Eric Siu breaks down why online course completion rates are so low. About 60% of students submit first-week homework, but only 15% stick around by week 6. Most people buy courses to feel like they're changing, not because they actually plan to finish.
How are you seeing it? Yeah, I mean, honestly, even with our live, we would charge somewhere between $1,500 and $5,000 depending on which product they were getting. So only 60% of people would submit the first week homework assignment. Oh, wow. And by week 6, we were down to 15% completion rate. And this was a course people have paid thousands of dollars for. It's a live course. There is accountability. We hop on a call with anyone at the drop of a hat. We have a no-questions-asked money-back guarantee. And yet half of the people don't even submit the first homework assignment. What? Yeah. At one point I sort of realized, you know what, I'm not gonna stress about the fact that some people are not gonna take the course. It's totally fine. I've bought loads of courses that I've never taken. I've never even opened them. I've never even logged in. It's fine. Maybe I'll get to it at some point. I was speaking to another friend who does marketing and he said, you know, probably half the people that buy Peloton don't even unbox the bike. But so, so the thing this marketing friend said is that like a lot of people will buy a product to fulfill an emotional need. Once they fulfill that emotional need, they feel like they've gotten the value from it. Sometimes they won't even open it and that's okay.
