how to price your course

^{Factors to Consider When Pricing Your Course}

1. Pricing Rule of Thumb. As a rule of thumb, most of your courses should be priced well above $100 and only your smaller courses intended to attract new students ...
2. The High Value of Education. Think of Ivy League universities. Their pricing reflects their quality. Harvard, Oxford and Yale do not ask the same tuition as a community college.
3. Social and Networking through an Online School. When using LearnWorlds as your platform of choice, you will be giving them access in the most high-end educational platform and the ...
4. Education is Not Only the Material. If you were to sell an ebook, you would probably price it between $10 to $20 dollars, but you are not.
5. Exclusivity of Content. Online courses offer valuable knowledge not found anywhere else. Your years of experience in a multimedia format for them to learn.

How to choose the right pricing for your courses?

An impulse buy of a low-priced course is easily forgotten, but a premium course will get them engaged and focused on their learning objectives. An incentive that should also be part of the learning process. Understanding who your customers are can help you decide on the price. Better yet, it can help you come up with a pricing strategy.

Is your course worth the price increase?

Your course is valuable—so sweeten the deal Your knowledge inherently has value, but as your prices increase, so too should your offerings. Some of the best ways to do this and add value don’t have to be overly complicated.

How much should I charge for my course?

Unless your goal is something other than to maximize revenue from your course sales, you should probably price your course for $199 or more. That being said, there are a few scenarios where charging a low price for your course can actually be a smart move. How low is too low?

How important is the price of your online course?

The perceived value of your online course will be a huge driver of sales and setting your price too low actually hurts this perception. There is a psychological effect that your course price will have on your target market.

How do you determine a course price?

How to choose a price for your online course:Do not price your course based on its length. ... Take a look at your competition. ... Quantify the value of the outcome your students can achieve. ... Test different price points. ... Consider your credibility/authority in your market. ... Consider the cost of your customer's alternatives.More items...•

What is the average cost of an online course?

Among 170 public ranked colleges, the average cost credit hour for online college is $316 for the 2019-20 academic year. Among 168 private ranked colleges, the average price per online credit hour is $488.

How much should I charge to build an online course?

It can cost anywhere from $200 to $10,000 to create an online course. The main source of expenses is the labor involved, followed by the equipment and software. If you are creating the online course yourself and not paying someone else to do it, this means that other than your time there are very few expenses involved.

How much should a mini course cost?

Create a mini course More specifically, a mini course can be described as shorter in duration than the full-length course, and often it doesn't offer additional assets like printables, so generally, it requires less time to prepare. You can make your customers happy with a mini course at a low price range of $10-$50.

How do you charge virtual classes?

1:028:30Charge for Zoom Class (Full Tutorial) - YouTubeYouTubeStart of suggested clipEnd of suggested clipNext if you don't have one already you will need to create a stripe account or PayPal account so youMoreNext if you don't have one already you will need to create a stripe account or PayPal account so you can charge for your classes.

How much should I charge for my workshop?

One way to calculate your time and workshop cost is by dividing your hourly rate by how many people you want in your workshop. If you want 10 people for a one hour workshop and you charge $250/hour, then you can charge $25/person + travel expenses and materials (this will make the price jump up to $30-$40/person).

How much can you make selling courses online?

How much can you make selling online courses? You can make anywhere from $1000 to $100,000 or more per year with online courses. Your revenue is going to depend mostly on the amount of traffic that you can bring to your courses, your conversion rate, and the price of your courses.

How long does it take to develop 1 hour of eLearning?

How long does it take to develop 1 hour of eLearning? A average 1-hour interactive elearning course will take 197 hours to develop. But development of a 1-hour elearning course can range between 49 hours for the low end of the range of a “basic” course to 716 hours for the high end of the range of an “advanced” course.

How many hours does it take to create an online course?

Depending on the duration and detail of the program, it can take anywhere between 25 – 500 hours to formulate an online course. A mini-course with just 4 or 5 videos you could develop it in a couple of days. An in-depth flagship course with numerous modules and assignments could take eight weeks or more to accomplish.

