Here's a summary of the video "How Pat Flynn is Killin' It with Online Courses" from my interview with Pat in January of 2019.
Introduction to the Episode:
David introduces Pat Flynn as his guest on "The Rise To The Top" podcast.
The episode focuses on dissecting Pat Flynn's online course business.
Pat Flynn's Background:
Pat Flynn is known for his work on Smart Passive Income.
He started his business in 2008 and has diversified his offerings over the years.
Despite his success, Pat Flynn had hesitations about creating online courses.
Transition to Online Courses:
Pat Flynn had been discussing the potential of online courses for years during webinars with David.
He faced limiting beliefs and concerns about whether he could provide additional value through courses.
A pivotal conversation made him realize that he wasn't fully serving his audience without offering courses.
Launching the First Course:
Pat Flynn's first course was "Smart From Scratch," an extension of his book "Will It Fly?"
The course was a deep dive into the material, offering accountability and detailed guidance.
The success of the beta test, with over 120 sign-ups, convinced him of the importance of courses in his business.
Revenue from Online Courses:
In the year of the recording, Pat Flynn hit $1.2 million in online course sales.
His total revenue from courses was close to $2.5 million over two years.
Mindset and Customer Value:
Pat discusses overcoming the fear of asking his audience to pay for more content.
He emphasizes that the price objections are often not about the price but about perceived value.
The courses allowed him to provide a deeper level of help to his audience.
Pat Flynn prefers to pre-sell courses before creating them to validate business ideas.
He addresses a controversy where an influencer pre-sold a course and failed to deliver, sparking a debate about the ethics of pre-selling.
Discussion on Course Creation:
David and Pat discuss different strategies for creating and selling online courses.
They agree that there are multiple successful approaches, whether pre-selling or creating the course first.
Pat Flynn's Best Selling Course:
"Power-Up Podcasting" is mentioned as Pat Flynn's best-selling course.
The course has contributed significantly to his revenue and has helped many of his students launch successful podcasts.
The video is a comprehensive look at Pat Flynn's journey into the online course market, the strategies he used, the success he has achieved, and the mindset shifts that were necessary to overcome initial hesitations.