour premium courses are even
(04:18):
more important.
So why do some students becomerepeat buyers and not others?
It's not just magicalcoincidence when a student
decides to buy from you again.
It's all about trust, resultsand connection.
Obviously, we know these things, but studies in the e-learning
space show that students who seequick wins early in your course
(04:39):
are significantly more likelyto stay engaged and purchase
additional products or services.
Those keywords see quick winsearly in your course.
So, yes, we're obviouslyoffering transformations, but
it's the quick wins early on.
It's not just focus on the bigtransformations that happen by
(04:59):
the end of your course.
We need to see some quick winsearly on.
Think about it if you've helpedsomeone achieve tangible
results, they're going to wantto know what else you can offer
to help them go further.
And this brings me to theconcept of the success milestone
.
These are moments in yourcourse where students achieve a
specific result that makes themfeel proud, motivated and
(05:22):
excited to continue learningwith you.
Now, later in this episode,I'll share some practical
examples of how to integratesuccess milestones into your
courses to maximize engagementand loyalty.
But before we do that, I want tolook at the revenue streams in
the LCV pie chart.
Let's go back to that originalThanksgiving pie.
(05:43):
Let's look at the lifetimecustomer value pie chart, the
LCV pie chart.
Let's go back to that originalThanksgiving pie.
Let's look at the lifetimecustomer value pie chart, the
LCV, and let's break down thethree revenue streams that
contribute to lifetime customervalue.
If you're a visual learner, Iwant you to picture this as a
pie chart divided into threeslices.
Now, the first slice is initialenrollment revenue, that's 70%,
(06:04):
7-0, 70% of your pie.
Then we have the upsells foradvanced corsets.
These cover 20% of your pie,2-0, 20%.
And then we have referrals,which covers the final 10% of
your pie.
So let's break these three downand look at them piece by piece
(06:26):
, to use a pun, to use a pie pun.
So the first piece is theinitial enrollment revenue, the
foundation, 70% of your LCB piechart.
Now, this is the revenue youearn upfront when students
enroll in your premium course.
For our example, 20 studentspurchase your course at $997,
you're starting with $19,940.
(06:48):
Now, this is the moststraightforward slice of the pie
, but it's only the beginning.
Here's what I want you to keepin mind the experience these
students have with your coursewill directly impact whether or
not you unlock the other twoslices of the pie.
If your course over delivers,your students will naturally
want more from you.
They'll want another piece.
(07:09):
They'll want to come back forseconds.
So let me give you a little tipSet the stage from day one by
creating a memorable onboardingexperience.
How strong is your onboardingexperience?
Look at it, think about it.
How can you make it better?
Can you send a welcome video?
Can you host a live kickoffcall?
Could you include a funsurprise like a digital workbook
(07:31):
?
Anything like that gets yourstudents excited and it will lay
the groundwork for loyalty.
So use that onboardingexperience like it is the
absolute gold dust in yourcourse.
This is your chance to reallyseal the deal with your students
who have just enrolled, becauseyour first interaction with the
student matters more than youmight realize.
(07:52):
According to behavioral studies, people form lasting
impressions within the firstseven seconds seven seconds of
meeting someone, and thisapplies to your course as well.
If your onboarding experiencefeels welcoming, valuable, your
students are more likely to viewyour entire course and your
(08:15):
brand in a positive light.
Think about ways to createmoments of delight, like sending
a personalized email or a shortget-to-know know me survey.
So now we turn our attention tothe sweet spot of your pie, and
that's the upsells or theadvanced courses.
We like to call this the sweetspot.
It's the 20% of your pie.
(08:37):
So in our example, let's say,25% of your students that's 5
out of 20 of your studentspurchase a follow-up or an
advanced course at the sameprice point $997.
That adds an extra $4,985 toyour revenue.
And here's the game-changer ideafor you.
(08:59):
Think about creating a naturalprogression of your students.
