Most online course creators Google for information to learn the size of the eLearning marketplace.
Google returns a staggering number like $150 billion for 2017. Yes, that’s definitely billion. You’ll also get a 5% CAGR (Cumulative Average Growth Rate) thrown at you. When you looking at billions then a 5% CAGR is breathtaking.
There’s zero doubt that the global eLearning Market is HUGE!
It’s growing on at the rate of 5% CAGR, each year.
Based on Google’s statistics, if you’ve ever wanted to launch your online course, NOW is perfect!
But here’s the kicker:
Not every online course makes its creator rich.
A huge number of online courses FAIL.
When online courses fail, it’s most likely because of the following 5 reasons.
The Course Creator Has Not Validated The Need Of The Course
85% of course creators, create a course that they think, potential students are struggling with.
15% (or less) of course creators, research and identify what their potential students are struggling with. Then they craft their course title and modules to address that specific need.
Research is crucial for all course creators. Research and its evaluation, is what determines whether a course will attract buyers in sufficiently large numbers.
Researching what your target market (i.e. ideal course participant) wants
Delivering this at a price that your target market can afford
This is what makes a course creator . . . wealthy.
Basing course content on assumptions, or gut feel, of creating a course that never sells enough to make the course creator wealthy.
While researching a course creator may figure out:
The niche they’ve chosen is crowded. They need to pivot
There might be other online courses offering what they are planning on offering
Sure, this makes things a little tough. On the other hand, it’s a great indicator that they’ve chosen the right niche.