In this weeks case study I am going to discuss how you can begin to earn more from each of your Udemy courses by promoting directly on Udemy! The inspiration for this weeks blog post has come from student feedback and other instructors asking me how I am able to earn thousands each and every month promoting my courses and re-marketing them! Here is last months revenues promoting directly on Udemy!
December 2015 Promotion Activity:
So how was I able to drive in more than $3,000 in promotional sales last month? Let me give you 3 strategies that have worked very well for me and for many other instructors here on Udemy.
1) Picking A Price Point: How Much Should I Charge When Promoting My Courses On Udemy?
This question comes up all of the time in the Udemy studio and is often debated between many instructors. I would just like to say first that there is no "correct" or "one size fits all" answer to this question. However, through my own testing of many different price points ($9, $10, $12, $14, $15, $19, $29) I have discovered that $9.00 coupons seem to work the best when re-marketing and promoting to our existing students on Udemy. I believe this price point is currently working the best for the following reasons:
- A majority of students who have already bought one or more of your courses most likely did so at the discounted $10.00 price point. Some may have paid $15.00 or $19.00 but Udemy's most popular price point has consistently been $10.00. Knowing this, it does not make much sense for a student who has enrolled for $10.00 to enroll in another one of your courses for $19.00 or $29.00 if they know and understand Udemy will eventually run another $10.00 flash sale promotion. Are there exceptions to this? Absolutely. This is just research based on my own personal experience.
- $9.00 Coupons are a better deal! It's human nature to want to find the best deal isn't it? I know for me personally I am willing to spend the extra 5 minutes to save even a dollar or two if I can. Why? Because we all love getting a good deal! It's an ego thing really, its not much about saving the $1-2 dollars (even though it does add up!) :) So by offering $9.00 coupons you are offing the best "deal in town" (slightly better than Udemy's own $10.00 sales) which is more enticing and will most likely sell better.
- WARNING: DO NOT DROP BELOW $9.00 COUPONS! I have not mentioned any coupons below the $9.00 price point because I believe you will be losing not only money, but also credibility with your courses. If you want to "give your courses away" I.E. at a $3.00 coupon or $5.00 or even $7.00 coupon, why not just give them away for free? I have given away thousands of FREE coupons and still believe in this strategy, but when it comes to marketing and promoting I just think anything below $9.00 is a losing strategy because once you drop to a certain point students will anticipate that price point again and delay buying your courses! Again, Just my personal opinion :)
2) How To Build A 63,000+ Student Email List To Cross Promote and Market To!
When it comes to getting more promotional sales on Udemy it always helps to have a lot of students to re-target! How do we effectively do this? I would encourage reads to go back and read my previous blog post because I discuss FREE coupons in more depth. However, the more "free students" you give coupons to, the more chances you have to sell them a new course! Also, if you have been very generous, many of these "free students" turn into paying students! A Win Win for everyone :)
Also, when you have more free students it build your credibility, you have a better chance of driving in more of your own sales, and then Udemy starts to promote and market your courses which drives in even more paid students to re-market to! This create a massive sales funnel and can really help you drive in more and more sales!
3) Understand and Learn Marketing Psychology!
When marketing anything in life it is very important to understand who you are marketing to and to target your audience. I have a variety of different courses on subjects such as web development, music, google analytics, goal setting, and even Evernote! Ask yourself, would it make a lot of sense to try and sell my "how to build a website course" to my music students? Or my music course to my "how to build a website" students? Most likely not. Why? Because web development students are most likely not interested in learning about music. Some of them might be, but more of them would be willing to buy my next shorter niche web development course. Use this knowledge and strategy to your advantage and carefully re-target your courses!
Also, knowing and understanding marketing psychology is very important. I have a degree in psychology so I understand many of these principles, but I would highly recommend looking into marketing psychology strategies to boost your promotional sales here on Udemy!
Thank you for reading our blog post today! If you have any questions please feel free to post your comments below!
Also, you can check out all of my blog posts for FREE by going to:
Happy Selling!
Sincerely,
Joe Parys
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