Because its convenient, cost-effective, and valuable for students.
Because it’s Convenient
People love taking the easy road. We want instant
access; Research shows 44% of people pay for premium
educational services because it’s convenient. It puts
all of the content they want under one roof and reduces
the decisions they need to make. You see… The problem
with free content is that you pay for it with effort.
You have to search for it, curate it, and create your
own sense of structure with it. It’s more effort than
you think. This is one of the reasons we’ve worked hard
to create a comprehensive catalog feature for our
StemIvy customers. We strive for our customers to find
exactly what they want and access it when they need
it.
Because it’s Cost-Effective
Paid education services provides a lot of value for
money. Research shows that 85% of parents view paid
academics as cost-effective or cheap. And it makes sense
why. Now, you might be thinking, “That’s all well and
good, but don’t people get far more content for
free?” Well, yes and no! It’s true that there is
an infinite amount of free content online. 500 hours of
YouTube videos are uploaded every single day! And,
that’s before you look at illegal streaming sites. But
people pay for this content in other ways. What’s the
cost of: getting caught illegally downloading a film?
risking your security on a suspect third-party website?
or time wasted searching for educational videos that
don't adequately teach content or provide extra
resources? When you pay for tutoring and academic
services, you get exactly the content you want, without
the effort or risk.
Because it Removes Any Guesswork
When students look towards StemIvy it’s typically
because they want to improve. They want to be smarter,
score better, or be more creative; to transform from who
they are now, into a better version. The problem is…
They don’t know how to make that transformation
happen. Free lectures typically only hints at how they
can do it, rarely providing the full picture. Students
also feel comfortable knowing that they are learning
from real industry professionals, be able to interact
with instructors which is priceless value on top of the
course fee. And, we’re not just speculating that people
will pay for this type of content! When we looked at our
internal data, we also found that a whopping 81% of our
customers’ friends are signed up for e-learning services
Because Students Don't Value Free Content
Human nature is strange. If you give a person something
for free, they’ll get all excited. They just can’t
believe their luck! But a couple of hours later, that
feeling is gone. However… If you work hard, save up for
something, and finally have enough to buy it you value
it far more! Ramit Sethi, an online
entrepreneur, observed this a few years ago. When he
launched his $2000 course, Zero To Launch, he received
lots of requests from friends for free access. So, being
a good friend, he gave it to them. But to his surprise,
none of them ever finished the course! In fact, most of
them never even opened the first module. Why? Because
people value what they pay for. Someone who pays to
access our lessons is going to get more value and use –
as well as better results! – then someone who gets it
for free. This is what’s known as the sunk cost fallacy.
People who pay for things are likely to use them to get
their money’s worth, as opposed to wasting what they’ve
spent. We know that students who pay for our courses and
instructors will get more benefit from those people who
find it for free.