How to Motivate a Client to Purchase All Online Courses in One Order
We want to share a way to increase the number of purchases and profit from one client.
Sergei Mikhailov
managing partner of Getcourse.ru
How can you make extra money with the same client database and existing product line? This case has a solution! Offer to a any segment of customers the access to all of your products at a user-friendly and affordable price.
To increase sales, you can fuel the market in an effort to acquire new customers and sell additional products to existing users. In the first case, you will spend additional money on attracting users. In the second case, you will be working with people who have made at least one purchase from you, that already tested your online course, and perhaps appreciated it. They are already in your contact database, ready for communication, they will probably receive your mailing. It is easier to sell them an additional product.
There is a way to motivate customers to make new more expensive purchases. And customers will be happy to bring you money. Understanding the LTV or Lifetime Value metrics is useful for the case. This is the profit from one client for the period while he is your regular customer. In simple terms, this indicator is called the lifetime value of the customer.
LTV helps you understand a few key things:
It is important to make a qualitative product and build trust with customers.
If you do not motivate to repeat purchases, then you reduce the revenue from the client to one purchase.
You need to balance between the cost of attracting a customer, the number of purchases and the amount of revenue.
For a case, you must have a well-formed customer database and product line. That is, not the only one course in your arsenal, but starting from 5-6 online educational programs connected with each other.
Calculate the revenue coming from each client
Create a graph of the ratio of the amounts brought by clients and the number of transactions for a similar amount. Select a step in the purchase amounts, let’s say, about 5 or 10 thousand rubles (or the cost of one product — an online course).
Additionally, calculate LTV to understand how much money users are bringing to you on average for the period in which they are your customers. There are many ways to calculate LTV, we used the second taken from the article on Habrahabr — we divided the entire income for the period by the total number of users during this period.
The graph will help you determine how many customers have fallen short of LTV amount. Customers who have bought online courses from you 2-3 times are loyal to you. They like what you do, they like your products. And they are more willing to pay you more. Give them this opportunity by offering an additional product.
Make an advantageous offer
Determine the total cost of all your products by summing up the prices of the online courses. Let’s say it will be about 100-150 thousand rubles. Set the price that you think is psychologically comfortable for the client. For example, two times less, that is, 50-75 thousand rubles. Offer customers who have made more than one purchase to buy one-year access to all of your products for that price.
You need to define, and a graph will help with this:
Boundary price: offer access to those customers who have brought at least this amount;
Offer price and conditions of the offer.
Also determine the content of the offer. Consider the fact that you can’t instantly expand your product line. Use those products that you already have prepared.
Knock out when calling
To sell a year’s set of online courses, call customers. During the conversation, try to offer not just to purchase all your educational products for 50-75 thousand rubles, but to pay extra up to the specified amount minus the money already spent on your courses. Let’s say a person bought two courses from you and spent 15 thousand rubles on them. Offer him annual access to all your products for an additional payment of 35 thousand rubles.
We at GetCourse managed to successfully implement this case with one of the online projects. 15-20% of customers who made more than one purchase bought one-year access to all online courses.
Moderation and accuracy
The good thing about this case is that you won’t spend money on additional marketing. Yes, there will be costs for the educational process, but only for those online courses in which your user will participate.
To some people, such an offer may seem unfriendly — like buying a card to a fitness club, when they pay for a year, but visit it for two or three months at best. In fact, a person is unlikely to physically have time to complete all your educational programs in a year. But you will give him a selection of products and the freedom to explore them in any order he wants. The client will have the feeling that you are making a very profitable offer.
Do not expect to receive additional revenue every month thanks to such a case. There will be 1-2 local bursts per year. The important thing is that if you don’t offer such an annual subscription, then some people will not pay you that much money at all. You might be wondering if customers would pay full price over the course of a year? But if you look at the graph, you will understand that you will have about 0.5% of such customers throughout the year.
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