How To Price An Online Course -
It's all done. Promotions are ready to go, and the final item on your pre-launch checklist is how to price an online course in a way that leads people will join. Pricing is one of the trickiest elements of launching the course on your own since it's a matter of finding the perfect balance in providing the right amount of value to your audience and at a cost that they're willing to pay.
A well-planned online course and pricing could aid a content creator in making transition from a part-time gig to full-time work. Well-developed online courses can drive revenues and possibly even sponsoring your brand or website.
Are you ready to start? Here are some price considerations to consider prior to the launch of a new online course.
Prices Online for Courses Starts with the Types of Courses
Expert in online courses Sarah Cordiner states that every piece of content can be classified into one of five categories of online course. Naturally, the kind of course you plan to offer can correlate to value and pricing methods. Content creators need to be aware of this as they develop online courses.
- Lead Magnet Mini-Course: Generally, this is an online, free course designed to get students interested in greater content. The mini-course may be the beginning of the more extensive course which serves as a marketing lead.
- Kickstarter Course These courses are an entry point for creators of content to develop courses. These online courses might mimic your other work, such as a how-to blog post series however, in a different form. These courses are often low-priced (less than $100) and aren't lengthy in duration (can take anywhere from just a few minutes to an hour), and are ideal for those who already are popular and have followers.
- Authority Flagship Course: If you're thinking of online classes that you can take, the Authority Flagship Model is probably the first thought that pops into your head. They are classes taught by an experienced instructor who has plenty of trustworthiness in their field, they are priced moderately ($100 to $3,000) they also include repeat logins or sessions (lasting about one hour each for a period of several weeks). They also provide information isn't available from other sources, including an in-depth tutorial or a thorough explanation of a topic.
- Supportive Coach-Lead Course The content might be similar to that of an Authority Flagship Course, but the way of teaching is distinct. The courses are intended for study on your own and independently, rather than mass, studying with a touchpoint with the instructor. These online courses are higher-priced ($500 and above) and include multiple classes and one-on-one meetings, and ample information to assist you in your individual success.
- Membership or online Academy The course: This group class has multiple classes in a series which build upon one another. Students can take on different tracks to earn credentials or certificates. The pricing model isn't so much about the cost of an individual course, but for the module as the whole, using a subscription-based system ($10 to $100 per month).
Whichever option you select for your online course, you need to make sure you do your research to make sure you're creating courses that your audience are likely to want to learn about. It starts with research, understanding of the audience marketing, as well as content development.
4 Pricing Models for Online Instruction
Once you have developed a course and have decided on the kind of course you'll be offering, it's time to really begin thinking about the pricing. There are four true tiers of online course pricing that are free, basic, and premium.
Courses for free
Baseline courses
Baseline courses reach a wide public with content that is appealing to lots of individuals at a reasonable price point. They should be simple to develop, and not require large time commitments from participants as well as include information or topics that goes in-depth, but does not get excessively technical. The courses could result in many sign-ups, but with very little participation, due to the cost-effectiveness and low risk.
"When you give an offer for a complimentary class, the completion rate can be in the low single-digits. When you price similar courses, your percentage of completion could be as high as 30% or 40 percent. The higher the price you set for the course, the more students actually take it up," said Ankur Nagpal, founder and CEO of Teachable.
Premium courses
Online courses that are premium in quality are the goal for most content creators when they are considering pricing strategies. These courses have the highest cost points, yet they have to provide top-quality material at the same. Content must be distinctive and have an instructor with a reputable reputation or have something you can't get anywhere else that is worth the cost.
Imagine a top online course as being comparable to a higher-level university course or taught by an instructor who is a "celebrity" through an instructor-led format. The courses may not attract as many signups as baseline courses , however they typically have high participation and engagement rates.
Model of subscription
Subscription models offer option for customers to pay. It could be in the form of monthly, daily weekly, monthly, or even annual subscriptions. Once a member, your customer gets access to your restricted content.
Online Price Strategy for Courses
One of the most effective strategies for pricing online courses comes from Online Course Igniter.
It starts with a little analysis of your audience so you know how many people might be interested in your online course. The audience you choose to target could vary for each course, dependent on the content.
You'll then need to determine what you'd like to earn or will earn out of the program. Do you have costs that you need to cover to break even? Have you set a amount of income you want to earn for each online course?
Then you are going to take a deep dive into your analytics for your target audience. In the present, you most likely have an email database or a social media follower, landing page, or another method to collect and interact with those who might be keen on your material. The thing you must determine is how interested they are in order to determine an average conversion rate of that group of people.
You can then plug in all the data into the formula that will establish the price and income:
Revenue = Size of the Audience Conversion Rate x Price
Remember to subtract charges from revenues to make sure you are making a profit from the online classes that you develop.
The final element of pricing strategies is to ensure that course content aligns with the cost. It's unreasonable to ask someone to shell out $1,000 for an hour of education. Thinking about pricing models and perceived value will help you choose a pricing strategy which is suitable for your client base.
What Should You Charge for an online course?
So, it all comes back to the central issue of how much you set for an online course?
When you consider course types as well as pricing models as well as a complete pricing plan, the solution might be more clear than you thought. (You ought to at the very least reduce the range to an acceptable level quickly.)
Now you can begin your course online. It will aid you in turning the content of your course into a great user experience that people are likely to want to participate in. This online platform for courses is designed by the experts of e-learning and comes with all the features you need to create a course that will be popular.
You have control over all aspects of the process, such as pricing strategies and the capability to sell the possibility of upselling. Sign Up for a Demo Today