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$30K Monetization Test: Testing a Cohort Course to my 15,000 Newsletter Subscribers

I’m trying to get more comfortable testing monetization ideas in public so I wanted to share what I tried with my newsletter community of 15,000+ readers this morning.

For skimmers, it’s a project I’ve been working on to help more entrepreneurs establish their voice and 1,000 true fans.

Last month, I surveyed my readers on some questions to get to know their goals with reading the articles each week. And after reading the survey responses last month, I noticed many of them (41% of answers) wanted more help "growing their LinkedIn community through 1-1 consulting".

So, when I connected with Gagan, the co-founder of Maven, and heard what they were building with their cohort based course startup, I thought his early instructor invitation would be a perfect fit to test out offering a course concept for my newsletter readers.

The topic? Helping entrepreneurs “find their 1,000 true fans” on LinkedIn. 🚀

The course details:

  • I'm planning to launch the class this summer if 100+ people sign up (currently at 80).
  • I’d teach live classes, unpacking everything I've learned scaling to 30K followers & managing a portfolio of ~2M followers
  • Ultimate goal of the class would be giving students a toolkit to position their voice in their industry.
  • I’m planning on accepting a first cohort group of ~20 people with an early invite cost of $300 each.

Marketing Launch Plan:

  • I posted a thread onto twitter (half decent response to my 2k~ followers)
  • I posted a LI poll last Friday, getting 12,000 views and 100 votes on my 30k+ audience
  • I wrote a newsletter today on LinkedIn and substack sharing about the story, the opportunity and an open survey to ask if people wanted to join the waitlist.

The Current Results:

  • So far I'm at 80 sign-ups within the last couple days. (quite happy with this as $300 is the highest I've charged for courses)
  • Forecasted revenue if I hit 100 signups at the $300 rate = $30,000. Pretty impressive that if this has legs and I continue to iterate, this could be very close to being a full-time job for most people.
  • As an aside, I assume only 20%-30% of sign-ups will convert but who knows how the traction will unfold
  • Several emails and DMs of people being excited about the idea, wanting more clarification etc
  • Some cross-sharing of other sign ups passing on the word on LinkedIn, twitter, etc.

To close:

  • I wanted to share this as a bit of a roadmap I used to try building in public with this course idea off my newsletter audience
  • I also wanted to share my insights of what I've learned in case other "build in public" folks are thinking of a similar path.
  • If you wanna check out the article I shared this morning that's still bringing in sign-ups, here's the link to reverse engineer for your future ideas: https://personalbrandbrief.substack.com/p/how-to-find-1000-true-fans
  • Typeform copy: if you wanna check out the simple course flow I used to "public test" my Maven idea: https://joelhansenclass.typeform.com/to/iVvxzRs2

My question:

  • Is there anything I could've down better in my launch approach this last week?
  • Anything I can still do this week to stir up more demand?
  • How do these numbers compare to other things people have tried?

Would love to hear other ideas and suggestions from everyone here!

on May 18, 2021