You may have noticed that change is happening more quickly these days. Almost on a daily basis, we find ourselves having to pivot and find new ways to move forward. And continuing to move forward is the operative word! Seeing the wave of change can be the difference between surviving and thriving in this time of extreme change, uncertainty and disruption, and being flexible and proactive is the secret to riding that wave!
The Self-Education industry is a prime example of this rapid change.
As a Course Business Consultant, I am always watching trends, and keeping abreast of the changes that impact my clients. In the past few months since the pandemic hit I have seen increased demand for online programs and more and more people searching for ways to retrain and reposition themselves professionally and personally in order to stay relevant and visible in the chaos. Most industries are undergoing an unprecedented and forced transformation, and companies are having to adapt their business models to online models to survive.
I’d like to share with you three powerful predictions that I see coming in the self-education (Online Courses and Programs) industry, based on what is happening today.
#1 – The demand for online programs, coaching, and training will grow very quickly in the new economy.
New enrollments in traditional education in the U.S. have been slowly, but consistently declining in many program areas. The idea of getting “more degrees” to increase your earning power and potential, hopefully helping you advance your career, no longer holds true in many industries. From the rising cost of tuition, living expenses, and the lost wages while sitting in classes, to the uncertainty of the job market, data shows a declining return on that investment.
People are looking for new ways to learn the practical, real-world skills that they will need to get ahead in their respective fields, wanting to learn from experienced professionals, with realworld experience. The days of learning from someone who has never experienced topic in a real-life application seem to be on the way out.
The self-education market, including online courses, programs and training packages, has grown significantly over the past few years. I see this continuing to grow as the trend of needing new ways to pivot, discovering faster and more effictive ways to learn continue. The self-education opportunities fill the need to find practical skills, experience and opportunities to sustain and/or grow learner’s income and marketability in new and creative ways.
#2 – Virtual service delivery will be the new norm.
Thanks to the instantaneous need to pivot to online virtual business models across the globe in 2020, the industries that had previously been slow to embrace online engagement of any kind have had to upskill, retool and update in order to stay in business. I believe this virtual model will not go away, but become part of our new blended way of doing business.
Leveraging borderless knowledge sharing, market expansion in some cases, and just a more seamless way of communicating for many has opened many lucrative opportunities.
Pivoting to using video and online learning management platform technologies to deliver training and education has expanded the audience to a global reach, and for many that means more business and more exposure to new markets. Especially given the current pandemic and safety concerns, and with many traditional education programs at universities limiting their in-person training, these new online solutions are becoming the standard for how people will self-educate, level up their skills and retrain for new work in this new economy.
Personal and professional coaching programs, digital courses in various subject matter areas, and other self-education modes of service delivery will are enjoying a more open market, where their audiences are more accustomed to dialing into a webinar, or joining a webconference to attend a multi-day online event. These programs wil continue to grow and expand, offering a wide array of independently driven, asynchronous learning opportunities for people no matter where they are located in the world.
#3 – Specialization and pricing will rise.
Self-education isn’t just a growth opportunity for coaches, digital course creators, and educators. This is an opportunitiy for all business to consider how their content can be delivered as a course or program to a much more expansive audience. As innovation continues to escalate at new and exciting rates, the we will see the birth of many new micro-niches and other verticals. This will prompt self-education service providers in the space to meet the demand and create new content, programs, products and services for this new level of specialization. Professionals that perhaps never considered the idea of online courses or programs to deliver their services.
I can see the trend of more and more experts and personal brands will emerge to meet this need, and specialization will rise. Because of this and the rising demand, pricing will also likely rise for these programs and services. That is great news for those in the self-education industry, who, by comparison, are not burdened by the high overhead costs that academia must shoulder, and therefore pass down to the consumer – so even as rates for self-education rise, they will remain significantly less than traditional solutions.
Just a few future-paced predictions that I believe will be coming our way, for those of us currenly in the self-education industry. But these are also new opportunities for those ready to seize them.
Thinking about creating a course or program to take advantage of this growth opportunity? Let’s talk! Ask me about your great course idea, and let’s get you started!
