In the course of a few months, three potential clients have talked to me about how to generate income from their knowledge-based content.
All are moving away from LinkedIn, YouTube and Facebook. They are looking for affordable alternatives that allow them more say in what they offer, and who they offer it to.
The Author
A recently published author wants to connect with readers. They are planning a set of books on the same topic, and don’t want to re-market each from scratch. Plus they hope to be inspired by knowing more about the most difficult issues readers face.
The Educator
A retired teacher wrote a popular textbook many years ago, and wants to offer a new version that is re-edited. They are happy to give it away for free, but they want to see exactly which topics engage readers. They plan to switch from text to podcasts, and perhaps some video. They don’t want a hamster-wheel of creating new content, moderating and giving free advice, and would rather let pupils connect with each other, perhaps in person?
The Coach
A life coach is has the simplest requirement. She wants to get a valid email address when people download her PDFs. Her assessments and activities are being downloaded and redistributed by others and she wants more control. Perhaps by embedding the PDFs within pages and only making them downloadable to existing and past clients.
Additional requirement: None are considering charging for their course and/or membership website. But they would like this option in the future.
With these requirements in mind I conducted an in-depth investigation of what it will take to turn different types of content into a website that generates income and leads.
Before you start
- Think about your goals:
Is this about income, building credibility or lead generation - Think about your content:
Video? Audio? Text? Graphics? Discussion Groups? Webinars? - Think about your target audience:
Tech savvy? Mobile? What are THEIR goals? - Think about your constraints:
Your time? Budget? Tech capability? Availability?
Paid Membership websites
Pros:
- Recurring Revenue: Subscription-based model provides stable income over time.
- Community Building: Encourages engagement among members, fostering a sense of belonging.
- Content Variety: Can offer a wide range of resources, from courses to forums.
- Scalability: Potential to grow and expand the content library over time.
- Member Exclusivity: Can offer exclusive content or perks to paying members.
- Predictable Income: Easier to forecast revenue compared to one-time course sales.
Cons:
- Initial Challenge: Fees are low. ROI on the initial outlay will be slow, even if it’s mostly DIY.
- Content Maintenance: Constantly updating content to retain subscribers.
- Churn Rate: Members cancel subscriptions, you can’t just walk away.
- Market Saturation: Competition in the paid membership space is increasing.
- Credible Content: Pressure to maintain high-quality content to justify fees.
- Support: Requires ongoing community management and moderation.
Paid Micro-course Websites
Pros:
- Low Entry Barrier: Easier to convince learners to commit to shorter courses.
- Specialist: Attracts potential coaching clients looking for a specific topic
- Quick revenue: Immediate, higher income per learner from course sales.
- Topic-focused: Can specialize in niche subjects.
- Customer-friendly: Learners can choose courses a la carte.
- Easy to grow: Easy to add and update brand new courses.
Cons:
- Constant marketing: Course sales are one-time, less predictable than subscriptions.
- Limited networking: Less emphasis on building a community.
- Fragmented: Hard to build a cohesive curriculum and learning path.
- Competition: LinkedIn Learning, and hundreds of thousands of courses worldwide.
- Support : If you offer more than a self-assessment quiz, that’s continual effort!
What’s MY right option?
Ultimately, the choice between a paid membership website and a micro-course website depends on your goals, content, and target audience. Combining both models can also be an option to diversify revenue streams.