How do you start a small course?

The art of doing: How to create a mini courseChoose a course topic. For those: ... Identify the target audience. Scoping out and identifying an audience is key to success. ... Provide a transformation. The best way to do this is to solve a real problem. ... Outline the content. ... Shrink the list. ... Repurpose content.

How long should online courses be?

The Optimal Online Course Length Most experts confirm that a good length for a web-based course is somewhere between 15-30 minutes.

How do I start a mini course?

2:0439:09How To Launch A Mini-Course Right Now - YouTubeYouTubeStart of suggested clipEnd of suggested clipIf you want to do them right if you want a perennial bestseller. If you want a flagship. Product orMoreIf you want to do them right if you want a perennial bestseller. If you want a flagship. Product or products that just continue to make money like for example I had a course called rethink mixing.

What is a pre-course bonus?

It’s basically a handy tool to keep everything about your course in place. You can even send them as a pre-course bonus if you think your audience needs some prepping to be fully prepared for the course or after the course is over for follow-up work.

What does it mean when you give away an online course?

When you give your online course away, it’s like you’re telling your audience that it’s not worth their time or that there’s no value to it – and that’s just not true.

What does it mean to set price point at baseline?

If you set your price point at the baseline according to Teachable, you will have a much wider audience. Making it affordable to the majority means more people can take your course and if you’re solely in this for the good of the people and don’t need the income, then this area on the spectrum might be for you.

What to do if you aren't an expert?

If you aren’t the expert, bring in someone who is! Hearing from industry professionals is always a major bonus for your audience. Not only are they getting valuable content from you, but they’re also hearing advice and real-life experience from people they admire.

How to charge more for a course?

Go on and charge more 1 Your revenue goals will be easier to meet. Selling a course at a low price point, requires you to enroll more students to reach your income goal—meaning you’re spending more time acquiring new clients. If you charge a higher price, you’ll be able to meet your goals quicker and better use your time. 2 A smaller group makes for a better course experience. If you’re only dealing with 15 students as opposed to 50, those students will get more of your focused attention. This is ideal for securing repeat customers as well as potential referrals for your business. 3 Premium pricing increases engagement and communicates value. Pricing your course or coaching session at a premium, ensures students see their purchase as an investment—and one they want a return on no less. 4 Secure—and weed out—students. If your course is priced too low, you’re likely to get a number of students who aren’t quite your target audience and will likely drop off or not purchase again. Those who will succeed and get the most from your offerings will be more than happy to pay more and thus are more likely to make another purchase.

Why sell a course at a low price point?

Selling a course at a low price point, requires you to enroll more students to reach your income goal —meaning you’re spending more time acquiring new clients. If you charge a higher price, you’ll be able to meet your goals quicker and better use your time. A smaller group makes for a better course experience.

What is pricing tier?

Pricing tiers make your course accessible to a larger number of students and to students who may not be interested in all of the bonuses you’re offering. To create your pricing tiers, first decide on which pieces of bonus content you want to offer.

What happens if a course is priced too low?

If your course is priced too low, you’re likely to get a number of students who aren’t quite your target audience and will likely drop off or not purchase again. Those who will succeed and get the most from your offerings will be more than happy to pay more and thus are more likely to make another purchase.

How to be successful teaching the same course?

Even if someone else is teaching the same course topic, you can still be successful by highlighting what makes your course unique. Highlight your perspective and use it as a selling point. Most importantly—don’t be afraid to price accordingly. Students have faith in you. (We do too.)

What is an online course?

Simply put: An online course provides a shortcut to an outcome. Without your course, your audience might spend ten times the amount of time sifting through information on their own. Perspective is your selling point.

What does charging less mean?

Would you believe us if we said it’s as simple as: Charging less means you make less money. Premium pricing will help you in the long run and has a number of benefits.

Why is an online training course worth more than you give it credit for?

That is because an online training course is the amalgam of your work and life experiences, years of learning and education.

What is online course?

