Podcast
Turn Your Expertise into Profit with Online Courses
With The Expert to Profit Formula
Episode 5
Test It - Running Water Through the Pipes
đď¸ So, youâve built your online course business modelâyouâve got your quiz funnel, your micro course, your masterclass, and your flagship course all set up. A lot of people think that once theyâve built it, theyâre done. But hereâs the truth: building it is just the beginning. The real process starts now.
đ Running Water Through the Pipes
Testing is all about running water through the pipes to make sure everything is flowing smoothly. If you donât know your numbers, you wonât know if your business is set up for successâor even for profitability. And without profitability, well, youâre not going to be in business for long!
Iâm going to try to keep my accountant hat off here (because I love spreadsheets, data, and KPIs), but todayâs episode is all about knowing the minimum metrics you must track to run a successful course business. đ
đ Metrics That Matter
Iâve got a special freebie for you todayâa Benchmark Guide that outlines the key metrics you need to track as part of the Expert to Profit Formula. Just click the link in the show notes to grab it! Inside, youâll find the benchmarks for your quiz funnel, micro course sales page, masterclass landing page conversion rate, show-up rate, retention rate, and more.
But for now, letâs break down the basics:
Cost Per Lead: How much does it cost you to bring a lead into your business? If you donât know this figure, itâs time to find out!
Earnings Per Lead: For every lead you bring in, how much are you earning from them across your product suite? This is critical for understanding your businessâs profitability. đ°
Average Order Value: When you start selling your micro courses, youâll add order bumps and upsells. You need to know the average order value for each buyer who comes through your funnel.
đ ď¸ Your CEO Dashboard
Imagine having all your metrics in one placeâyour CEO Dashboardâwhere you can see, at a glance, your cost per lead, earnings per lead, and more. This dashboard is your secret weapon for making data-driven decisions, not emotional ones. And trust me, thatâs what separates successful CEOs from those just getting by.
đŻ Know Your Numbers, Close the Gaps
With your CEO Dashboard in place, youâll be able to identify where youâre losing potential clients in your funnel. Whether itâs low show-up rates for your masterclass or a low conversion rate on your micro course sales page, knowing these numbers allows you to make informed decisions and close those leaky bucket gaps.
âł Time to Conversion
One of the biggest mistakes I see experts make is quitting too soon. They donât realize that in todayâs landscape, conversion takes time. People need multiple touchpoints to build trust before they make a purchase. So, knowing your time to conversionâthe average time it takes for someone to move from lead to buyerâis absolutely crucial. Donât give up just when youâre about to strike gold! âł
đ Ready to Dive Deeper?
If youâre ready to get serious about testing your online course business and want to know all the metrics that matter, grab our Benchmark Guide in the show notes. This guide will help you ensure that your business is on the right track for profitability and long-term success.
And if youâve got any questions, you can always reach out to me on Instagram at @IAmMaeveFerguson. Iâm here to help you turn your expertise into profit with online courses!
In the world of collaboration, connection, and being in the right space with the right energy, I've witnessed literal magic unfold. That's why, I've created a free community where the energy is right, the vibe is perfect, and we bring together an extraordinary collective of like-minded individuals.
Introducing
The Expert to Profit Lab
As a founding member, you'll gain access to cutting-edge strategies and tactics to turn your Expertise into Profit. This includes opportunities for Podcast Guesting, Masterclasses, and the chance to create strategic partnerships with industry!
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