5 Tips to price your online course

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Many online course creators are great at delivering high-quality content, but they fail to value their work reasonably. Some underestimate themselves, while others think they can ask for a higher price because they are all over the internet. The most crucial step in the online course creation process is pricing. Pricing can make or break the entire project. Therefore, it is essential to understand what influences the course price. There is no formula for pricing an online course.

5 Tips to price your online course

Many online course creators are great at delivering high-quality content, but they fail to value their work reasonably. Some underestimate themselves, while others think they can ask for a higher price because they are all over the internet. The most crucial step in the online course creation process is pricing. Pricing can make or break the entire project. Therefore, it is essential to understand what influences the course price. There is no formula for pricing an online course.

So, while deciding your pricing strategy, two things that must be evaluated are the quality of your system and the purpose of your course. When we think of physical objects, it is easy to estimate the price as you just need to add together the cost of materials, labor, taxes, etc.. Still, it is different with online courses because here you are selling your knowledge that does not have any fixed price. So, you should not price your online course too high that it’s unaffordable.

This will scare away potential clients. By conducting surveys and asking for reviews you can understand what your customer wants. But it is also essential to know that you should not sell yourself short. So how to choose the right price while creating an online course? Here are some tips for pricing your online course.

Market research

Do good research to ensure you solve the problems your clients care about. Market research does not always mean that you should take an average price your competitors are charging. Understand why they are demanding that special price. Decide whether you are better or worse than them.

The value of your course should only depend upon your unique experience and the quality and purpose of your course and the transformation you can deliver. For example, you can do research by buying a course and analyzing its price components. This will help you do the course marketing properly to know your strengths better.  

Focus on the transformation you’ll provide

If you can deliver a measurable transformation, you can charge more for it. People are always willing to pay if the outcomes are career advancement, the potential for high income, improvement in the quality of life, better relationships, and the development of a new skill. 

Price the outcomes

To price a non-physical thing can be difficult. You can ask yourself these questions while pricing our online course, how much money will the learners earn after completing the course? Or will they grow professionally? Will the course increase the productivity of your client? The answers to these questions will give you an idea and you will be able to convert your outcomes into numbers. You can either price your online course yourself or carry out surveys. 

Price the outcomes

Ask yourself, how much revenue will you need? Then figure out how much sales should happen according to your payment calculated. For example, if your goal is to make 2 lakh per month and you’re only charging 2 thousand, you need to make 100 sales per month. After calculating this, if you feel it’s not realistic, then set your price higher. No matter how good a course is, it is tough to bring out sales with natural promotions.

Note that setting up a lower price does not mean more sales. The higher will be the quality of your course and the value of the transformation you’ll provide, the higher the price will be. 

Provide options

If you think the price you are asking is higher and your clients might hesitate, provide different options to them. Instead of lowering the price, you can offer various payment options to your customers like Instalments, where the customer can pay the price in 3 or 4 months. You can also discount those customers who opt to pay in full. You can also create your online course in basic, standard, and premium versions. Where the basic understanding will have limited information and no access to the community, the standard version will provide complete course access to the community. At the same time, the premium version will have personal consultations and webinars too. This strategy will allow you to target different types of customers. 

When launching an online course, pricing is the essential step in that process. Hence, you need to understand the value of your course and analyze different price components and your competitors to determine if your value is realistic. You can always change your course pricing as the market will keep evolving.

So, you can choose the price you are comfortable with and after looking at the review and sales of your online course you can decide whether you need to increase or decrease the price. 

If you wish to make your work easy for selling your online courses then connect with Classplus now. Get your own app and all the customized features made just for you. Sell your course with ease and expand your online coaching business.