Setting the proper price tag on your products can be fairly intimidating. Pricing a service like an online course is still more so. Nevertheless, there is forever that sweet spot where your course price attracts your learners and where you earn sufficient money by selling your courses.
Whether you are a skilled entrepreneur in the elearning market or a new edupreneur who’s prepared to launch your online courses, help is on hand.
It is doubtless that fixing a price for your courses is of great importance. This decision can assist you attain your business goals from conducting a ground-breaking entrance to the market, to promoting your brand, tapping a new market, and raising your overall sales.
While there is no one solution to Pricing online courses, and business requirements differ, there are multiple phases that each online instructor undergoes until he or she discovers the most relevant price tag to place on courses.
- Deciding when to fall or increase prices.
- Testing separate price points.
- Deciding when to offer a course for free.
To provide an effective answer to these, you will require to set up distinct and specific goals as to what you hope to achieve from your course. Explaining the purpose of your online course can aid you prioritise and conduct an informed decision with regard to expected profit and ROI.
Factors To Consider While Pricing Your Course
Your course is always valued much more than you accord it credit for. That is since an online training course is the amalgam of your work and life experiences, years of education and learning. What you are offering is a service for someone to exchange your knowledge, a hugely valued commodity.
Normally, the base of your pricing should observe the following five factors:
# 1 Pricing Rule Of Thumb
As a rule of thumb, the majority of your courses should be priced well over $100 and only your shorter courses aimed to draw new students should be priced under the $100 mark. Your entire brand identity as a quality instructor is being reflected in your price.
A few industries might arrive with a lesser price expectation. It’s always a wise idea to conduct a nice research over the competition and your course’s target market.
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# 2 The High Value Of Education
Imagine Ivy League universities. Their pricing mirrors their quality. Harvard, Yale and Oxford do not request the same tution as a community college. Pricing forms part of their strategy to retain their image as top quality destinations and utilizing that money to further finance the quality of education provided.
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# 3 Social and Networking By An Online School
When employing LearnWorlds as your chosen platform, you will be offering them access in the most high-end educational platform and the extra value of connecting a community of similar learners where they can network, interact and communicate. It is not simply an educational experience, it constitutes a life experience worth ranking high.
# 4 Education Is Not Solely The Material
If you were to sell an ebook, you would perhaps price it between $10 to $20 dollars, but you are not. You are offering them reading material, exams, quizzes, videos, certification and so much greater learning units.
An online course will be interactive, simple to absorb the knowledge and much more complex with a plethora of learning experiences to present along with your individual personal guidance.
# 5 Exclusivity Of Content
Online courses provide valuable knowledge not present anywhere else. Your years of experience in a multimedia format for them to learn. Students, learners, and clients spend to obtain access to something they cherish.
It is their sole opportunity to enter an exclusive community with precious knowledge you should price your courses accordingly.
How ToPrice Your Course
As anticipated, all of your students will not have similar goals when enrolling to your courses. Some of your presentations might be regarded as “bonus” or overpriced and unnecessary by some. A nice way to go around this is launching multiple courses or membership options and course packages in different pricing tiers.
Separate prices for the same products can also be utilized to test prices and provide greater options to potential customers. You can view the price point where people react more. Your final goal is to create more income and this can be accomplished with separate combinations of prices and student numbers. Testing separate prices can aid you see which one strikes the sweet spot.
Before you start, it’s nice to know the tiers of How To Price Your Online Course. Each course out there falls into one of the following categories:
Free courses are at all places. From desperate new course creators imploring people to take their courses to more enhanced businesses utilizing them as lead generation, it’s hard to surf the internet without coming across one.
Paid courses are also omnipresent. From low-priced courses on Udemy to premium learning experiences mounted on fancy LMS systems, you perhaps know someone presenting paid online courses.
Subscription model courses are also gaining ground, where course creators present one or all of their courses on an ongoing basis. Occasionally this implies fresh content is included regularly, or extra access is provided as part of the subscription. Either way, you’re spending a set fee each month to maintain access to the course content.
Regarding the premium course you can charge your customers more and regard using payment plans where you can either pay one time or pay for till 6 months or yearly. You can turn premium when you provide an exclusive content or more expanded course presenting greater features or an advantaged course e.g. for winning a certification in the medical arena etc.
Going premium has the following benefits:
- Improved Marketing Approach
- Better Advertising Budget
- Do Not Compete On Pricing
- Partners and Affiliates
- Better Education Experience
- Greater Course Engagement
These are the 3 primary kinds of online learners:
- People who are ready to spend time to search Google, sort through a mountain of free online resources, and assess for themselves. Such people are not your ideal students.
