Feeling nervous is quite natural when it comes to pricing your online courses. Like you, many other online course creators also face the same difficulty. Pricing is one of the key factors of your online course. So, you need to be extra careful when crafting the price.
Pricing an online course is indeed daunting and challenging. And the challenge is real as it is a time-consuming process. You won’t have any shortcut solution or a method to price your online course.
In this blog, we will discuss the 3 biggest strategies to price your online course and the factors while pricing.
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How to price your online course
It can be tricky at the beginning to nail down one ideal price for your course. Having the right balance is super important. To maintain equilibrium you should target potential students and don’t undersell your course.
1) Know your market and offer free courses
Do enough research to know your ideal audience. Understand your ideal customer’s pain points and offer them a free course. Free courses give warm leads. By offering free courses you can convert customers into students just by showing your value as a leader. This proof of your ability will speak about why you’re the right person. You can earn more by giving out free courses. Your approach towards teaching is the first point of contact to create the connection. By engaging in this way, you can sell more courses. Have good contact, communication, and relationship with your potential students regularly and solve their problems.
2) Build authority and offer paid courses
With your online presence and with your marketing strategy you have positioned yourself. Your position will help you get customers and so will help you sell your paid courses. Paid courses are the most commonly used pricing method. The price is usually low to meet the requirements of customers who are just starting. Remember that low prices attract low-quality clients, and investing too much doesn’t aid your business goals.
With subscriptions, you offer your customers a routine payment option. They can pay their membership on a daily, weekly, monthly, or yearly basis. It helps students suit their financial needs and is suitable for every student. Memberships work well with subscriptions, as they get various levels, and it suits different tastes.
If you’re worried that people won’t be able to afford your course, instead have
Installments – Offering 3 monthly payments that are more attractive than a one-time payment. With this strategy, you can offer a discount to students who opt for full payment. The ability to pay in installments will boost your sales and installments will motivate students.
Tiered Pricing – Tiered pricing is alternative to lowering your price. The basic price may include the course alone. But with each pricing tier, you can add bonus content or additional resources.
Holiday discounts and festival discounts work well, it helps you drop your cost and see the response of your audience directly. Creating surveys, asking for feedback, and groups are great platforms to ask your customers what they think of your course.
With this method, you can understand how to price your online course. Whichever price you decide to go for your course, always consider your time involve in learning, time is taken to build your brand, and the marketing funds you have invested. We suggest you test your price repeatedly to find the perfect balance.
We hope this little secret helps you to sell more.
Related: How to market your online courses
Along with understanding how to price your online course, learn the factors for pricing.
Let’s discuss this in detail.
Factors to consider when pricing online courses
Pricing is perception. True.
Moreover, when you want to grow the value of your online course, understand that an online training course you want to sell is a mixture of your work, life experiences, years of working experiences, learning, and education.
Consider these 5 massive factors when pricing your course:
1. Time and money
2. Be Unique
3. Be Specific
4. Private group for course students
5. Completion certificate
1) Your time and experience
Your time and expertise are vital when deciding the price and how to price the online course. How much time does it take to create the system? How much time does it consume to record lessons and to create resources for the course?
Ask yourself such questions to yourself like:
What would you charge for this much of your time?
What did it cost you to comprehend this?
How many years does it take you to acquire the knowledge or skill you have for sharing in your course?
2) Be unique
Go the extra mile and determine what’s unique or exclusive about your study material that will enable students to solve their problems. What’s your unique selling proposition? Share something extra or give some add-on lessons to be unique in the market. Take a look at what you can add or change to increase the value of your online course. Uniqueness is the key to selling any product.
3) Be specific
One of the essential factors for a profitable online course idea is to be clear and specific. When you share clear and detailed information, you give your audience the chance to tell you whether the course is right for them. When you’re focused on improving the value of your course, being specific is essential. When you understand the exact problem of your audience, you can position your course. Your students have a problem, and you give them the best solution. Be simple, and be specific.
Related: How To Build A Course Sales Page
4) Create a private group for your course students
Creating a private group for your course students is one of the excellent ways to improve the value of your online course. Your students will have profit, and they will have direct access to you. It helps to interact and build relationships with other students who are taking the same course. By creating a Facebook Group for your learners you are not only helping everyone but also maintaining a great community.
5) Provide a completion certificate
Course completion certificates provide great value. It makes students enthusiastic about completing their courses. It nourishes growing students to grab concentration because, in the end, they get a reward of receiving a certificate. It adds value to them.
To sum it up
We hope now you have a clear vision of how to price your online course. No matter what your course topic is, you should be able to find your potential clients when you have a well-planned and good strategy in place. Hence, make sure that you are leveraging this powerful mechanism effortlessly to sell your online course. If you’ve been getting feedback that your courses are too costly, then try pulling some of the content and repackaging it into a mini-course. And sell these packages at affordable prices. Understand what your customers are looking for, have confidence, and keep refining your course price. It might seem challenging at first, but you can always change the price.
When you have worked hard to provide valuable and interesting content, why worry about how your course will perform. Just launch your offer and use Graphy to sell your online courses.