Want to know the secret to pricing your online course? It’s simple: just throw a dart at a number and hope for the best! Just kidding, but seriously, pricing an online course can be tricky. But don’t worry, just consider these key factors and you’ll be charging top dollar in no time!
1. Market research:
Want to know the real way to price your online course like a pro? Market research, baby! Take a look at what your competitors are charging and price your course accordingly. But don’t just blindly copy their prices, use it as a reference and be sure to add in your own unique value. It’s like picking a price for your lemonade stand, you don’t want to be the cheapest or the most expensive on the block.
When conducting market research, it’s important to consider the following:
- Quality of the course: Look at the quality of the content, the level of expertise of the instructor, and the level of support provided to students. Compare this to your own course and adjust your price accordingly.
- Course format: Look at the format of the course, such as self-paced, live, or coaching. Different formats may command different prices.
- Length of the course: Consider the duration of the course and how it compares to similar courses in your niche. Shorter or longer courses may command different prices.
- Upsells and additional materials: Look at any additional materials or services offered by other course creators and consider if you should include them in your own course and factor them into your pricing
- Audience: Look at the target audience of the course and consider if your course is targeting a different segment or if you are offering something unique
2. Production costs
Consider your production costs! Think about all the expenses that go into creating and promoting your course, like fancy software, hosting fees, and marketing costs. But don’t worry, you don’t have to break the bank to make a killer course, just be sure to factor in those costs when pricing your course. Some examples of production costs include:
- Software: The cost of any software or tools used to create the course, such as video editing or course creation software.
- Hosting: The cost of hosting the course on a learning management system (LMS) or website.
- Marketing: The cost of promoting the course, such as creating ads, social media campaigns, or email marketing.
- Additional materials: The cost of creating any additional materials such as workbooks, templates, or bonuses offered with the course.
- Video and audio: The cost of producing any videos, images, or audio recordings used in the course.
- Payment processing: The cost of payment processing and any transaction fees, as well as any additional costs related to the payment gateway.
- Any other costs that are associated with creating and promoting the course, such as hiring help or freelance or your time investment.
It’s important to consider all of these costs and factor them into the price of your course. The goal is to make sure that the price of your course allows you to cover your production costs and make a profit.
3. Value of the course:
The ultimate secret to pricing your online course? Offer a ton of value! The more value you can pack into your course, the higher you can charge. Think about the level of expertise and experience you bring to the table, as well as the length and depth of the course. And don’t forget, you’re not just selling a course, you’re selling a life-changing experience, so don’t be afraid to charge accordingly.
The more value you can offer, the higher you can price your course. Here are some things to consider when determining the value of your course:
- Expertise and experience: Your level of expertise and experience in the subject matter can add significant value to your course. If you have a unique perspective or a proven track record of success, you can charge a higher price for your course.
- Length and depth of the course: A longer and more in-depth course generally offers more value than a shorter one. Consider the amount of content and resources you are providing to students and adjust your price accordingly.
- Interactive and engaging format: An engaging format with interactive elements like quizzes, assignments, live sessions, or peer-to-peer learning, can add value to the course.
- Bonuses and additional materials: Additional materials such as workbooks, templates, or bonus content can also add value to the course and justify a higher price.
- Results and outcome: If your course can help students achieve specific results or outcomes, such as landing a new job, starting a business, or learning a new skill, this can add significant value and justify a higher price.
- Support and community: The level of support and community provided to students can also add value to the course. Consider offering office hours, Q&A sessions, or a private online community for students.
By considering these factors, you can determine the value of your course and price it accordingly. The goal is to ensure that the price of the course reflects the value that it provides to students.
So when you’re selling your online course, you want to give people different ways to pay for it. Like, some people might want to pay for the whole course all at once, and others might want to pay a little bit at a time. That way, everyone can choose the best option for them. Offer different pricing options such as a one-time fee, subscription-based, or payment plan. That way, you can cater to different types of learners and budgets. Plus, it’s like a buffet of pricing options, everyone gets to pick what they like, and nobody goes hungry.
- One-time fee: A one-time fee is a flat rate that gives students access to the course for a limited period of time, such as 6 months or a year. This is a simple and straightforward pricing option that many students prefer.
- Subscription-based: A subscription-based pricing model charges students a recurring fee, such as monthly or annually. This pricing model can be beneficial for courses that are updated frequently or that offer ongoing support and resources.
- Payment plan: A payment plan allows students to pay for the course in installments over a certain period of time. This can make the course more accessible for students who may not have the funds to pay for the course upfront.
- Lifetime access: Lifetime access pricing model, student pay once and have access to the course for their lifetime, this can be beneficial for courses that have materials that will be useful for a long time, or for those that don’t plan to update the course frequently.
- Free trial: A free trial version of the course can also be considered. This can give students a taste of the course, and then they can decide if they want to purchase the full version.
5. Promotion and discounts:
When you’re selling your online course, sometimes you might want to give people a little extra deal to make it more appealing. Like, you could give a discount if someone signs up early or if they refer a friend. Or, you could have a special sale for a limited time. It’s like when you go to a store and they have a big sign that says “SALE” and everything is cheaper, it makes people more likely to buy it. It’s a good way to get more people to sign up for your course
Just remember the golden rule: charge what the market will bear, but don’t be a bear market. And don’t be afraid to give a little discount, it’s like giving someone a hug with money. Happy course creating!
PS: At the Course Creator Community we have one. of the largest Facebook Groups in the world for Course Creators. Everyone in there is super supportive and we all share tips and ideas! We would love to invite you to join our Group! Simply click the link below to joiClick here to join the Course Creator Community Facebook Group