Mistakes to Avoid While Pricing your Online Course

“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” – Katharine Paine

If you are an online course creator and you have created your online course, then you must have taken several decisions during the process. From choosing the niche of your online course, to selecting the right name to your online course, the journey would have been incredible. I am sure that just like millions of other online course creators, you must be stuck at the question: what should be the pricing strategy for my online course. Well, here is a blog that will help you in getting a answer for the question.

In this blog, we will be talking about the mistakes to avoid when pricing your online program/ online course.

Choosing an appropriate or ideal price for your online course is an important step in the course’s success. You may believe that you are pricing it too much and that your online course will not attract a large enough audience. At times, you may believe you are selling it too low in relation to what you intend to teach about. An online course is essentially what instructors like, what a group of people will learn, and where an online community of educators and learners will exist. It is the point at which some will give and some will take. However, it must also be profitable.

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 


‘Quality is the best business plan.’ – John Lasseter

One of the biggest mistakes to avoid when pricing your oline program is to underestimate the lenghth of your online course. 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

‘The best form of defence is knowing about it in advance.’ – Sir John Scarlett

W‍hile you select the price for your online course, it is crucial that you research about your competitors well. Pricing your course too high or too low than your competitors may harm your sales. 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. However, make sure that you don’t follow their pricing strategy blindly. They might have their own reasons for choosing their price strategy. Make sure that you analyze and plan your strategies in advance.

3. Test test test! 

P‍rice testing is one of the best ways to choose the right price for your online course. 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.‍ In short, this point tops the list of mistakes to avoid when pricing your oline program.

4. Consider your own credibility

Another mistakes to avoid when pricing your oline program is not considering 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, do not miss considering the goal of your online; it is one of the biggest mistakes to avoid when pricing your oline program. Make sure to 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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