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.
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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.
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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.
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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.
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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.
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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.
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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.
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Pre-Selling Courses:
- 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.
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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.
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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.