For instance, if your firstcourse helps them create their
course online, your advancedcourse could teach them how to
launch the course or grow theaudience.
You're solving a new problemfor the same group of people.
So I'll give you an examplescenario, and this is Sarah.
I'm going to tell you a littlebit about Sarah's sexy story.
(09:20):
So Sarah, one of my students,launched her first course
helping small business ownersmaster email marketing.
Now, after the initial launch,she noticed that many of her
students asked what's next?
Well, that gave her the idea tocreate an advanced course on
sales funnel automation.
And guess what?
Her second launch brought in30% of her original cohort.
(09:42):
These students didn't needconvincing because they already
trusted her expertise Amazing.
And so if you want to maximizethe revenue from app sales, you
need a solid plan to integratethem seamlessly into your
overall student journey, andhere are a few strategies to
build some momentum in yourstrategy.
I've got three for you.
So the first one is tointroduce app sales early.
(10:04):
Don't wait until the end of thecourse to mention your advanced
offering.
Instead, plant seeds throughoutyour lessons.
For example, you could saysomething like in module three
of the advanced course, we divedeeper into this concept, and
this really begins to buildanticipation and, to a certain
extent, expectation.
You're letting your audienceknow that there is more to come
(10:26):
if they want to continue theirjourney with you.
So bring in your very early onin your course.
The second thing, the secondstrategy, is to bundle your
offers.
So when students are enrollingin your flagship course,
consider offering a discountedbundle that includes the
advanced course.
Not only does this increaseyour initial revenue, but it
(10:46):
also ensures that students arealready committed to continuing
their learning journey with you.
And this might not apply toeverybody.
If you're just starting out inthe course creation industry,
you might not have even createdyour first course yet, let alone
your second, but it'sdefinitely something to keep in
mind as you grow and as youscale your online brand.
And the third strategy that youcan look at are exclusive
(11:08):
offers for alumni.
So create an exclusive advancedcourse that's only available to
students who've completed yourinitial program.
This makes them feel specialand valued and it really does
add that extra layer ofexclusivity to it.
You know the fact that they areone step up the ladder in terms
of their access to you, ortheir access to your community
(11:31):
and what you offer and yourvaluable insights access to your
community and what you offerand your valuable insights and
that has value, because noteverybody has access to that.
The general public won't havethat ability to be able to opt
in to those explosive offers.
So they are real dynamite foryour online brand.
So creating an advanced courseisn't just about adding more
content.
It's about diving deeper intosolving a specific problem that
(11:53):
your students face, and so wewant to ensure that we are
designing advanced courses thatstudents crave, right.
If you're going down the pathof creating advanced courses,
then we need to make sure thatthey are what our community,
what our students, are craving.
So we need to ask ourselveswhat obstacles do my students
encounter after completing myfirst course?
(12:14):
And you'll know this from thequestions that arise through
your Q&As or through your emails, or any little hiccups along
the way or queries that yourstudents will have about wanting
more detail into one module orone lesson or so forth.
So really listen to those andsee them as potential for
creating an advanced course inthe future.
(12:36):
The other question that you canask yourself is what's the next
logical step in their journey?
So you've taken them from pointA to point B.
Well, naturally, what wouldpoint B to point C look like?
So you want to ensure that youare building on the knowledge,
the base that they've got fromyour initial course with an
advanced offering and they havesomething measurable that they
(12:59):
can, or tangible that they canachieve from it.
And the other question is howcan I provide even greater
transformation or results?
So, looking at, really, how doyou offer that advanced level of
support in order for yourstudents to get the results that
they crave within your niche?
So, for example, if yourflagship course teaches the
(13:20):
basics of building a website,your advanced course could focus
on mastering SEO or advancedgraphic design techniques.
So you're always thinking aboutwhere your students want to go
next.
So those three questions arereally key.
What obstacles do my studentsencounter after completing my
first course?