Online courses offer valuable knowledge not found anywhere else. Your years of experience in a multimedia format for them to learn. Learners, students, and clients pay to get access to something they value.

Why is it important to have a deadline before a price increase?

A deadline before a price increase is also helpful to push potential customers to buy earlier, especially if they are price-sensitive. Discounts should be a last resort for difficult customers but may also backfire and under-value your course. However, avoid massive discounts and long term discount periods.

Why is it important to have a higher price?

A higher price will allow you more flexibility when giving our discounted courses with coupons, attract a better clientele and fewer communication hassles and attracting a higher class of clients that can afford more expensive products and can expand your business.

What is LearnWorlds platform?

When using LearnWorlds as your platform of choice, you will be giving them access in the most high-end educational platform and the added value of joining a community of similar learners where they can network, engage and communicate. It is not just an educational experience, it is a life experience worth valuing high.

How much is the elearning market worth?

The elearning market was worth $107 billion in 2015, $190 billion in 2018 and is expected to exceed $300 Billion by 2025 (E-Learning Market Size By Technology)! Investing in education and lifelong learning is an emerging trend among both old…. How to Sell Online Courses: The Ultimate Guide for 2021.

Do Harvard and Yale charge the same tuition?

Harvard, Oxford and Yale do not ask the same tuition as a community college. Pricing is part of their strategy to maintain their image as high quality destinations and using that money to further invest in the quality of education offered.

How much does a Kickstarter course cost?

The Kickstarter Course is a short course of around 1 hour to 90mins long, that usually costs your students anywhere between $15-$297 and gives them an all-round introduction to your topic and lots of simple, practical steps to give them quick results in your subject area.

What is concept to course?

Here is what we cover in the ‘Concept To Course’ Program: WEEK 1: Plan your online course topic, market research & pricing. WEEK 2: Create your course content and structure. WEEK 3: Film your course. WEEk 4: Set-up your online school, email marketing and online course tech + launch your course.

How many courses are needed for membership online academy?

To succeed in the Membership Online Academy model, you need to have at least 2+ courses, each around 1 hour long or more. You can then charge your students a one-off price to access the courses one by one; OR charge them a recurring monthly fee for access to all of the courses inside your academy.

How long is a flagship course?

Authority Flagship Courses can range from 1-5 hours long and are often delivered in weekly modules (eg ‘4 weeks to xx result’), and often sit in the ‘high-ticket’ cost range (anything from $147-$3,000) depending on your market.

What is membership academy?

The Membership Academy is the best type of online course set-up to go for, for those who want to impact lots of people at the same time, reach a large market, generate sustained monthly income and grow a large membership following.

What is a lead magnet course?

If you are creating a lead magnet course, your goal is to create a short, simple, quick mini-course or mini-challenge that has the primary purpose of growing your email list and followers.

How much does a lead magnet cost?

A lead magnet or mini course is usually free of charge, or very low priced (between $5-$47) , as its main purpose is to get new leads, followers and prospective customers onto your email list and into your sphere of influence.

How does pricing help you?

Your decisions about pricing can help you achieve a range of goals, from greatly increasing penetration in your current market, to entering a new market, to elevating your brand, to impacting the sales of your other products. Each of these goals requires a different approach to pricing.

How much should you drop a price from reference point?

Also, make sure you discount enough for it to matter. Generally speaking, if you drop (or raise) prices less than 20 percent from the reference point, most prospective customer will not notice or won’t care if they do. (This does, of course, depend on the price of the product.

Why is higher priced offering a magnet?

In fact, the higher priced offering helps create room for increasing the price of your standard offering – which is why I refer to it as a magnet.

Do you have to have a single customer for your offerings?

Always remember that there is no single customer for your offerings. Some are looking for more value than others; some are willing to pay higher prices than others. To make sure you capitalize on the full potential of any given offering, provide multiple options at different prices.

Is pricing a set and forget?

Pricing is usually not a “set it and forget it” part of your business. You will almost always need try out multiple price points for any given offering – initially, and over time – and most of the tactics discussed above will result in your making adjustments to your prices as well.