The global world has become a home where sincere and eager learners have 24-7 worldwide access to number of personal tutors and guidance all at the same time, each professor giving expert advice to the keen minds and help them. The virtual tutors tend to explain their subjects in simpler ways comparatively, they also teach them in a practical language and are even willing to repeat classes. And the amazing part is all this comes free or at a minimal cost. One of the overly amazing platform has been established known as Udemy.
The efforts of education entrepreneurs are revolutionizing traditional learning methods by replacing classroom instruction and fixed curricula with self-paced, online education and instruction from subject experts around the world. Online Education is also giving freedom as sources of knowledge are free by recognizing expertise wherever it may be found.
Udemy is the world's largest online learning platform and was founded by Eren Bali in 2010, aiming mainly to educate adults and students. Udemy has huge number of student database with more than 30 million students and there are almost 50,000 instructors teaching courses in over 65 languages covering over 245 million course enrollments over a period.
Udemy is a platform where the user gets access to a database of new courses and gets wide exposure. The courses from various sectors are available and also in various languages to meet the learner's expectations.
Udemy is based in California with $48 million in funding. The company has created a technological platform that allows new instructors to plan, create, design, and produce video instructions for almost any subject.
Udemy targets several different markets. The tutor or instructor who creates the course, the student who takes the course, and organizations that might utilize Udemy technology to create specialized courses as a branded product or for internal employee use.
This platform offers 20,000 video instruction courses divided in different categories with suitable prices. Udemy gives opportunity to more than 10,000 instructors globally. The rapid growth of the student base to acquire knowledge on Udemy is amazing and there are 4 million views for videos.
Udemy Business Strategy
There are other competitive edtech companies like Coursera, Unacademy who have grown their academic institutions online. Udemy, on the other hand, it has adopted the unusual path, they came up with an idea of helping candidates to become an instructor on Udemy. Udemy has also built b2b platform for the Business offering, which targeted a completely different set of target audience.
Udemy does not charge anything for an Instructor to make and publish content. Udemy earns when students purchase a course. The firm charges money for promotion of Instructor, 50% for organic purchase on the website, and for paid advertising on digital media.
The revenue generated is then shared with instructors. Instructor fees depend upon mode of purchase opted by candidate.
Three revenue streams of Udemy:
- Instructor Promotion: Instructor receives 97% of the revenue generated on purchase done by using referral code or link and Udemy receives 3%.
- Udemy Organic: The sales are called organic when a student explores a course through site and does not use any referral code. In this case Udemy receives 50% and the instructor receives equal amount of course revenue. Udemy charges a 30 percent fee for any sale made through the company’s Android or iOS app.
- Paid Acquisition: If students purchase course through paid advertise displayed by Udemy on channels like YouTube and Google, Udemy takes 75% of each course sale. Instructors get choice to decide to decide where and how many times the course advertisement should be featured.
Udemy For Business
Udemy has plans for companies as well. With this plan employees get access top courses on the Udemy platform.
Udemy has two subscription plans, Team plan and Enterprise plan. The Team plan is aimed at learning groups of 5 to 20 users.
Enterprise plan is suitable for all teams above 21 or more users. Hereby, pricing is available upon request by contacting Udemy’s sales team. Along with access to top courses Udemy provides custom categories and learning paths, no language limitation (the Team plan is limited to English only), custom user groups, tracking user activity, Slack integration, and many more.
Udemy Marketing Strategy
In any course of establishing the business in the market or even after setting it up, marketing has to be given its importance as it attracts more attention and customer base. Udemy has got the power of attracting the target audience and making them believe in the online education. In this virtual learning world, there are several marketing strategies of Udemy to count on:
Specific Goals should be set
Like all the other top businesses, Udemy gets itself started and growing by giving a sales and revenue target to achieve to their specific team and get the plan working through online marketing.
Solving Problems of Customers
Acknowledging and solving doubts and problems of students is a mandatory move, it gives the company an obvious and attractive marketing message and a clear reason for them to purchase the product and in this case, any course on Udemy.
Try getting 5-star reviews
Whenever a user plans to purchase something and makes a choice on which product to buy, he gets and checks all the data in detail about it. The most important thing the customer checks is the product reviews and ratings how well the product or service suits him. The companies needs to get greater reviews by giving customer satisfaction for maintaining the image which will help grow the business.
Choose the Right Keywords and Topics
Marketing in any business is all about hitting right on the right nerve of the consumers demand and leaving an impact on the them whenever the product or service is advertised on any platform. The marketing team needs to use appropriate keywords to get an organic search result from the consumer. The correct keywords will help the users make a choice. The companies need to make sure the topic is in demand and frequently searched.
Following up on Customers
Following and engaging constantly with customers, in this case students, is all about building relationships with the them. This method will make them more comfortable to talk to and have a positive feeling about the company.
Free content to generate leads
Even if a particular product is paid content, free content can go farther. Udemy, being an education technology company that offers online courses in a variety. It has recently seen an 800% growth in traffic since lowering down on their content marketing efforts and generating leads through free content helps. The offering of free blog content is an amazing lead generation tool for the paid content.
All-time learning at ease is crucial to maintain a position in the world and also for personal growth. The necessary formal coaching is often unavailable or too costly to deliver the education that benefits students in their professions. Udemy is likely to maintain its lead in the online video instruction industry and marketing strongly for its tutors and learners.
Frequently Asked Questions
What is the cost of Team plan?
The Team plan costs $360 (USD) per user per year. To get this plan you need minimum 5 users.
How does Udemy make money?
Udemy makes money per course sales. The revenue generation through per course sales depends on how user purchases course. The percentage varies from 3 to 50 % per course sell. Also Udemy has plans for businesses, it includes access to top Udemy courses, learning path, custom categories and no language barrier.
Best strategy for Udemy
Understand customers and their problems. Try to solve these problems through your courses. Get good reviews and keep your customer engaged.