Empowering Creators: The Thinkific Journey with Founders Greg Smith, Matt Smith, and Miranda Lievers.
Company profile
Company business details
Motivation to build the product
The founders were motivated by the desire to make online education accessible and easy to use for everyone. They recognized that many potential course creators faced barriers due to technical challenges and wanted to provide a solution that would empower individuals to share their knowledge without needing extensive technical skills.Problem that their product solves
Thinkific solves the problem of accessibility and ease of use in online education for course creators. The end users are individuals and businesses looking to monetize their knowledge through online courses. Solving this problem is important as it allows creators to focus on delivering value to their students while the platform manages the technical aspects of course delivery and sales.Their unfair advantage
Thinkific's unfair advantage lies in its user-friendly, all-in-one platform that allows course creators to fully brand and control their content without needing extensive technical skills, setting it apart from competitors that may require more technical expertise.Strategies
Pre-Launch (Product Development & MVP)
Customer Service Automation
In the early days of his business, Greg handled all customer service inquiries himself, which became overwhelming as the business grew. To address this, he decided to hire someone to manage customer service emails, allowing him to focus on other aspects of the business. He emphasized the importance of having a dedicated customer support team to handle inquiries efficiently, which led him to recommend the service InboxDone.com, where businesses can hire someone to manage their email.
Market Research through Inbound Calls
Before launching Thinkific, Greg Smith received unsolicited phone calls from potential customers asking how he created his online course and if they could use his software. This feedback was crucial as it validated the need for a platform that allowed others to create their own courses. Greg recognized the demand and decided to pivot towards developing a software solution that catered to this market.
Launch Stage
Partnership Marketing
In the early stages of Thinkific, the founder leveraged partnerships and affiliate marketing to drive growth. They identified individuals and organizations with audiences similar to their target market and engaged them in affiliate partnerships. One notable instance was a webinar hosted by Marsha Evans Daniels, where 60 people were invited, resulting in 50 attendees and 20 purchases of a one-year plan with Thinkific. This strategy significantly contributed to their initial growth, demonstrating the power of leveraging existing audiences to gain traction.
Organic Course Revenue Generation
Greg Smith launched his first online course, focused on LSAT preparation, around 2003. He utilized organic search and YouTube to drive traffic to his course, which generated revenue without the need for paid advertising. Over the years, this course has continued to generate income on autopilot, demonstrating the power of organic marketing strategies. He leveraged his blog and YouTube channel to attract students, which led to consistent monthly revenue even after he stopped actively promoting it.
Initial Customer Engagement through Custom Solutions
In the early days of Thinkific, Greg and his team would personally reach out to potential customers, offering to create their courses for them. They would meet clients in person, film their courses, and handle all the technical aspects. This hands-on approach not only helped them understand customer needs but also built strong relationships with their first users, such as a geologist teaching mining.
Learn more about Thinkific
Greg Smith Grew Thinkific to a $65M ARR Public Company, Here’s How - 8FE
Greg Smith: Founder Of Thinkific Explains How They Built A Hugely Successful Software Company
