Teachable is a unique online learning service, with a business model that rings novelty in the ed tech space. It isn’t your average Udemy, Coursera or Lynda. Teachable allows you to customise your own website through its platform. Thus, your proposition is no longer just a course. On Teachable, it becomes a product, that is a stellar mix of aesthetics, functionality and navigation controls.
What is Teachable?
Founded in 2014, the New York City-based ed tech venture has published over 20,000 courses with 7,500 instructors over the last three years. Its ever-expanding reach has now clocked over 3 million students. Teachable’s marketing strategy is distinct. Unlike other learning platforms, it doesn’t sell itself as a marketplace for priced courseware. It positions itself as a tool through which users can design their own website, a keyhole to a unique share of the World Wide Web. It allows users to build a brilliant, payment-ready course through easy-to use navigation
controls. Teachable supports video-based lessons, but it also enables instructors to market books, services, offline classes, tutoring, and webinars. Teachable has carved a niche for itself in the enterprise space as well, having attracted the likes of New York Times, Intuit and Penn Law onto its platform.
Why Does Teachable’s Revenue Model Stand Apart?
Teachable has a cleverly thought out monetisation model in place. Unlike most online education players, Teachable doesn’t charge users a percentage of course fees. It works on a fixed income model, charging users a flat, monthly fee between $39 to $200. The platform leaves it to instructors to determine how much to charge learners for a course, with course fees varying from $10 to $1,000. Uniquely, Teachable is generously spangled with creative, non- cholastic courses that revolve around interesting hobbies and blue-sky skills. Teachable’s monetisation strategy has evidently clicked, with the company having generated almost $30 million in courses in 2016 alone.
How Does Teachable’s Technology Stand Out?
Teachable is known to transform the way your course is packaged and sold to learners. And with a superior packaging, students wouldn’t mind paying a tad bit more for premium content. With your course more valuable, your quality will be pegged higher. With Teachable, you’re selling an educational experience, and not necessarily just a vanilla course.
How Does Teachable Encourage Entrepreneurship?
Here’s how. Teachable is an instant, ready-to- use service that allows you to create online courses without having to invest truckloads of money. Of course, it isn’t a permanent solution; it’s a stop-gap platform that allows you to test the waters with your idea, until you feel prepares enough to spread your wings and take your entrepreneurial dreams to greener pastures. Here what you can do with Teachable:
Create an Academy
We told you earlier how Teachable allows you to set up your own little virtual academy, with a few clicks of a button. Your users essentially have a digital catalogue in which they can browse through all your courses.
By having a single, central hub, it’s easier to manage affiliate tracking, payment gateway activity and more. It’s a little bit like having your own course shop online, a feature that few other online course platforms offer.
Give Your Course a Makeover
Teachable lends a bit of colour and style to your course offering. The platform offers some customisation options that you can use to reflect your creative aesthetic. Also, students receive an intuitive, fun experience.
You Continue to Be the Content Owner
Students aren’t party to the fact that Teachable is providing the software to you for this great website you are offering them. All they know is that they are getting a fabulous interface. Period. Teachable allows you to seek credit for something you haven’t created, while continuing to grow your business. Everybody’s a winner.
Endorse an Affiliate Programme
A significant propeller to your business will be word-of- mouth and personal endorsements. For this reason, it is important that you have a programme in place where you offer past users and key influencers to endorse your programme. By offering a commission for every incremental user, you’ll grow your network quickly and easily. Teachable’s seamless affiliate programme offers your affiliate partners a dashboard to see how they are performing. Bingo!
Upload Unlimited Courses
Why would this feature be relevant, you may wonder? Well, the number of courses visible to a user aren’t always a reflection of how many courses have been uploaded by an instructor on Teachable. Sometimes, an instructor may upload as many as 50 courses, whereas a user may see only 3 of these on their dashboard. Why the gap? Some of these courses are replicas of each other, allowing an instructor to supply relevant course content to a user depending on the stage they have reached within a module. Other times, these extra courses may be used as shell courses, to promote courses or to provide links to certain modules through a joint venture arrangement with a collaborator.
What is the Next Step After Teachable?
There will come a point when you feel like you’ve reached a glass ceiling on Teachable, and that you need to branch out to grow your business further.
Employ Your Own Turnkey Technology
By this point, you would have already validated your idea on Teachable and seen its application. What you now need is a robust, superlative technology to power your business to another level. It wouldn’t be very wise to invest in a team to build a technology from scratch at this stage. Alternatively, opting for a ready technology that offers features at par with some of the best learning platforms in the world would be a road worth taking. Enter Pinlearn, a turnkey
technology that lets you breathe magic into your business by getting it going within just a few days. Adopted by some of the best names in the business, Pinlearn has you covered from the get go.
Market Your Brand
It’s time to up your marketing game when you branch out on to your own technology. Here are 5 ideas you could incorporate to fly your brand:
● Offer freebies by offering users a sneak-peak into your offerings. This will be a bait for users to follow through to your paid model.
● Promote endorsements, by introducing an affiliate programme like the one on Teachable. Grow your network through referrals!
● Create a brand identity by encouraging users to write online reviews, keeping your social media pages updated and asking influencers to spread the brand digitally.
● Collaborate with educational, art and craft institutions to partner with them for digital courses.
How Will Setting Up My Own eLearning Website Help?
You may deem it unnecessary to venture outside your comfort zone by starting your own website outside Teachable. But there are some valid factors that you should consider if you want to scale your business. Here are some of them:
Shed Your Monthly Monetary Commitment
When you are anchored to a platform like Teachable, you are parting with a fixed fee every month, which is likely to increase in accordance with your popularity and acceptance.
Tweak Your Monetisation
With your own website, you can monetise your model beyond the limits of Teachable’s purview. You can look at alternate pricing models that weren’t available to you before. Consider a monthly model, if you feel that you are delivering significant value on a month-on- month basis. Or, if you have a bouquet of related courses, offer a bundled price for multiple courses at a lowered cost. There is also merit in offering a free course, getting people to use it, and then incentivising them at the end with a paid component, such as a certificate or premium modules. You could also feature Pay Per View advertisements in a dedicated window on your website to generate additional revenue.
Introduce Auxiliary Features
When you launch your own platform, you can configure your interface in your own unique way. Introduce a live streaming feature to offer instructors to tutor live, open discussion forums and consider creating a social network on your platform. There are so many features you can bring in to complement your core offering!
Explore a Wider Range of Customisation Features
Stand-out services like Pinlearn offer a broad spectrum of customisation options that can tailor your website to fit a specific audience and aesthetic. With your own platform, you can venture beyond standard visual interfaces. Services like Pinlearn even house in-house teams that can create a made-to- order website for you, based on your preferences.
Take the Entrepreneurial Leap
The stage is set. Teachable is an ideal platform to showcase your course and assess its traction. Once you know you’re ready to take your brand farther, think of launching on your own. Take the entrepreneurial leap in your own time.