For us, the answer to the question “why sell your courses” is really very simple – Revenue.
With a traditional physical product each unit you manufacture has material and labor costs associated with it. Additionally you have to worry about investing in inventory to keep on hand. Inventory that may not sell or that may grow stale in time.
The magical thing about digital products is that since they only consist of ones and zeros there is no inventory to worry about and practically no difference in production costs if you sell 10 or 10,000 units. This can lead to truly amazing profit margins that are rarely available in any industry.
If we build a series of online courses and sell them for $50 a month, with most cloud based learning management systems the cost we will be paying per user each month will be no more than a few dollars. Even if we factor in a high cost of $4 per user, that means for every $4 we spend we get a $50 return. That is a 1150% increase! Compare that to traditional retail where the goal is to sell a product for 50% more than your production costs. There simply is no comparison.
Across the board moving to a web based delivery model for educational products just makes sense from a revenue perspective.
Even with training that needs to be instructor led, moving from an in-person model to a webinar based model removes the costs of travel, food, renting a classroom, and removes geographic constraints from being a determining factor in attendance. With just a change in delivery methodology from in person to webinar you are reducing you production costs while increasing your reach and capacity.
We live in a world where specialized knowledge is essential to success. People are increasingly either required to (for compliance), or willing to invest in purchasing access to educational material in order to be more successful. As such the perceived value of educational products only continues to increase.
We like to ask our clients “what part of our business can potentially return a 1000% profit”? That question is almost always met with silence because that type of profit margin has not traditionally been realistically achievable. If you have unique knowledge or existing educational products, by selling courses and training online the constraints of physical production go out the window and the potential for unbelievable revenue becomes quite realistic.