Quite naturally, the higher you price without causing a substantial drop in sales volume, the more income you will generate. On the other hand, if you keep your cost constant or reduce them while raising prices, you will make all the more money overall. However, it’s not as easy as it sounds. Hence, I have compiled a list of the top 4 tips on how to price your online courses.
What we face more often than not, is to feel controlled by what we presume as the pricing possibilities in our market. While it is a known fact that there will be exorbitantly priced courses as well as the cheapest ones in Udemy, for example. No matter how much your prospective learners are willing to pay, we have far more control than we think over the pricing.
How To Price Online Courses
Based on my and my teams’ collective experience of working with hundreds of online institutes that have launched thousands of courses, here are the pro tips on how to price online courses without letting the forces of pricing control you.
Be clear about your strategy
First of all, keep a sharp focus on what are your goals. Irrespective of what your competition is doing, or what you have done in the past.
Your pricing decisions can achieve a wide array of your goals. It can greatly increase your current market penetration, your entry to a new market, your brand elevation while directly impacting the sales of your other products. Each of these goals requires a different pricing approach. Hence, be clear about what you want to attain with your pricing strategy before you close on one.
The concept of working forward associated with creating your offering might sound like the right thing to do. But there is a better idea i.e. working backward.
Apply a different mindset this time. Imagine someone learns and applies whatever you are teaching them, how valuable the outcome will be. That you should be quantifying. Put great efforts into trying. Ask questions like will your course increase your learners’ income, sales, or salary? Will it make them more employable while enhancing their personal and professional brand?
You need to probe to figure out all the positive outcomes before you put a price tag on them.
As an essential part of this added effort, schedule a talk to your prospective learners. You can do it through interviews and surveys and find out what value they place on the outcomes received. Based on your interaction and your own calculation, try to find a middle ground somewhere. Contemplate how to increase your value with relatively low-cost moves.
This whole process might seem good in writing but isn’t an easy thing to do. However, it’s doable and certainly worth it. Putting this kind of work in upfront will be leaps and bounds better for your business. While deciding how to price online courses, keep this protip in consideration.
Always remember that you are catering to the audience of different walks of life, seeking different outcomes from your course. Some are in quest for more value than others; while some have price constraints. In order to make sure that you capitalize on the full potential of your given offering, you provide multiple solutions of your courses. Consider creating course bundles or course packages or offer courses at multiple product and validity variants. All of this combination is possible through the LMS Spayee.
As an instance, you can offer a standard version of your course aiming at providing core value or the basics to the most customers. Over and above, you could also offer a premium version of your course topic that bundles in extra content, or coaching– you get the idea. I am sure you would have seen this sort of thing all the time, especially with software companies. So, head into the best course platforms like Spayee to create your course offerings.
Improve your packaging
Course pricing is perception. Period. Surprisingly, we aren’t even close to being as rational as we think we are. This is so true when we set out to buy something where variables like packaging or branding can make a huge difference.
Naturally, online courses cant be actually “packaged” in any tangible way. However, most course sales do involve a landing page of some sort. You can keep a crisp packaging by making sure that your landing page has:
- visual appeal
- effective copywriting
- compelling images and social proof like readers testimonials
- a crystal clear call to action
You must dedicate some time in improving your landing pages. Doing this immediate move can bolster your pricing.