If you are looking for ways to price your online course then we are sure you have understood that this is the age of virtual courses and gone are the days when students would spend hours getting ready for college and reaching the campus on time.
Creating an online course is definitely not easy and takes a lot of effort and tough decisions to reach the completion stage. You would have spent a lot of effort deciding the topic of your course, purchasing recording equipment, thinking of what to include in your lessons, creating the content of your course, and eventually how to market it.
Once you have reached the completion stage it is time to set a price for your course. Keep reading this article for understanding effective pricing and for assistance in pricing your course.
Pricing Your Online Course
One of the most difficult steps for an online course owner is to set its price. You are not alone as many instructors face this difficulty. Pricing your online course is part of the marketing tactic that you are using to market your course.
The first thing that you need to do is identify for whom you are designing this course. Select your target audience and then analyze what price they would be willing to pay. The price of your online course will have a great impact on the value and adoption of your course which is why a lot of attention should be paid to pricing.
The price of your online course will determine what kind of students will get enrolled in your course and what kind of revenue you will earn. If you are charging too little then most people would perceive your course is not of high quality and people might not opt for it.
Whereas, if you charge too much then most students might not be able to pay for your course which might affect your sales. And if you once increase the price and then decrease it to increase sales then it might not have a good impression in the market.
So what should you do?
How to Price Your Online Course?
Here are some tips to help you with effective pricing for your online course:
Perform Competitive Research
Once you have finished making your online course it is time for some competitive research. Check on the other courses belonging to the same niche as yours and see how they have priced their courses.
There are many online course marketplaces from where you can start your research such as Udemy and Coursera. You will have a close idea of what other instructors are offering and how they have priced their online courses.
You should set a price that is market competitive and affordable for your students as well as yourself.
Find out about your audience
In order to set appropriate pricing, a very important step is to learn about your audience. First, identify whom you want to sell this course to. Identifying your target audience is a crucial step that will help you set an appropriate price for your course.
The price of your course should be affordable for your target audience. If it is too low for them then they will think your course does not have any value and if it is too high then they might not be able to purchase it therefore, you must research your audience’s preferences.
Consider the effort and time you have added to this course
You have designed your online course for revenue and not just for helping others which is why you must also add the value of the time and effort that you have put into this course. You must have taken out your precious time for researching the information that you have put into this online course.
Calculate the value of your efforts and time and the compromises you have made for this course and add it to the price that you will charge your students.
Do not oversee the marketing costs
You must have spent a lot of effort as well as money on the marketing of this online course. Do not forget to add these costs that you have incurred to the overall price. You must have spent money on marketing, promotional video, and sending emails and postcards to potential students.
Moreover, you would have spent money on creating a website to promote this online course as well. Calculate all the marketing and ad campaign costs and add them to the overall pricing structure.
Calculate the money and time people will be able to save after taking your course
Your online course is going to help people save the time and money they would otherwise spend on conveyance and other things in conventional classes. It will help them learn from the comfort of their home or offices which is why you must add that also to the price you charge.
It is an additional benefit that you are providing your students with and you must add that money to an extent to the pricing of your course. Of Course, the students who will take your course will be able to earn a sufficient amount when they have the certification and the skills you are teaching so you can add that to build the value of your course.
Add the cost and value of additional course materials
You will be providing your students with additional learning resources such as scripts, whitepapers, ebooks, handouts, templates, or any other resources that you must take into account when you are setting the price for your course.
You can also set a price for the additional materials separately from your course or you can add it to the overall price of your course. That is up to you. But you must consider these additional resources when calculating the price.
Ensure the price is fair for you as well as your students
When you are setting the price do not get overboard as it might not be the right thing to do. Some instructors feel their course is very high in value and go extra with the prices. It might seem as if you will earn a lot of revenue but in actuality, it is the opposite.
It is because the students can afford such an expensive course or are not ready to pay such a high price. The price should be fair both for you and your students. It should not be too less that you have to pay the cost from your pockets as well as it must not be too high that it is not fair for the students.
Give bundles, discounts, and pricing plans
You must understand the psyche of students when you are setting the price. By giving discounts, pricing packages, and bundles, students often make impulsive decisions that may result in revenues for them.
For example, you can make a bundle of additional resources or any other digital products along with your online course and give a discounted price for it. Most students would be ready to pay for such a package.
Experiment with different pricing strategies
In many cases, the first pricing strategy does not work out. It is okay if it does not and you should not stress over it. Instead, you should try to find out why it didn’t. If the price was too high for students then you can reduce it and check if students are enrolling in your course and if the price was too low then you can slightly increase it.
Experiment with different pricing strategies to find the perfect fit for your online course which helps you create revenues as well as give value to your online course.
Track the analytics
Tracking your analytics is extremely important as it helps to find out how people are interacting with your course and your web content. If the interactions are not up to your expectations then you can increase or decrease the price, adjust the course content, or make more marketing campaigns.
There are various tools that can help you track the analytics such as the heatmap tool. You just have to add it to your website and you will be able to find out how people interact with your landing page and how many conversions you get.
Pricing your online course is a very important step in creating an online course. An effective pricing strategy can do wonders for your online course whereas if the price is not right it can be the reason for its downfall.
That is why we have mentioned ten important tips that would help you price your online course effectively. Follow these tips and earn great revenues through your online course. Thank you later!