What is the next logical stepin their journey and how can I
provide even greatertransformation or results?
(13:43):
They're really key questions toask when you are thinking about
how do you develop youradvanced course.
I'll give you another example.
Let talk about Mark, a coursecreator who teaches fitness
professionals how to buildonline coaching businesses.
His flagship course covers thebasics of creating a website and
finding clients.
(14:04):
But after reviewing studentfeedback, mark realized many of
them wanted to help scalingtheir businesses.
So he created an advancedcourse on automating client
onboarding and marketing funnelsand it became his top revenue
driver.
The advanced course generated50% more revenue than his
flagship course over timebecause his alumni were eager to
(14:26):
learn the next steps.
So listening to your community,listening to your students,
giving them every opportunity toask questions, is going to help
you in the long run.
Look at how you can continue togrow your brand.
Upsells work best when you'vebuilt trust with your students.
They need to feel confidentthat the advanced course will
deliver even more value, andhere's how you can do it.
(14:47):
You can look at success storiesso you can share some
testimonials and some casestudies from students who've
completed both your flagship andyour advanced courses.
You can look at webinars andlive Q&A so you could host a
live session exclusively foralumni where you can discuss
advanced strategies and previewthe advanced course, and this is
a great opportunity to answerquestions and address
(15:10):
hesitations.
And then, finally, you can lookat using scarcity tactics so
you can create urgency byoffering limited time bonuses or
discounts for alumni who enrollin the advanced course within a
specific time frame.
Now, upsells don't have to stopat advanced courses, and here
are other ways to increaselifetime customer value.
(15:31):
I've got three other ways foryou.
Here are other ways to increaselifetime customer value.
I've got three other ways foryou Membership programs.
So offer a monthly or annualmembership that provides ongoing
training, resources and accessto an exclusive community.
This works really well forniches where perhaps your
demographics don't have hugeamounts of disposable income.
(15:51):
Or you offering, or you'recoaching, or you're teaching a
product or an expertise thatmight not necessarily lend
itself to high ticket courses.
So if you can break that down,let's say you're doing a
membership and your membershipis $39 a month, or round that up
(16:11):
to $40 a month and and thentimes that by 12 months, that
gives you what is it?
$480.
That gives you nearly.
It comes in just under $500over the course of a year and I
mean that's amazing.
That's better than a $500upfront product.
You're breaking it into amembership or a subscription.
(16:32):
Even Subscriptions work verysimilar, where you're paying a
monthly membership to get accessto the material.
You can also look at one-on-onecoaching.
So for students who wantpersonalized guidance, you can
offer premium coaching packagesas an upsell.
If that's in your particularline of expertise or that lends
itself to your niche and you'reprepared to do that, then you
can really make those premiumofferings and people can make a
(16:57):
lot of money doing theone-on-one coaching.
I mean you can think you knowyou can charge several thousand
in some niches for a one-on-onecoaching session.
So think about how you canleverage that if that lends
itself to your niche.
And the third thing is thedone-for-you services.
So if your students don't havetime to implement what they've
learned, why don't you consideroffering done-for-you services
(17:19):
at a premium price?
So, for example, if you'llteach courses students how to
write a book, an upsell could bea service where you edit or
format their manuscript forpublication.
So think about all of thesedifferent ways that you can add
upsells, and the most obviousone is having products in your
checkouts.
So when your students go tosign up for your initial course,
(17:42):
then you will have the upsellsat the end when they go to put
their credit card details in,where you can offer other top up
courses or bonus courses orbonus products that might
complement the existing courseand all the course.
Platforms like Kajabi will havethis function built into the
checkout cart process, so youcan use that as well.
(18:05):
Now let's just talk quicklyabout referrals, because they
are a little bit like theelephant in the room, especially
when you are just gettingstarted and you might not have a
lot of testimonials orreferrals.
But a referral makes up 10% ofyour pie and this is where
satisfied students recommendyour course to others.
