Free Case Study for Course Creators

Inside a $5.3M Online Course Business: Use Their Numbers to Fix Yours

Month-by-month spend, revenue, and ROAS from the inside of a course business that made it work. So you know what to copy, what's normal for your stage, and when to hold a campaign that looks broken but is about to pay.

What's inside

The nine-month table where ad spend climbed from $1.7K to $46K a month, dollar for dollar, next to what happened to profit after ad spend and customer count in each one.
Why this course business let its ROAS fall from 4.8 to 1.2 without pulling the plug, and what that drop was buying them.
Two revenue trackers watched the exact same $168K ad campaign. One said $256K came back. The other said $228K. Both were right.
The live event that started making money before it ever went live, and still pulled in about $14K over two weeks from roughly 4,400 registrants.

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Who pulled these numbers

I'm Tom Libelt. I run Smart Brand Marketing, and I've marketed 400+ online courses over the last 14 years.

The business in this case study is one I got to see from the inside. The numbers come from its internal reporting, anonymized and rounded.

Some of my work is public: $36K with 90 students. A failing campaign to $24K a month in 60 days. Two years of failed launches to $287K in eight months. The case studies are here.

The numbers on this page come from one real business. Yours will differ.