Last week the new Marketing4eCommerce Academy, with the very secret that we have been working with Ecommerce University to merge your project with ours and thus launch what we hope will be the largest ecommerce and digital marketing training community in Spanish. With two base products: professional community and complete training pack, both in a subscription model.
Let’s learn little things about how Paul Renaudacademic coordinator of Marketing4eCommerce Academy, undertook Ecommerce University or what is the same, what is it like to launch a training membership project, and incidentally tell a little secret about how the operation went.
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Interview with Pablo Renaud
07:25 Here we have come to talk about training, so what is it that binds you to the training issue and where are you teaching today?
I’m going to tell you a secret first, when I’m going to give a talk or do something that takes me out of my comfort zone, I apply the effect prisoner ball With this you imagine that you have an iron ball like the one that prisoners carry and when they tell you to do something, you throw the ball immediately before saying yes.
Every time they asked me to give a talk, presentation or presentation, I threw the ball and said yes immediately. That’s where my perfectionism came into play, forcing me to work hard. I started this training as an obligation, to get out of my comfort zone and find out if I really understood a subject that I might need later at work, and now I just do it because I like it.
Over time I have seen myself teaching and teaching training programs on various platforms such as KSchool, HEIs and in about 7 or 8 more schools in Spain. He also worked with various business associations and even worked with groups of people with functional diversity.
10:20 Starting from this love for training, eCommerce University was born in 2016. How was this project conceived?
This was another one of those dodgeball examples, I was looking to do something that would scale and the class that he was going to give to 40 people could be recorded and reach some 40,000 people, for instance.
I pitched the ball, got WordPress up and running, made a blog post and a first course, all in one go. I found that I had created an online eCommerce training platform where there was only one course and people were signing up like crazy.
14:40 In which stages to identify this eCommerce University project?
I think there are about four blocks, the first one in hindsight, I could have done it much faster. At that time it was a place to get creativity, where I lost a couple of years. Then I had the stage of selling courses individually, offsetting costs, with which we maintained organic and calm growth based on disclosure.
And the key moment isI transition to the third stage, where I begin to explore the membership model. This after I discovered that there was a high dropout rate, where some clients would come for a course or two and then disappear. Nevertheless, I saw membership models in the United States in which customers had to make a major first sacrifice, paying a year in advance, in case you need things. As they commented in analyzes and interviews, this model offered greater satisfaction for the students, and with this in mind (in a certain) we decided to launch this model.
We started it up and in the first annual renewals we reach an estimated 95%, something that I find fascinating. But then a crisis arose, we had no content for a second year, this led us to launch a community, which would be our fourth stage.
24:25 Let’s talk about some doubts that entrepreneurs may have when launching a membership model: Technology to use, price, conversion and abandonment rates.
The issue of choosing technology is that there is a captive cost, because if you choose the one that later limits your business you will have a problem. I didn’t know how this was going to take, and indeed I started with WordPress, since I had run my personal blog like this for years and it ranks very well. The visible face would be a WordPress and then we will see the product itself. I ended up getting to teachable. As for the price, there is nothing rational behind it, I would like to give a lesson on this aspect, but I am not clear yet. We have tried everything and something important is not to get carried away by all the trends.
Conversion is a matter of orders of magnitude, we have thousands of students on the platform, but not all of them have paid. If we filter by those who have paid and have been active in the recurring payment versions, we drop hundreds of students, which leaves us with a 10% conversion. Within this we can another jump between those who are active clients and make systematic payments, which revolves around 50%. Finally, this is going to be determined by your sector, what the customer is like, the price and the value of the product you offer.
As for the dropout rate, Covid came to us and we saw it brown. We were at 95% before 2020, then everything went down with the pandemic and I haven’t seen the metric anymore.
48:10 How did you live the proposal to integrate with Marketing4eCommerce Academy?
With a smile. As I already have several companies, I am more or less used to people approaching me to talk about projects. When you called me, it was something like a friend is calling me with an idea fucking.
I found it very interesting and I don’t know if it’s good or bad for the business, but it looks good. This was the first impression, it was very important that you call because if someone else called, they would surely have stayed on the page to see if they were interested or not.
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