Guidelines on How to Choose the Price for Your Online Course

Choosing the right or ideal price for your online course is a critical decision in the creation of the course. At times you might think you’re pricing it too high and that you might not get enough audience enrolling in your online course. And other times you might think you’re pricing it too low in comparison to what you going to educate about. An online course is basically what the educators love, what a group of individuals I going to learn, and where there will be an online community of educators and learners. It is where some are going to give and some are going to take. Yet it has to be of some profit too.

Hence it is very important for the course creator to know how to choose the right price for their online course.
Let us look at some of the guidelines that can be followed for the same –

1. Don’t price your course based on its length 


Many online instructors think that in order to charge a high price for their course they need to create a very long course. Resist the temptation, price your course based on the value of its content, not its length. If you can teach someone the result they want within three hours of instruction, please don’t create seven hours’ worth of training. Word to the wise, however, your students are going to expect a certain amount of content based on the price they pay for your course. Use your best judgment, consider your students, be fair and price your content for what it’s worth.

2. Research your competition

‍Do it simply to validate market demand and not to choose your course price. If you really want to, you could purchase a competing course just to see what’s in it and use that as your benchmark for creating an online course that is different, better, or more specific in some way.

3. Test test test! 

Test different price points. This takes time to do but it can be a great way to determine the optimal price for your course. If you’re going to test different price points, you should probably start with the lowest price but not too low and gradually increase from there. When your sales number starts to show resistance, you’ll know that you’re approaching the ceiling of what your target market is willing to pay.‍

4. Consider your own credibility

Think about how much credibility you already have in your market. Are you a household name for your target audience? Have you spent several years building a platform and growing your audience? Do all of these factors help you justify charging a higher price to your course? If you’re not yet perceived as an expert on your topic, publishing free content is a great way to build trust and authority in the market. Do you have a blog or YouTube channel, a podcast? These are great ways to share free content and build trust with your audience.

5. Know about the opportunity cost

What is the opportunity cost of your customer if they do not take the course? If not by taking your course, how else would someone learn to achieve the outcome that you promise? How much time and money would cost them to learn it on their own? These options are probably more expensive and time-consuming and that is great news for you, it means your course can be perceived as a bargain when compared to more expensive options.

6. Consider the course goal

Finally, while deciding on pricing for your online course, think about the goal you want to achieve. What is your motivation for designing an online course? What do you hope to get out of your course? Is your goal for the year to meet a specific income target? Is the purpose of your campaign to generate leads and grow your email list? Is it your intention to provide a bonus resource to clients who purchase a different product or service from you? Clarify the aim of your online course in relation to your objectives, and price it accordingly.

Hope these guidelines help you to choose the right price for your online course. Stay tuned to read more such blogs.

 

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