How to Rightly Price Your Online Course?

If you’ve ever created an online course or any other product to sell, you’ve probably faced the difficult task of deciding how to price it. Questions like how much should I charge for my online course, etc. must have crossed you many times. If you charge too much, you’ll almost certainly have to lower your price, which may appear unprofessional. Sometimes you might feel you’re charging too much for your online course and then learners would not enroll for it and at times you might be thinking if you’ve changed it too little and you’re not earning what you are worth. This is a matter of concern for every online course creator. So what is the actual answer to how much should i charge for my online course?

Don’t worry, we have got you covered, we have the answer to your question- how much should I harge for my online course.

When you first start teaching online, it can be hard to resist the temptation to charge a low price for your course because there is so much free information out there. But here are some problems with charging a low price for your online course –

1. Limits your marketing options 

Limits your marketing options 

Choosing the average price for online courses is an important decision to make. If you don’t price your online course wisely, you won’t be able to afford to advertise your course. When you sell an online course for a low price, you immediately limit your ability to spend money promoting your course and generate a positive return on your investment. In fact, when you have a low-cost price you are more likely to lose money than you are to earn a profit when you pay for advertising. It is an important point to remember while pricing online course.

2. You degrade your course perceived value 

You degrade your course perceived value 

While pricing online course remember to not degrade the value of your course. As a general rule you get what you pay for since most buyers believe it to be true, this means that selling online courses for a low price dramatically reduces its perceived value. “If the price is cheap, the product must be cheap” is an assumption your target market will make. Therefore, make sure that you choose an average price for online courses. Selling online courses at a lower rate than it should only degrade the course value for the audience.

3. Competing on price is a race to the bottom

 Competing on price is a race to the bottom

If the biggest differentiating factor of your online course is that it is cheap then no matter what price you set for your course someone out there will always be able to beat it. Getting leads, nurturing them, and eventually selling to them requires an investment of time, effort, and in many cases money. The sale process you guide someone through in order to sell a lower-priced course probably wouldn’t be much different from the process you guide them through to buy a high-priced one. So the next logical question is ‘How low is too low?’ Unfortunately, there is no perfect answer to this question but as a general rule, it is not recommended for course creators for selling online courses for a lesser amount.
Also, there are some scenarios where it makes sense to sell your course at a low price –

1. During the pre-launch of your course, often called a better launch. One technique where you can get your course off the ground is pre-selling or selling online courses before you do an official launch. You can do this even if your course is not ready with the understanding that your students will get access to your course as soon as it is released.

2. Countdown until the price increases. You can incentivize people to buy now by setting a deadline or an early bird special offer after which the price of your course will increase. Deadlines create a sense of urgency, so if you are hosting a webinar, doing a big launch, or offering a limited-time discount, it can be an effective strategy to offer a lower price before the deadline.

There is one unique case where you might want to give your course away for free. Many online course creators offer free courses as bonuses in order to generate leads for their paid products. For example, you might create a mini-course that you might give away for free, at the end of which you invite your students to purchase your paid course which offers more in-depth training on the same topic.

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 credit 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 for 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, or 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 for 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 reading this blog helps you to decide on how to charge for your online course. It is essential for online course creators to know about the tricks of selling online courses. Stay tuned to read more such blogs.

 

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