Congratulations! You have officially completed creating your online course after weeks of preparation. Now that it’s time to start promoting and announcing your official launch date, there’s still one major question you need an answer to: How should I price my course?
This is a great question that thousands of online course creators ask themselves on a daily basis. Setting the price too high could create a loss in sales, and pricing too low could undervalue your expertise. We have created a guide for instructors to use that will provide insight on how to price your courses fairly and at a rate that makes sense for you.
Pricing Factors
So many factors need to be considered when deciding on the right price for your course. Here are some examples of things to consider:
- How much time this course takes to create
- Your Expertise
- Marketing costs
- The value your audience will walk away with
- The amount of time and money your audience will save
The Evaluation Process
You understand what you should consider when pricing, but now you need to evaluate the pricing strategy. Evaluating your course’s content and purpose should be the next two things to consider. The content of your course doesn’t need to be an Oscar-worthy production, and you don’t need to throw thousands of dollars into the preparation. Potential students just want to feel that they are getting their money’s worth. Alongside the content, the purpose of your course should also be evaluated. Depending on the purpose, you can price the course accordingly. For example, an introductory course might be cheaper than an advanced training or coaching course.
The Keys to Pricing
Once you have completed your evaluation process, it’s now time to price your course based on the following criteria:
Measurable knowledge & insight: You are solving a particular problem for a specific market. Your course will provide a unique perspective that consumers may not have seen before, and it could allow them to increase their income and career.
Your personal goals: Figuring out how much revenue you need will give you a clear picture of how many sales you’ll need to make. If you want to make about $6000 each month and price your course at $150, you will need to sell 40 courses per month.
Expected value vs. your pricing: Don’t think that lower pricing will mean you will get more sales, as it could actually devalue the course. Considering the quality of what you are providing to your students. If you provide a high-quality course, the price should reflect that.
Promotion: Marketing is crucial for online course promotion. Organic promotions from current customers can only go so far. Allocating a percentage of the course price to your promotional budget might be helpful to your potential profits.
Payment Options: Offering the option of various payment methods can greatly improve potential sales. Instead of lowering the course pricing, consider getting creative and offering instalments or tiered pricing so that students with various different circumstances can have the opportunity to take your course.
There is no concrete formula for setting pricing for online courses. Before you officially launch, reflect on your audience, your offer, and your call to action. Are you targeting the right audience? Are you clearly communicating to your audience what you plan on delivering with this course? Is your call-to-action user-friendly, and will it set the proper tone for your course? When you have considered all these questions after you have gone over the keys to pricing, you should be able to come up with a price that makes the most sense from the student’s perspective and yours. Looking for some help with your course creation? We got your back!
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