My background and expertise is creating and marketing online courses and my superpower is helping people create effective online course videos. I have plenty of podcast episodes and videos on onlinecoursecoach.com. Today, we are going to talk about something that affects us all. It’s called “How to Price Your Online Course”.
If you are wondering about this, it’s either you are about to launch a course or you already have a course out there, but it’s not getting the sales that you want. If you’re trying to find out how to find that perfect price point, you can download my free resource, “7 Ways Marketing Tips to Market Your Online Course”.
Regardless of what phase you are in your online course creation process, marketing is key. So, let’s start at the beginning with how to price your online course.
1. You and your knowledge are valuable.
There is a lot of worth in you and your knowledge so, do not undervalue what you have. There is value in your expertise and experience of the topic that you are teaching. There is also value in gathering information and putting it together into a roadmap or recipe for success. You may not have decades of experience, but the content that you gather is still valuable.
You can listen to one of my latest podcast episode ”10 Creative Ways to Add Value to Your Students” to find out how you can increase the value that you provide to your students.
1. Look at what other people are selling similar courses for.
Doing so will give you a baseline and a minimum of what you want to charge. I do not recommend going to Udemy.com because they are always experimenting with the pricing. They also give away coupons, so the number of students in each course can be deceptive, especially for some of the higher ones.
Instead, you can do some Google search and find podcasts and Facebook groups where people are promoting their courses. If there’s nobody in your industry, know what people are selling courses for in a broader parallel industry. Do not be the one to give the cheapest course. Be in the middle to upper levels of what you charge, so you can get better customers. Students are more likely to complete and take participation in a course and get more value out of it if it costs more. In return, they can give a better testimony.
2. Find out how much time a student currently wastes without a course and determine how much this is costing them.
Position your course as something that helps them save time and money. Your course cost should be a no-brainer compared to how much time and money they are spending without it. Show your students that your course may come at a cost, but it is lower than what they are spending with their time, money, and frustrations.
Paint a picture of the benefits of taking your course. It might not be money or time saved, it can be something more valuable, like memories and family time.
3. Price your course based on the value it provides.
The value can be time or money. It can also be things that you cannot quantify, like happiness or enjoyment. Think of pricing that reflects that value.
Do not think of your course as a one-priced item. If it’s a mini-course, you can charge it for less. If it’s a 10-lesson course that has a lot of content, you can give three package levels. I like to think of it as good-better-best. You can see this in electronics where they have iPhones with 16gb, 32gb, and 64gb hard drives. A lot of other industries have this kind of pricing levels.
4. Create pricing tiers and packages.
Think of what you can do to create a good-better-best pricing. Let’s say your cheapest course contains just the basics with not so many bonus content. The middle package can be a digital course with three bonuses. The most expensive package can provide more access to it. It can have a webinar, a group coaching session, and email access for a period of time with more bonuses. You can even give a certificate of attendance.
For discussion purposes, the good level can cost $100. The better should be 1.5 times more than that and the best should be twice or thrice as much. Keep in mind that the more expensive the course is, the more access and bonuses you give to your students. You can use fun names for your pricing levels.
5. Limit the direct access you give to your students.
Think of what can give more value to your course content, but do not offer it for the rest of your life. This is one of the benefits of having open and close enrollments.
6. Test your price points with each update or release of your course.
Do not be afraid to test the price points of your course every time you release an updated version of the course.
If you still need to improve the marketing of your course, check out my marketing tips on how to grow your audience, build your influence, and sell more courses. By getting more students, you can better test your price points. This can also help you offer more value, bonuses, content, and even courses in the future.
Also, let me know what you are working on. I love your emails and tweets. If you have questions about online courses, marketing, video creation, or anything course-related, feel free to contact me. Don’t miss out on new podcasts episodes and videos at onlinecoarsecoach.com. You can also fill out the coaching form if you need more coaching.