We’re back in again with another Teachable podcast rundown! This time its all about founder and CEO of Teachable Ankur Nagpal.
In 2013, Ankur founded teachable. He was a graduate for UC Berkeley and moved to NYC, where he began his work marketing on a different platform. However, he knew he could build something better with more customization tools and profitable profit. This became ‘Fadora’. He supported professionals and turned their knowledge to form courses. His team grew from one to a team of 15 in Manhattan valuing a market of $8million and changed ‘Fadora’ to ‘Teachable’. Today in 2020 over 100,000 instructors have joined teachable and formed their knowledge of world class courses of $500 million to date.
But how did Ankur get there?
Ankur started as a teacher. He would teach at a general assembly and noticed the increase of online teaching. He started it as a side project for himself and his friend, but noticed it helped others. Once he saw the numbers rising, he wanted to progress his site and business. However, he struggled to keep students coming as they would get crossed, sold to other companies and explained how ads weren’t working as they weren’t making enough money per student. Ads would take 50% from the website they were using. By starting fadora they could keep 100% of products and reduce the price of the courses. They built it for course creators to own their knowledge.
Ankurs top four points that result in a successful creator:
- Being able to have access to a large audience or channel e.g. social media
- Audience topic fit – do you have a topic that fits to what you are posting and talking about?
- The offer – do you have a compelling price point that will reach the audience. What is the price point?
- How successful is your course taking your audience to the outcome – that can be the difference between 100,000 dollars a year to a million a year?
Why the outcome is so import- what is a course? What is the one promise your course has?
People who get the outcome they payed for is where your best marketing from. For example, if you have promised that if someone completed your two-week fitness programme and they will have rock hard abs at the end, if the outcome isn’t achieved, then that person will spread negative marketing about your course. However, if you have changed someone’s life for the better than they will spread it around every platform and everyone that they meet. If the outcomes aren’t being met, then you aren’t producing these organic progresses vital for the beginning of your company.
Ankur says, to avoid the disappointment of outcomes now working, that setting deadlines is key to getting your work done. It is so easy to fall in the process of keep editing and adapting, however this quickly turns into you never uploading the content and not getting the course complete. He says don’t wait until it is perfect, but to try to find your specific angle. Being specific makes you stand out and become different to all the similar topics near you. Ankur also says to charge twice as much as you are comfortable with. He says to do this in your upfront cost instead of putting prices up and up and loosing customers when the prices rise.
100,000 creators use teachable as a platform, and Teachable use the knowledge economy as their selling point. This is where you are selling your own knowledge and expertise. Teachable is bigger than courses. Teachable is now for online courses and coaching – this helps with more one-to-one teaching and more personal learning. During Coaching you don’t have to produce a course you can just sell the coaching to start with.
Coaching is where a client can work with you and you can set personal goals and can figure out what is working and not working. They can turn this into a course to support others. Coaching is a salubrious place to build your content. This also helps with your method of teaching. Coaching sales are making sales quicker than selling courses at the moment.
One and one coaching will help with sales as it can support experts in using their skills into more personal development.
However, the Biggest misconceptions people may have about earning in the knowledge economy:
- Accreditation – they believe the upside of supporting people to teach instead of paying a third person credit through accreditation. They believe everyone should have a platform to teach, so they are anti-accreditation.
- Low self esteem in teaching – people are looking for people they relate to. Teachable believe you learn more from people you relate to such as your family and friends and believe you connect with specific teaching styles. They don’t believe you have to be an absolute expert in your field but use your own unique teaching styles to relate to people who learn in that way.
What has 2020 been like for teachable?
The year started with a global merge. However, lockdown postponed those plans. They had their busiest two months after realising their acquisition. However, during lockdown it provided validation that their company matters, and it affects thousands of teachers and millions of learns during lockdown. They felt gratitude to be in that field of work and to support learning and teaching during lockdown. However, felt weird that their company was doing so well whilst others weren’t around them.
They saw growth in students learning again and a lot of students coming back to learning. And saw companies making money off Teachable, which promoted new teaching styles.
In February creators made a profit of 25 million dollars, but in June it went up to 45 million dollars.
Ankurs thesis is that the pandemic will bounce back to normal when a vaccine appears, however, he believes that there will be a vaccine but certain trends will stay such as online learning/ online work and this is a permanent inflection point in where the industry changes forever. He believes that the movement online will stay the same after lockdown and believes the online economy will always be positively impacted by the lockdown.
He states that in ten years’ time that people will make money through their own knowledge economy and that is how the economy will change and how people will learn and work. He also wants to be international in ten years’ time. At the moment 40% of the company is international but mainly American, however he wants to clear the footprint over the next ten years and cover internationally.
He stated that China is ten years ahead of world and all their economy is bigger. However, the rest of the world is developing their economy in distinct ways such as India are developing in education economy. He likes how you can find different teachers online at different prices around the world because of the economy. He enjoys how someone in India could make money, where someone in the USA has saved money for a more qualified expert.
We loved listening to Ankur and listening to how he grew his company into a multi-million platform. Listen to his podcast here…https://teachable.com/eit30