KEY #2: IDEAL E-LEARNING PRODUCT MODEL
(This is article #3 in a 6-part series. Start from the beginning here.)
AUTHORS: You’re not hitting your financial, lifestyle or impact goals because...
You’re selling books! (an obnoxiously low-leverage product model)
Think about it.
→ You spend 3-12 months of your time transposing a mass of content into a manuscript.
→ You work with an editor for another two months.
→ You sit around for a couple months and wait for your launch on the publisher’s calendar.
→ Upon launch, you spend endless hours doing PR or take on 3x as many speaking engagements as you typically would.
→ You spend a hefty budget on online advertising to reach as far and wide as you can because with such a small price tag, you have to sell a shit ton of books for it to pay off.
And you do all of this for the privilege to take home 10% of a $15 product, giving the rest to a publisher (who didn’t do much more than put their logo on it’s spine) and resellers.
Turn the same content into a methodology & process and transpose it into an eLearning video or audio curriculum—like an online university (series of eCourses)— for example.
→ You spend 1-4 WEEKS of your time transposing a block of content into an outline & script.
→ You film the series in 1-2 wks & have it back from post-production within another 2.
→ You launch an online marketing campaign, requiring a smaller budget than a book, no travel & a fraction of your time.
→ You charge 10-30 times what you would for the same block of content as a book & don’t have to share the spoils in exchange for a logo on its spine.
→ Your content now lives in a far more interactive & agile container and when created with care, supports deeper transformation for your customer.
The math of eLearning verses other product models is simple. What is not so simple however, is choosing the IDEAL eLearning product model for YOU.
There are plenty of great product models with eLearning. For authors, this can be both a huge gift and a source of nearly endless distractions.
An 11x New York Times bestselling author and I were recently exploring the best product model for him when the idea of creating a lower-priced, subscription-based learning community came up. I’ve helped launch several in the past and they have proven to be highly profitable. However, as we dug in, a few things came to light.
+ His schedule didn’t permit him to create any real-time content and he wanted to batch everything. (Note: Batching is not conducive to retention-focused products.
+ He wanted to teach people how to make money—a genre of content that doesn’t just allow you to slap on a higher price tag, but demands it so that it meets its perceived value.
+ His content was largely based on methodology vs. a focus on real-time implementation.
These discoveries made it clear that a subscription-based, continuity product was not a ideal model for his type of offering, financial goals or lifestyle.
Instead, I‘m working with the author to transpose his top-selling books into a series of masterclass courses. This model allows us to batch create and increase the price tag considerably, while keeping the content foundational and method-focused.
With a profusion of product model options at your fingertips, don’t look for just ANY way to build a business online.
Look for models with the highest amount of leverage, margin and congruence considering YOUR goals, content and lifestyle!
Here are a few eLearning product model examples from previous clients.
Also, here are a few examples of the kind of questions we ask when exploring the ideal product models for a client.
1. Does the model support the depth of impact I want to make? (IE: eCourses are great for education and perspective-driven content, but don't facilitate a transformational journey as well as a continuity offering.)
2. Which model maximizes my existing content? (IE: You can fluidly transpose your book(s) into an eCourse, but making the jump to a year-long continuity product may require frequent trips back to the writing desk.)
3. Which model isn’t dependent on MY ongoing engagement? (IE: Yes, you could create a high-ticket consulting package around YOU, but it would require you to take on 3-12 month commitments. Would a slightly lower ticket consulting package managed by other consultants be better leverage for you?)
Take the time to explore what model resonates and aligns with what you really want in this next season.
I’ve seen this exploration make all the difference between creating just another mediocre product that burns you out and one that gives you energy and creates a sustainable future!
Read Part 4 of the series to learn the best marketing framework I've used for eLearning products!
Also, if committed to building an eLearning business, myself & my team can help...