So in our example, if 10% ofyour students that's two out of
(18:26):
20, refers someone who enrolls,that's another $1,994 revenue
for you.
And here's the magic ofreferrals they cost you nothing
to acquire, no ad spend, nofancy marketing campaigns.
These leave students enrolledbecause someone they trust raved
about your course.
So what you can do is create areferral incentive program.
(18:48):
So, for example, you couldoffer a bonus module or a
discount for every successfulreferral.
Even a heartfelt thank you cango a long way in encouraging
word of mouth.
So think about this piece ofthe pie, as the smallest part is
10%, but it's still worth apercentage to your overall
revenue.
So really look at the referralsand how you can utilize
(19:12):
referrals in your online course,because they really are
something that will cost younothing, but they'll add so much
more value to your course, toyour offering, to your brand.
Okay, so now you know how thepie is divided and we've looked
into that 70%, the 20% and the10% how do you maximize each
(19:32):
slice?
So let's talk some strategies.
And 10% how do you maximizeeach slice?
So let's talk some strategiesFor the initial enrollment
revenue, that's 70% of your pie.
Focus on high converting launchstrategies.
This includes email sequences,webinars and social proof.
Remember your goal here is toenroll as many ideal students as
possible.
So look at your launch strategyand make sure that it is
(19:52):
watertight.
Make sure that every singleemail has been checked and it
has been edited and the linksare working.
They've been tested.
Make sure that your webinar isclear, it's to the point.
It's really touching on thosepain points for your audience.
And if you've got anytestimonials, get them out there
, get them on your website, getthem on your sales page, your
(20:13):
email copy, your social mediapages, just everywhere that you
can think of.
That's a platform.
Get them out there Now.
For upsells start planting seedsduring your first course.
So mention your advanced coursein lessons or include a sneak
peek of what's to come when youfinish this initial course.
You really want to be buildinganticipation, so students are
(20:33):
already thinking, oh, what'snext.
And for referrals highlightsuccess stories from your
students.
Create shareable content liketestimonials or case studies
that make it easy for yourstudents to recommend your
course.
Did you know that 92% of peopletrust recommendations from
friends and family more than anyother form of advertising?
Amazing Not surprising, butamazing that it's that high 92%.
(20:58):
That's why testimonials, casestudies and success stories are
so powerful.
Create short video testimonialsof your top students and share
them in your marketing materials.
This not only encouragesreferrals, but also builds trust
with new leads.
Now this pie is exciting, but itis a long term game, and I'll
tell you why.
Building lifetime customervalue isn't a one and done
(21:22):
effort.
It is about playing the longgame, and that requires
consistency, authenticity and acommitment to serve your
students at the highest level.
Long term, the essence ofmaximizing LCV lies in fostering
trust and creating deep,meaningful connections with your
audience.
Long term relationships aren'tjust beneficial financially.
(21:45):
They also build yourcredibility and they build your
brand reputation.
But how do you cultivate theserelationships effectively?
Well, you can be consistent inyour communications, because
consistent communication is thebackbone of long-term
relationships, as we know, inanything in life, in any type of
relationship in life.
So, when it comes to your brand,your LCB, your course offering,
(22:09):
this could be in the form ofregular email updates, monthly
webinars or an exclusivecommunity forum.
When your students know thatthey'll hear from you regularly
and that you're providing value.
Every interaction has to begold, valuable.
It strengthens your community'sloyalty to your brand.
And also think about providingvalue beyond the course.
Remember.
(22:29):
You have a public face to yourbrand, where anybody can come
and go without needing any levelof commitment.
And then you have a moreprivate area of your brand where
people opt in, and that couldbe through a lead magnet, it
could be through a newsletter.
It's the content that's stillfree, but it's people that have
opted in to put their hands upand say, yes, I want to hear
more from you, and so you needto be providing value to this
(22:52):
part of your audience, beyondjust the course that you're
trying to sell for them, thatyou are promoting to them or
talking to students that havealready purchased your course.