- People who purchase a group of cheap courses they never complete, and then complain about not obtaining results. These people too are not your ideal students.
- People who are ready to spend nicely to learn from an expert teacher. These people are ready to invest in a top quality solution to their problems. These are your ideal students!
The Perks Of Correct Pricing
After walking through the pitfalls of not charging adequately, let’s quickly harp on the advantages of charging more for your online course.
When people spend a premium for something – whether it’s a product, a course, or an experience – they incline to value their purchase more.
A higher price point is likely to result in your lower enrollment. And since you can then afford every student more personal attention, they will have an improved educational experience. Students are more probable to complete your course, take action, and attain the results your course promises.
Happy customers results in referrals in turn more happy customers… and the cycle multiplites from there.
If that’s not adequate motivation to make you charging more for your course, let’s consider some additional benefits.
When you don’t contest on price, it permits you to market on the basis of the value of your course results. The perceived value of your course is increased by the higher price, and you can afford to attend to your students better, which yields better results. And to a greater likelihood that you’ll achieve your revenue goals.
If you wish to fetch JV partners, a percentage-related cut of a greater priced course is a more lucrative proposition. And you can afford to spend more to advertise your course, if you desire to attract additional students who aren’t on your mailing list.
You can increase the value that you offer to your students in the following ways:
1. Look at what different people are selling similar courses for.
Doing so will provide you a baseline and a minimum of what you wish to charge. It is not recommended to go to Udemy.com as they are always experimenting with the pricing. They also offer coupons, hence the number of students in each course can be misleading, particularlyfor some of the higher ones.
Rather, you can conduct some Google search and locate podcasts and Facebook groups where people are promoting their courses. If there’s none in your industry, know what people are selling courses for in a wider parallel industry. Don’t volunteer to offer the cheapest course. Remain in the middle to upper levels of what you charge, in order to fetch better customers. Students are more probable to finish and take participation in a course and obtain greater value out of it if it costs more. In return, they can offer a better testimony.
2. Discover how much time a student presently wastes without a course and decide how much this is costing them.
Place your course as something that aids them save time and money. Your course expense should be a no-brainer as compared to how much time and money they are spending without it. Display your students that your course may draw a cost, but it is less than what they are spending with their money, time, and frustrations.
Paint a picture of the advantages of undergoing your course. It may nor be time or money saved, it can be something more precious, like memories and family time.
3. Price your course according to the value provided by it.
The value can be money or time. It can also be things that you cannot assess, such as enjoyment or happiness. Imagine pricing that shows that value.
Do not consider your course as a one-priced item. If it’s a mini-course, you can charge it lower. If it’s a 10-lesson course that has plenty of content, you can offer 3 package levels. I wish to regard it as good-better-best. You can find this in electronics where there are iPhones with 16gb, 32gb, and 64gb hard drives. Many other industries have this type of pricing levels.
4. Build pricing tiers and packages
Consider what you can do to generate a good-better-best pricing. Suppose your most inexpensive course contains simply the basics with not so much bonus content. The middle package can be a digital course with 3 bonuses. The most costly package can offer more access to it. It can include a group coaching session, a webinar, and email access for a duration of time with additional bonuses. You can also provide a certificate of attendance.
For the purpose of discussion, the good level can charge $100. The better should be 1.5 times more and the best should be twice or thrice as much. Bear in mind that the more expensive the course is, the greater access and bonuses you offer to your students. You can employ fun names for your pricing levels.
5. Restrict the direct access you provide to your students.
Imagine what can offer greater value to your course content, but do not present it for the remainder of your life. This is one of the advantages of having open and close enrollments.
6. Examine your price points with every update or release of your course.
Don’t fear to test the price points of your course each time you launch an updated version of the course. By bagging more students, you can better check your price points. This can also aid you present more bonuses, value, content, and also courses in the future.
We’ve studied an entire range of separate ways to view Pricing online courses in this article.
The primary message is that you should be regarding levying higher instead of lower prices.
If it’s your initial online course, then one simple approach on How To Price Your Online Course is to decide on a price between $100-200 and sell your ‘first version’ course at that this level while collecting feedback from those initial students and knowing what extra they’d want to see in your course.
You can subsequently add greater value to it and raise the price over time, all whilst earning revenue from it and building testimonials from students to assist in your marketing.
Once you’ve acquired some momentum, you can employ a few of the other tips covered in this article to strive for higher prices.
Finally, you should target to create a ‘premium’ online course business. If you build superb courses which bring results for happy students then you’ll get to levy higher prices to accomplish this.