Creating a course involves multiple steps and taking vital decisions. Once the course is designed and ready, it needs to be sold. Deciding at what price your course should be sold sure seems a daunting task. Many online instructors find it to be the most difficult decision. Although they are aware of the fact that the pricing of their course is pivotal, they are often unsure of how to go about deciding the best feasible price for the course.
The pricing of your course directly impacts several aspects of any online teaching business virtually. Pricing of a course affects the target audience, hence, the marketing strategies also. Putting a price on your course is often tricky because, on the one hand, you do not want to price your courses too high where it seems unaffordable and intimidates potential learners, and on the other hand, you do not want to incur a loss in your business.
So how should your course be priced? Let us look at the next sections of this article and find out all about perfectly pricing your online course.
Below are a few factors that should be kept in mind before you put a price on your course.
Amount Of Time And Effort Dedicated
The amount of time and effort dedicated to designing the course greatly influences the decision to price it accordingly. Before you put a price tag on your lesson, ponder upon these questions:
- How much time was given to develop the course?
- How many hours were spent researching?
- How much effort did it take to record lessons, prepare worksheets, or design the resources for your course?
- How much did the entire process cost you?
- How much would you pay to someone who has put in this effort?
The answers you get by asking these questions will help you analyse and arrive at a decision. Having said that, it is crucial to keep in mind that the focus here is not only on the time you spent or the effort you put in. You are not selling your time here; instead, you are charging for the valuable experience you gathered over time. It is basically about sharing the rare knowledge or skill you have learned over the years.
The Course Contents
Including more than one asset in your course helps you price your course at a higher rate and thus, increase its value. Every student possesses a unique way of learning. The more assets you provide, the more option your learners have. Including videos, resourceful materials, workbooks, and templates ensure that your course attracts more learners.
Cost Of Marketing Your Course
Marketing plays a great role in promoting your course, and it is a crucial investment. Keeping the cost of marketing in mind while deciding the price of your course is important, as that amount is often big. It is noteworthy that the cost of marketing a low-priced course is almost similar to that of any high-priced coursed. Thus, it is advisable to price your course accordingly.
Benefits To The Learners
It is important to identify the needs of your audience. They are usually seeking relief from something unwanted or disturbing to them. This is exactly where your course should come into play. The outcome of your course should be highly beneficial to them and priced accordingly.
Time-Saving Factor For The Learners
The focus should be on how much time your learners will save by enrolling for your course, as they do not have to worry about figuring out things on their own. Learners will be offered a smart way of learning that will help them save their time and resources, ultimately leading to efficient learning.
Useful Tips While Pricing Your Course For The Learners
Know Your Audience Or Learners
Identify the type of people who need your course. Focus on their problems and let them know how your course can benefit them. There might be competitors, but you should only focus on your unique selling point and target maximum learners.
Analysing The Outcomes Of Your Course
Learners will get attracted to your course when they see how they will benefit from it. Here are a few attractions which can allure your targeted learners:
- Growth in career
- Potential higher income
- Personal accomplishment
- Better networking
- Learning and mastering new skills
Fix Your Target Income
Decide your target income, and accordingly plan your price. If you want to have a greater sale, keeping your course price low would not be feasible, as you may need to sell more units each month. Keeping your sales target and revenue realistic and on par with the course price is crucial.
Pricing Your Course At Par With The Course Offerings
Do not underestimate your course or fall into the trap of competing prices. Strongly focus on the values and outcomes your course offers to the learners. Underpricing your course will devalue your course, ultimately affecting the sales and resulting in lower revenue.
Fixing A Budget For Marketing
The budget for marketing your course must be kept in mind when you price your course. Paid advertising is very effective at increasing the reach of your course. When you price your course, the cost incurred for marketing must also be considered.
Providing Flexible Payment Options
Affordability is an important factor when it comes to the selling out of a course. Sometimes, lowering the price for making your course affordable is not an option. Offering your learners the option of paying the course fee in small installments rather than paying at once is a good option. It would provide them with some sense of relief. Another way is to offer tiered pricing. Keeping the basic fee of your course the same, you may increase the course fee depending on the additional resources or offerings you provide.
Now you can choose which platform to price your course on here!