One Year Later: Relaunch An Online Course in 21 Days
On March 3rd 2016 I completed the first Money Lab challenge. I teamed up with Jason Zook to relaunch his online course: How To Get Sponsorships for Anything. It’s one year later and here’s what happened. If you’re new here and don’t know about the challenge, check it out.
How Much Money Have We Made?
According to Gumroad, we grossed $9,469. That’s excluding refunds and fees.
- $2,200 on getting articles written for the blog.
- $325 on illustrations for each article.
- $60 on Gumroad premium.
- $240 on Zapier to import Gumroad buyers into Mailchimp.
- $275 on Mailchimp.
- $475 on experimental Facebook ads that didn’t work.
All expenses equals $4,017.55.
That means, we made $5,451.45 in a full 365 days.
- 12 Podcast Sponsorship Courses (originally $199 and now $99)
- 3 Full Sponsorship Courses (originally priced at $ $499 and no longer sell)
- 74 Master Sponsorship Courses (originally $699 and now $349)
NOTE: These numbers do not reflect actual sales numbers. Some of these sales went to people in Jason’s Buy My Future community for free and other places.
What Changes Did We Make Over the Year?
We stop selling the Full Sponsorship course and rolled everything into the Master Sponsorship course. Leaving us with only two courses: the podcast one and the Master one.
And we lowered the price of both courses.
We assumed if people signed up for our mailing list we could create a kick-ass funnel that will convert subscribers into buyers. While it worked in the beginning, it started slowing down once we weren’t as involved.
We assumed again that people would have no problem paying $699 for a course that could make them way more than that by selling sponsorships.
Turns out that’s one hell of an impulse buy.
What’s The Stats For The Year?
Over the course of 365 days since we launched, we’ve had:
- 60,544 page views and 45,357 users visit the site.
- 37,788 views of the homepage.
- 7,229 read the most popular post on the site for an average of 5 minutes.
- 1,385 new subscribers on the mailing list.
After launch, we ran one more sale at the end of October offering 50% off for a limited time. That’s when we had our second sales spike.
What The Fuck Happened?
This project began as an experiment to see if we could set up an existing product to make passive income.
Making money by doing virtually nothing is bullshit. You have to do something. We did the bare minimum and got what we deserved.
That’s not a bad thing either.
We put up a few posts in March of 2016 that ranked well in Google over the next six months. That’s where most of the traffic comes from.
Our email sales funnel consists of a 7-Day Sponsorship Course and all of our articles. It takes about 30 days for someone to complete the funnel.
We’ve consistently grown in traffic every month since launch without publishing. And we’ve grown our email list to 2,200 subscribers by putting in a simple opt-in bribe for that traffic.
Traffic to email subscribers converts at around 4% (and that fluctuates from time to time).
What We’ve Learned
In hindsight, we have an expensive product that needs to be aggressively sold – not just impulse bought on a random website someone found by Googling “podcast promotion.”
We both believe that if we had a sales funnel that was more hands-on, like doing weekly or monthly webinars, we could sell more. But that model does not interest us, and we knew that from the start.
What Does the Future Look Like?
If we can both make an extra $2,500 a year from this project, that would be wonderful – it’s the gift that keeps on giving.
We might lower the prices to see if that helps sales. But there’s no plans on the books for that yet.
We won’t be producing anymore articles to gain traffic. We’ve been gaining traffic slowly, so what we have is working.
The only thing I see us doing is holding sales once or twice a year via email. Truthfully, this project is gravy for us.
But maybe if we want a little extra pocket money, we could always host a stupid fucking webinar for jerks.
Want More Information?
If I left anything out of this article that you’re interested in, ask me in the comments. I’ll update the article and ping you about it.
Otherwise, I’m happy with the way this first Money Lab project turned out.
Do I wish it had done better? Of course! But even if the project earned $50,000 I would have said the same thing.
The complex inner turmoil of an entrepreneur I guess.