How Thinkific Achieved a 45% YoY Growth to Hit $37 Million

You’ve done all you could, but you are on the verge of giving up.

You wish to have millions of successful course creators on your platform, but it seems you’ve been barking up the wrong tree.

The truth is you can’t keep on with a process that isn’t working. The result can be frustrating: lose valuable time and potential opportunities.

I’m sure you wouldn’t want any of the results. So, what do you do?

In this case, ask and learn from the top guys.

Imagine what it would be like knowing how one of your top competitors hit over $37 million in a few years. The fact that someone succeeds is an indication that you can too!

So, I’ve got your back. I’m here to show you how Thinkific had a 45% growth to hit $37 million. (Read on.)

What You Need to Know About Thinkific

Thinkific is an EdTech platform where course creators build and sell courses. The journey of this EdTech company started in 2012 in Vancouver.

The brain behind Thinkific, Greg Smith, started this online platform as a side project while teaching some classes and his students requested extra resources. Thinkific sprouted up due to Greg’s difficulty taking his LSAT course online. Greg’s dream was to reach more students globally and increase revenue and freedom.

Greg’s online course generated over $10 in MRR and continued to grow significantly. Not that alone, Greg became a pathfinder to other course creators. He actualized his dream to reach students globally and also increase revenue.

Greg’s dream opened up to an enormous project when entrepreneurs consulted him to lead them on. Then Greg and Matt( his brother) and co-founders Miranda Lievers and Matt Payne created a platform- now the leading platform- for course creators. Businesses now leverage the platform to educate employees and clients.

Greg started with a few students alone, and now over 250 million people in different countries have benefited from Thinkific.

How Thinkific got its first 50 customers - Cold Calling

The journey of a thousand miles begins with a single step. Everyone fights and struggles to reach the top, and so is Thinkific.

Greg revealed in an interview how he got his first 5, 10 to 50 customers. Most of the methods Greg implemented are unscalable methods.

You might contemplate what unscalable methods mean in this context but wait. Unscalable methods can be immeasurable techniques that Greg implemented while starting, but that’s not all. Strictly speaking, unscalable methods Greg used to get his first 50 customers are:

• Reaching out to people physically,
• Getting their contacts,
• Get on a call with them,
• Countless phone calls to people,
• Repeat the process.

So, you can vividly relate that starting a business is not a piece of cake, right? Likewise, growing a company demands workable methodologies.

Then again, Greg repeated the unscalable methods of marketing till he reached a stage of using automated sales processes. Some of the improved techniques are automated emailing, targeted ads, and blog post linking.

The cool thing about the unscalable method is that having phone calls with prospects help businesses to get honest feedback. Then, you can know what to do right and what to do more.

In the Thinkific growth process, cold calling stimulated feedback, which became a point of action. Now, Thinkific uses an advanced automated emailing process to reach more customers.

Where is Thinkific Today? - 2021

Thinkific went a whole nine yards to get here today. There are a series of headlines, blog posts, and ads announcing how successful Thinkifc has become.

You’ve seen where Thinkific started from. Now, let me show you where this leading online platform is. There is a lot to point out as Thinkific achievement, but let’s look at the growth in detail:

Revenue

Thinkific revenue in 2021 has hit $34.7 million with 64.69% in YoY. Thinkific’s expected yearly revenue is $27.3 million and anticipated revenue of $100,221 per employee.

Capital

Thinkific capital can be analyzed in the form of yearly fundings. Early this year, Thinkific raised $22M funds.

Employee Data

The geometric growth of Thinkific reflects in its employee count. According to growjo, Thinkific has 272 employees.

Customers

Currently, Thinkific has over 2 million users. However, to measure the growth of Thinkific, we need to focus on the number of paying customers. Compared to the second quarter of 2020, paying customers increased by 68 percent to 29,200.

In addition to that, more than 50,000 course creators use Thinkific to educate over 25 million people.

Beyond that, Thinkific generates over $650 million in revenue for businesses worldwide.

What Makes Thinkific Stand Out?

Thinkific didn’t start as one of the leading online course platforms. I know you would have increased your curiosity to get the diamonds out of the pocket.

But the fact of the matter is that actions speak louder than words. Now, let’s see distinct steps that Thinkific employed to become the super-star.

Here are some of the actions that you might consider:

• Create helpful contents
• Link to authoritative sites and people
• Give away your best materials for free
• Have an active online presence (Facebook, YouTube, Reddit, Twitter, etc.)
• Know the strategy that works for each platform
• Make influencers or people with audiences a part of your content development to grow your reach
• Learn as much as you can from each minor setback

Wrap Up

Now that you’ve seen how the leading online course platform achieved over 45% YOY growth, what do you think you’ve left out in your strategies?

There’s always the best way to achieve, but giving up would have added fuel to the fire.

Greg, the CEO of Thinkific, reinforced a vital point:

“Educated customers become POWER users, which increases reach and decreases turnover.” Similarly, according to a study, 131% of customers are willing to buy from brands that educate them.

Think about this and act on it!

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