If you’re an online course creator, you’ve probably heard this:
But does this work?
In our experience, online course pricing needs to be decided on the basis of the value offered as well as market conditions. Plus, it’s important to understand where your customers have enough buying power to purchase your online courses.
Price your online courses according to what the market will bear and deliver more value than the price tag implies.
In simple words, this means the pricing for your online courses should be according to what the market will bear and deliver more value than the price tag implies.
However, you shouldn’t be afraid to go higher. You can always lower your prices later on if you need money, but it’s not easy to increase them once you’ve set a price point for your course.
An important facet of this process is to get feedback from customers and prospects about how much they are willing to pay for the service or product you’re offering upfront before deciding on an appropriate price point for each one of your courses (and then sticking with it).
Let’s dig down to what this means in real terms.
Price high to begin with. You can’t make as many sales if you price low to start.
$100 is a lot of money. It’s not even close! If you don’t have anything to sell, why would someone pay $100?
But if your course is good enough and people are willing to pay the price, then that’s an easy win for everyone involved. Let’s say someone pays $200 for your course (or whatever). You’ll make twice as much money on each sale than if they bought it at half its full retail value (still high).
This logic also applies to other products like ebooks or books: they’re usually priced higher than normal because they have more value than other types of content.
Don’t be afraid to go higher.
The first step to pricing your course is, to be honest with yourself about what it’s worth. If you’re in a rush, this may be easier said than done. But if you take the time to reflect on what makes your course special and unique, then all of a sudden, those ideas will start bubbling up into your consciousness—and they’ll make sense! You can see how they fit together into a cohesive whole (i.e., “This course has these features that I’m passionate about”).
Once you’ve got some good feedback from potential customers and users of the product or service that you offer, it’s time for Step 2: Find Out How Much Money They Want To Spend On It!
There are two ways to go about doing this: either ask them outright or use data from previous sales (if possible). Either way works fine as long as there’s some kind of transparency between buyer/seller, so both parties know how much money each side expects out of their exchange.*
Get feedback from your customers and prospects.
You should be asking for feedback on your course.
Don’t be afraid to ask!
Just like in a regular sales situation, you want to get as much information about your customers as possible so you can make them happy with their experience and hopefully become repeat customers.
If they are interested in learning more about your product or service, they will want to know how much it costs before buying it. And even if they don’t buy right away (which happens sometimes), at least now, when something comes up that seems confusing or complicated, there’s an easier way for them to find out what needs explaining without having to call up customer service or wait until the next time their issue arises again later down the road when all hope seems lost…
Price is no longer the only factor when people buy an online course.
You may have heard that price is not the only factor when people decide to buy an online course. You’ve probably also heard that price is not the only thing that matters or even the most important factor. Some people think that if you can’t meet their expectations for quality, convenience, and reputation, then your product doesn’t matter.
These assumptions are often wrong: They ignore how much value customers place on these other factors—and how much they’ll pay for them. The truth is this: When it comes down to it, most buyers care more about what makes their lives better than how much money they save by buying your product instead of another one (or even nothing at all).
Think about your market position and deliver value.
It’s important to remember that the most successful courses are not just about selling a product. They are about providing value, and customers will always be able to find something of value in an online course.
So think about your market position and deliver value.
If you price your online course according to the market alone, it can become too expensive or too cheap. This means it’s better to setup a system where custom discounting and invoicing is possible. We offer these features on our course maker on Wise App
