If you are an online course creator, probably you have spent much time creating your course and thought about nothing else. After you finish your job, it is high time to think about the price of your online course on the global online platform. There comes the dilemma of how much price tag you should put on your course study.
When you are creating a course you are considering giving access to universal learners Therefore, figuring out the price of an online course can be difficult. It can be challenging, but some pricing models and strategies can help make it easy. Let us understand the whole scenario of course pricing in a few steps:
Types of Online Course Pricing
Before you begin your journey as an online courses maker or courses teacher , it is better to know the basics. There are generally three types of online course segments:
Free Online Course
Free online courses are available everywhere on the internet. So whether you want any art or management course, you will get a free online course. Sometimes they come with certifications from reputed institutions, and sometimes they charge for providing certificates.
Paid Online Course
Paid online courses are available from low to high prices on online platforms. For example, Udemy is a platform where we get to see many studies at affordable prices. Other than that, there are many fancy LMS systems where you can get an excellent learning experience at high prices.
Subscription Type Online Course
The subscription model of an online course is becoming popular nowadays. This type, of course, offers ongoing service by the creators. Sometimes new content is added regularly, or other access is provided as a stake of subscription. The standard part of this process is paying every month to keep access to the lesson content.
Factors to Consider while Pricing your Course
Good online courses that give results are valuable. People pay for results if they see any transformation in their lives through suitable classes. Still, many factors determine the price of online courses – time, resources, effort, time, and the type of marketing online course strategies.
Acquisition of Time and Effort
‘Time is Money’ is the main criterion that one should consider while creating a course. It should be a guide when the time comes to decide the course pricing. If you have provided enough time and effort to create a worthwhile system which is beneficial for the learners, your course charge should be high and appropriate.
The quality of the content determines the value of the course. If the class contains high-quality lectures, videos, assignments, worksheets and quizzes, which will increase the learner’s experience, then the value of the course will also increase. Also, consider the evaluation and assignment checking time before pricing the system.
Delivering the Expected Course to the Audiences
Making a course is to present helpful information to the audience. Specific and technical information organized enough to create a handful of experiences for the learners will fetch a higher amount and rating. Managing and delivering all the information readily to the learners saves time for both the course creator and the student. When you aim to produce an in-depth learning experience for your audience, it will change their overview and outlook on life. If the course helps to enhance the career graph, then naturally, the course creator has delivered the expected information to the audience.
Marketing Cost and Effect of Too High or Too Low Cost of the Course
Whatever time you spend or the effort you provide to make a course, marketing strategy is the most tricky part of bringing the course to a platform. However, it is an essential activity the course creator needs to perform to promote the course itself. The audience, subject matter and the kind of format you consider will be the key components of choosing the right marketing plan. Marketing includes running ads, email and phone subscriptions, and promotional messages, commonly done while bringing a course to the public. Marketing is essential for your return on your investment (RTO). This will also justify the hard work and the expense you have put behind a course. It is the pavement to reach your learners strategically.
Factors That Can Affect your Pricing
Two main factors affect the pricing of a good course – aiming for a high price or a low price due to less confidence.
If you charge too high a price for the course, you may lose face with your customer. You will get fewer customers at the beginning of your course if you do not provide the result as the price tag, then the existing customers can drop out and go with your competitors.
If you charge too less to learners with low-quality learning criteria that might bother you, it will also decrease your incentive to put more effort into developing your course. You will get learners who will be tempted to buy many courses but will not tend to complete them. It is a loss as a course creator because this will attract one-time customers and never give popularity to the course as required.
In both cases, you can experience not an expected return on your investment. But there is no need to feel despair because you can constantly adjust your course price.
Tips and Tricks to Price your Course
Consider some points while creating and pricing your course to maintain a balance like:
- Provide a few free and discounted course
- Keep chat groups and live calls for the students any time of the day
- Try to get feedback on the pricing before placing the course on a real platform
- Keep some course discounts or freebies for the new customers
- Give access to free software downloads and informative PDFs
It is also essential to check the platform before you launch your course. Classplus is a platform that you can consider to create your course through your own app. It is a flexible and teacher-oriented platform which gives you complete freedom to customize. Create your dream course with a great online platform and enlighten the future of the students.