The *real* ROI of Evergreen Courses
Hey, hey! We're back for Video #5 of our 8 week Passive Income Series. Each week I'll be posting a new video and blog post on the topic of automated sales of online courses and digital products.
Missed any of the other lessons in the series? Check them out, and then jump back in here, and let's get going with Week #5!
You'll be able to get a great recap of the week's passive income topic by reading the blog post, but if you really want to go in-depth into the content, I suggest watching the full video post below!
WATCH THE FULL LESSON:
READ THE RECAP:
WELCOME BACK + RECAP
In Video #4, we looked at 3 ways to set up an automated sales system for your online course without ever emailing your current list! There 3 systems included ....
- Content Creation Sales System - creating a blog post + content in a way that guides people to purchasing your paid product/course.
- Affiliate Based Sales System - creating a system that allows others to share about your course, and receive a percentage of sales in return.
- Free Email Course Sales System - creating a free email course that provides value and sells your course for you.
We said that you might be thinking it sounds like a lot of work. And the truth is you’d be right.
But today, I want to show you why in the grand scheme of things, these hours working on your evergreen sales funnel are 100% well-spent in terms of leveraging your time, your skills, and your expertise. As well as getting a monetary return in your business.
If you’re here with me in this series, I’m assuming that you’ve either already got a course created and ready to sell, or you’re in the process of creating it. Those hours that you’re putting into it are ones that you are already spending in course creation leading up to your 1st launch. So you’re spending that time on creating your course, no matter if you decide to put it into an evergreen funnel or not.
HOW LONG DOES COURSE CREATION TAKE?
Of course a lot of factors go into how long it takes you to create your first course. But let’s say that it takes you a total 25 hours. That would be including things like creating graphics, setting up the sales pages, and everything else involved. And I feel like that estimate of time is on the high side, but that would basically be spending 1 hour on course creation per work day, over a month’s time. Definitely a do-able thing for most of us, even if we do have a 9-5, kids at home, or some other commitment.
YOUR FIRST LIVE LAUNCH RESULTS
So you spend 25 hours on this course, and you launch.
Let’s say it’s a $197 course, you make 15 sales, and you’ve made it to a $3,000 first launch.
Pretty exciting, right!? Like you can actually do this!
So you’re pumped (and rightfully so!). You’ve validated your idea, you know that people are interested in what you offer, so you stick it on your website, and you wait for more sales to come in .....
Except we all know they don’t right? And if you don’t know why, go back to Video #2 in the passive income series and I explain exactly why it doesn’t work this way.
First launch, and after your work the math, you’re feeling like you spent ALOT of time on this thing …. creating the content, planning out the launch, and actually executing on it.
You’re super happy with $3000, but when you really break down the amount of time you spent with how much you made, you’re starting to feel a little less impressed.
YOUR FUTURE LAUNCH OPTIONS
So now you look at your options ….
1. You can leave it on your website, and cross your fingers that people land on it and want it (not a good plan!)
2. You can do future open/close launches (but after just finishing this launch, and feeling pretty stressed out, and overwhelmed by having you go through that whole launch process again you’re not real excited by it).
3. You can set it to the side, and decide course sales just aren’t your thing
4. Or you can leverage the work that you’ve already done, spend maybe 10 more hours setting up your evergreen sales system, and actually get the ROI out of your course that you know you deserve!
I know which I would do! :)
ROI OF YOUR EVERGREEN SALES FUNNEL
So let’s say you take 10 hours to set up your evergreen sale funnel. Your starting goal is to get 100 new people into your funnel each week. So you’re sharing your free email course in Facebook groups, in your blog posts, you’re promoting on FB, and everywhere you can to share out your valuable free course.
Stastically we know that your evergreen funnel is going to convert at 1-3%.
So you bring in 100 people per week, that means that 1-3 of those people are going to buy. That means $200-600 in sales per week, or $800-2400 in sales per month. See how quickly that adds up?
You get ever more strategic and you start bring in 2x new people each week, so you’ve got 200 people coming into your funnel, 2-6 converting, and $400-1200 in sales each week.
Now what makes more sense spending those 10 hours to set up this system strategically to bring in weekly sales?
Or spending all your time planning out a new launch, that stresses you out, can take literally months to set up, and brings in no more than you would have it you set up an automated system.
EVERGREEN SALES OR NEW CLIENTS?
Maybe you’re saying, well I could just as easily be providing my signature service and making 2 or 3x that amount each month. Maybe a client pays you $1000/month, you sign on 3 of them, and suddenly you’ve got $3,000 in reoccuring revenue each month.
Now I’m not going to tell you that’s a bad thing. Right?! But here’s what I am saying ...
How much time are you devoting to those 3 clients each month? That depends on your business 10 hours per client? So 30 hours in total for the month? Maybe more?
Now, let’s take away one of those clients, take the 10 hours that you were going to spend working for HER next month, and instead take those same 10 hours and put it towards building your evergreen sales system.
You work on it for that 1 month, and it's done. Then let’s say you spend 1 hour …. maybe 2 if you’re still doing lots of tweaks at the beginning … to keep it running each month. You'll be doing things like customer service work, optimizing the funnel, and checking systems.
Remember we said you only need to bring in 100 people per week to result in $800-2,400 in sales per month at a 1-3% conversion rate.
So you’ve already almost made up the revenue of that 1 client you dropped if you convert at 1% and you’ve over doubled what you were making from that one client if you convert at 3%!
And remember, after that initial set up, you’ve now spent 1 hour per month making that money, versus the 10 hours that you had to devote previously.
SCALING UP ON THE STRATEGY
See how quickly you can scale this strategy? And the great thing is that it doesn’t have to be all or nothing.
If you can find 10 hours to devote …
... whether that’s dropping 1 client, managing your time better, or spending a weekend putting in the work … then you can get started on this strategy while still doing your main business’s work!
Start slow, scale up, and then if you choose you can start to scale back on the client work, as your passive income strategies take off. Or if you don’t want to scale back you don’t have to! You now have an extra $1-2K spending cash each month to have fun with right?!
So I hope you’re as excited as I am about the potential here to really create a system that does that work for you over and over again every single month, and really provide that time and money freedom in your business that you’ve been looking for!
TELL ME IN THE COMMENTS
For today, I’d love to hear in the comments about what’s holding you back from creating your first evergreen sales system?
I laid it all out there today … the time it’s going to take, the ROI, what conversion rates you’re going to see, and how you can work this into your current client work. So tell me in the comments, what piece is currently holding you back? I’d love to know!
And then check back next week, and we’ll dive into everything you need to know about fill your funnel with traffic. See you then! :)
PASSIVE INCOME CHECKLIST + AUTOMATION SWIPE FILE
Finally, if you haven’t yet, but sure to grab the my Passive Income Checklist + Automation Swipe File that covers all of the items you need in place to create a stream of passive income with digital products such as ebooks or online courses.