Online Courses Are Dying. Here's What's Next

Online courses are traditionally one of the best ways to make money online. They’ve been a great way to monetize an audience, make money with your knowledge and generally are a great source of creating “passive” income.

But in 2024, consumers are finding them less and less valuable with completion rates around 3-6%.

Online learning is the fastest-growing market in the education industry so why are online course completion rates so low and where are consumers going instead?

When it comes to selling information, scarcity = value.

So with information being so abundant and accessible at the click of a button thanks to smartphones, AI and social media - there’s no longer value in information alone.

Whether we like it or not, we live in the attention age where attention is scarce and where every company, app and social media platform begs for as much of it as possible. So now attention = value.

With that in mind, today we’ll look at how online courses are evolving and what you should do about it.

Ali Abdaal is one of the most prominent YouTubers in the productivity space and although he still makes money selling courses on SkillShare, he’s diversified and has packaged his knowledge in multiple other ways:

David makes about $2m annually from his course “Write of Passage” where he teaches how to become a great writer and get readers within 5 weeks.

Write of Passage focuses on teaching participants how to improve their writing skills, build an online presence, and leverage the power of personal networks through writing. It combines live lectures, personalized feedback, and a community of writers to enhance learning and accountability.

Max made over $650k from his free online course. He offers a comprehensive free course on his website, which doesn't even require an email opt-in to access. This lowers the barrier to entry, attracting a lot of users.

Initially, he managed his community on separate platforms like his website and Facebook groups. However, as he grew, he transitioned his community to a new platform called Skool, which integrates courses and communities in one place.

He created both free and premium communities on Skool. The free community offers accessible content to everyone, helping to build a large following and establish trust and value. The premium community, which requires a paid subscription, offers more in-depth resources, personal interactions, and specialized content.

Courses give people the knowledge needed to solve their problems. Here’s how you can package that knowledge in a more engaging and valuable way.

Opportunity #1: Cohort or Community Learning

Incorporating cohort or community elements into courses can significantly enhance the learning experience by fostering engagement, accountability, and deeper understanding.

Community or cohort-based courses encourage active participation through discussions, group projects, and peer feedback. This engagement often leads to higher motivation and interest in the course material, as learners feel part of a learning community.

In a cohort, learners move through the content together, meeting deadlines and participating in discussions at scheduled times. This structure provides a level of accountability that can motivate students to stay on track and complete the course.

Learners in a community can share diverse perspectives and insights, enriching the learning experience for everyone. This can lead to deeper understanding and retention of the material, as students learn not only from the content but also from each other’s experiences and interpretations.

Facilitators can more easily tailor learning experiences based on the dynamics and feedback from a cohesive group, as opposed to isolated individual learners. This can lead to more effective teaching strategies and learning outcomes.

Opportunity #2: Courses With Completion Incentives

One thing Ali Abdaal does with his beginner, Part-Time YouTuber Foundations course is he offers to refund the $1 cost to everyone who completes the course and publishes the two videos the course helps them create.

This could be taken a few steps further:

This doesn’t work with every course but when possible it provides an extra incentive and level of accountability to complete the course and stick to the process for long enough to make it a habit.

You could also invest the money in a high-interest savings account (risk-free) until the 6-month refund date (assuming they make it that far), this way you maximise earnings.

Opportunity #3: Accountability Coaching & Groups

Keeping on the theme of accountability, instead of refunding customers you can reward them and encourage them to keep going.

You could create accountability groups with 1-to-1 or 1-to-many coaching sessions on top of your online course. This model involves guiding them through the process and encouraging them to keep going.

The more your customers stay consistent and the more milestones they achieve, the more they get rewarded with perks, exclusive content, more sessions, resources, etc.

You could sell this as a one-time fee or as a recurring yearly or monthly subscription - the longer you keep them invested in the program, the better for them as they’ll have more reason to stay consistent.

Opportunity #4: Done-For-You (Service Model)

This model involves you taking on tasks and solving problems on behalf of your clients, rather than just providing the information or tools for clients to do it themselves.

The "Done-For-You” model is a shift from selling knowledge to selling action, which can be particularly effective in today’s information-saturated market, where clients are looking for tangible results and are willing to pay for someone to handle complexities for them.

Obviously, this isn’t anything like a course but if you already have an audience, selling a premium “Done-For-You” service on top of a course/community could be a great way to add more value (and earn more in the process).

Ali Abdaal is a great example of how this can be done. Here’s a video breaking down how it works.

Market Research

Identify your niche and understand the audience’s needs through surveys, interviews, and competitor analysis.

Curriculum/Course Development

Design a comprehensive curriculum, course (and/or service) that includes:

Technology Setup

Choose a platform that supports live interactions, community discussions, and content hosting.

Here are some good options:

Pricing and Offer Development

Determine how you’ll price your product and what offer/guarantee you’ll use to attract customers.

An example of a good offer: “Become a Great Writer and Get Readers in Just 5 weeks”

Feedback and Iteration

After the first cohort, gather feedback and refine the course content and delivery based on learner experiences.

Content Marketing

Establish yourself as a thought leader by creating high-quality, informative content related to your courses. Utilize blogs, newsletters, podcasts, and guest postings to reach a wider audience.

Social Media

On top of the content you’re posting on your blog, podcast and newsletter, create valuable content on TikTok, Reels, YouTube and Shorts.

Social Proof and Testimonials

Leverage testimonials and case studies from successful students to build credibility. Highlight these stories in your marketing to show the practical benefits of your courses and services.

Partnerships and Collaborations

Partner with other educators or influencers in related niches to co-create content or courses. This can expand your reach and add diverse perspectives to your offerings.

Email Marketing

Develop a robust email marketing strategy to nurture leads. Provide valuable insights and regular updates about your courses, and use segmented lists to personalize the messages based on the audience’s interests and past engagement.

Paid Advertising

Use targeted ads on platforms like Facebook, Instagram, and LinkedIn to reach potential students. Tailor your ads based on the demographics and interests that align with your course offerings.

Community Building

Build and maintain an active online community platform where students can interact, share experiences, and solve problems together. This will not only enhance the learning experience but also keep your audience engaged with your brand over time.

SEO Optimization

Ensure your landing pages and blog posts are optimized for search engines to attract organic traffic. Use relevant keywords, optimize content quality, and ensure a good user experience on your website.

Referral Programs

Encourage word-of-mouth marketing by offering existing students incentives to refer others. This could be discounts on future courses, free content, or other perks.

The best businesses solve specific problems. I’ve created an ever-expanding database of problems that are begging for a better solution.

Are you tired of wasting time and resources on business ideas that just don’t stick? It’s not because you’re not smart or hardworking - it's because you’re not focused on solving the right problems.

This database takes the guesswork out of entrepreneurship. Instead of sifting through endless ideas, you’ll have access to a curated list of high-potential problems that are begging to be solved.

Here's what you get:

Benefits: