Eric Byrd, the founder of Pitch for Success, has taught networking and other business topics to thousands of students on Udemy. Despite his courses’ wide reach on Udemy, he is changing his business model to better meet the needs of his students and to build a more sustainable revenue stream. If your own online courses are not giving you the results you want, and you’ve considered changing your business model, you should definitely watch this entire interview!
Eric’s approach to shifting his learning business’ model is based on years of experience working with small business owners as the manager of the SBDC in Loudoun County. Much of his coaching work involves serious research and analysis of target audiences, and that’s exactly how he began his approach to shifting his own business model.
By analyzing his previous results, getting additional feedback, Eric is able to draw evidence-based conclusions about what works and what doesn’t work for his course offerings. Based on those conclusions, he can identify his next steps. Watch the whole interview to hear what those next steps are!
Here’s a short list of tasks that you can do if you want to recreate this approach:
First Steps to Changing Your Business Model: Analyze Past Results
- Identify your goals for your business (sales, revenue, etc.). This gives you a baseline to which you can compare results.
- Compile results from past product/service sales into one place (like a spreadsheet or report).
- Analyze the results: which products/services sold well? Which did not? Which sold well but did not produce much revenue? Who purchased your offers? Who was interested in the content but did not make a purchase? Did anyone share your offers? Do you have repeat customers?
- Document the circumstances: Look back through the history of your offerings—what marketing campaigns did you run? What visibility or promotion did your offerings receive? What else happened that had an impact on your sales?
- Get feedback: Study your reviews and talk with past clients and customers to record their version of why they made the decision to take your course or buy your service.
- Segment your audience: Divide your audience into groups according to their behavior (e.g. paying customers, leads).
- Draw conclusions: Based on your work in the steps above, draw conclusions about why your results were unsatisfactory.
(Psst! Get to know your audience with this week’s Small Wins!)