Guaranteed Recurring Revenue or GRR for short, yes, like a bear.
Do you want to be able to sit back and let the money come rolling in? Unfortunately, it is not that simple, but it can be done with a small amount of effort by steering it towards community centred content.
Online courses have the ability to offer this opportunity. Creating an online community and providing subscriptions to your course content has the capability to provide consistent monthly revenue.
Typically online courses are a one time purchase and business may look to how they can sell more courses to the same student to generate repeat business to maintain a consistent monthly revenue. However, there is a better way by offering a subscription service to your course content as long as it is done right.
The challenge to this model is that users will only take the course content and run. And this will always be a risk, but the way to keep users engaged is to provide additional value past the course content. Additional value that is organically generated using communities and regular updates to the course content, either to the course material or by new updates and industry trends.
How to convert your online courses into a subscriptions service
Provide Additional Value
There are many ways that you can provide the extra value for a subscription service, as opposed to a single payment course content access.
A lot of this will centre around creating an online community of people where users feel welcomed, valued and able to maximise their learning outcome from the use of the platform.
To be able to provide extra value that is used past the original course content will require additional content and access to other resources. Below is a list of some ways that you can provide users with extra value past the original course content.
- Access to industry experts
- Live zoom Q& A sessions
- Resources and downloadable content
- Discount schemes
- Community groups
- Support forums
- Access to annual events
- Regular videos
- Industry Updates
Your platform needs to be driven by your users, as they are ultimately the ones who are using it on a regular basis and also will be recommending it to their friends and family.
To do this you need to offer a method for your user to provide feedback for improvements to the platform and what they would use. A simple feedback form is a good way to do this and can be extended further with a dedicated forum where user can discuss the idea and you can directly communicate with them why this is required and how important it is to them.
You will also be able to gauge how many users this will effect and so you can spot the opportunities that will help the majority of the users. You can also communicate your latest platform updates using this system as well.
Being able to provide an outstanding experience is mandatory for the success and value that a subscription platform can bring to its uses. This makes it crucial to ensure your platform has been thoroughly tested and improved upon.
Once your platform is working to its peak performance, only then will users feel happy and trusted in using your platform on a regular basis and will want to carry on using it over the long them, and happy to carry on paying each month for the access to this amazing fun platform.
Subscription service is about developing a relationship with the user. And as we all know, their best relationships happen when both parties listen to each other and act to better the other party. If we look after our users, they will, in turn, look after you.