Because what happens to thesestudents after they complete
your course?
Many course creators fall intothis trap of disengagement
post-course.
They think it's done, dustedand this is a missed opportunity
(23:14):
.
Consider providing ongoingvalue, like offering free
resources, downloadabletemplates or exclusive insights
that are part of the course.
This shows your commitment totheir success.
So I would even have you know,maybe like a bonus module that
you don't even tell yourcommunity about, and then, once
(23:35):
they have finished the initialcourse that they're paid for,
you can release this bonusmodule to them, or you can drip
feed it lesson by lesson as anongoing thing for another six
weeks or another eight weeks orwhatever it is, and it will
really, really enhance the valueand the goodwill of your brand
in the eyes of your community.
And this is so different fromgiving them a bonus right at the
(23:58):
start of when they sign up tothe course, or telling them that
they're going to be getting abonus at the end of the course.
This is simply the ongoingsupport that up to the course.
Or telling them that they'regoing to be getting a bonus at
the end of the course.
This is simply the ongoingsupport that happens once the
course is finished.
So I'll give you an example.
So imagine offering yourstudents a quarterly check-in
webinar to help them implementwhat they've learned.
Not only does this keep you topof mind, but it also positions
(24:20):
you as a lifelong mentor ratherthan a one-time instructor.
Another way you can build thisgoodwill with your community is
to design an ecosystem oflearning that evolves with them.
Now this means offeringdifferent levels of courses,
masterminds or even retreatstailored to their growth journey
.
So I'll give you an example.
(24:41):
Another student of mine, lisa,started with an entry-level
course on Instagram marketing.
She then introduced an advancedInstagram course, followed by a
VIP coaching package, and eachstep built on the previous one,
giving her students a clear pathto follow while also increasing
their investment in herexpertise.
So they're like stepping stones, if you like and I love that
(25:04):
term.
Ecosystem of learning.
Another way to play thelong-term game is through
loyalty programs.
These programs reward your mostengaged students and they
incentivize them to stick around, and I'll give you some
examples of how to do it.
You could offer points forcompleting courses, leaving
reviews or referring friends,because points can be redeemed
for discounts for exclusivecontent.
(25:25):
You could create a tieredsystem bronze, silver, gold
memberships based on engagement,or you could send personalized
thank you gifts or notes to yourtop students annually.
Oh, how good is that.
You could even do it like aChristmas or an Easter or some
sort of seasonal incentive orgift or thank you, because your
(25:46):
students are your best advocates, so encourage them to share
their success stories and theirexperiences.
The more that you empower yourstudents, the more likely they
are going to bring others intoyour ecosystem.
So consider showcasing studentcase studies in your marketing
materials, featuringtestimonials prominently on your
website and celebrating theirpublicly.
(26:06):
All right friends.
Let's recap.
Today we explored the threeslices of the LCB pie Our
initial enrollment revenue, thatwas 70%.
Our upsells, which was 20%, andour referrals, which was 10%.
We talked about how focusing onall three can boost your
revenue from $19,940 to $26,919for a cohort of just 20 students
(26:30):
.
But here is my challenge foryou, my friend, start thinking
about how you can nurture yourstudents beyond the initial
enrollment.
Can you create an advancedcourse or launch a referral
program?
Pick one action item that wediscussed today and run with it.
Trust me, your future self willthank you, as always.
If you loved this episode, takea screenshot and share it on
(26:52):
Instagram.
Tag me at Teaching MasteryAcademy so I can cheer you on,
and, if you haven't already,make sure to download the free
worksheet I created just forthis episode.
It'll help you make out yourown LCB pie chart, step by step.
Thanks for tuning in, my friend, and I'll catch you next week
for another episode of TeachingMastery Academy.
Until then, keep inspiring andkeep teaching.
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