Looking to start your online course and not sure how to price your online course, we have a step-by-step guide for you here.
Every business starts with conception and thrives due to marketing. Undoubtedly, marketing is an important component even in an e-tutoring business, since it is the phase that connects your course with the audience. This portion needs a lot more focus than you can imagine achieving higher sales in the e-learning market.
Some e-tutors may have conceptualized the course really well but will not have an idea about selling the course strategically. And the biggest mistake that they do is pricing the course wrong. If you are one among them, then this blog piece can be the perfect partner for you.
We have curated some tips on how to price your course perfectly based on your course content, course highlights, and other features.
Importance of course pricing
Pricing is the phase of your course that directly impacts your revenue. Apart from this, pricing also helps you understand your competitors in a better way. As an e-tutor, you need to first understand the customer’s mindset. Any customer will always look for the price even before reviewing the course content. They are always on the lookout for the course that has the best return on investment.
Pricing is also an area where the competition peaks. To sustain in this e-learning world, you need to price the course in a way that is neither high nor low. You should also price it after carefully evaluating the profits you want by selling the course. Here are three important features of pricing –
It is highly flexible
Pricing is quite flexible unlike the other elements in your course such as the course content, marketing strategy, promotional activities, etc. Even though these parameters cannot be instantly changed, pricing can be easily adjusted according to your requirement and demand. This makes it pricing the most flexible component of marketing.
It should be at the right range
An incorrect pricing strategy could incur huge losses to your course. The value you fix for your course should be accurate and reasonable after evaluating the market conditions, demand for the subject, audience strength, competitors’ strategies. Giving away your course at lower rates might seem to attract an audience initially, but it tends to degrade your course value in the long run. On the other hand, fixing a high price will get you higher profits but the number of sales will drop.
It is the face of your business
Pricing is the flagship component of any business. It is one component that every audience looks for in your course. Affordability should be given sufficient importance because your course needs to reach every individual on this planet, irrespective of his/her economic conditions. Pricing also creates a good first impression as when they see that the course is within their budget, they tend to go deeper into the course highlights and the benefits you offer. In short, pricing highly influences a buyer’s decision to purchase your course.
Further reading: Online Course Sales Page: A Beginner’s Guide
How to price an online course
Now that you have seen how important pricing is, let’s understand how to price an online course. Here are the steps –
Set an initial price
Most people do not get pricing right the first time. This is understandable. Eventually, you will understand what is the perfect price for your course. But you always have to set an initial price. With the help of it, you can evaluate the effectiveness of your course. You can set the price low and focus on attracting more customers to your course. During this stage, also do not focus on your competitors and what they are offering.
Many online instructors end up creating a really long course just to charge a high price. Though there is no direct relationship between the two, your starting price should be reasonable according to the course length. For instance, learners would never opt for your course if you charge ₹1000 for an hour-long course. If you plan to set the starting price as.₹1000, make the course at least 3 to 5 hours long.
In summary, set an initial price value based on the content value, how it impacts the learners, and so on.
Validate your course
Course validation is important to find out whether your course will generate revenue. Sell samples of your course to a small audience and get their honest feedback about the content, features, knowledge-gaining aspects, and pricing. With this feedback, alter the course accordingly.
Have a clear conversation with your learners even about the pricing of the course. Ask them what is the best price they think can be set for the course they have just completed. In short, place yourself in the learner’s shoes while making pricing decisions. This helps you to think like the audience and identify their motives while purchasing your course.
Offer different pricing tiers
It’s important to remember that your customers will be from different economic backgrounds and not many can afford the full price of the course. To cater to this wide variety of audiences, sell your course in different price tiers or packages. The price should be directly proportional to the number of features you are offering.
For instance, in your lowest package, you can just offer the textual content to the learner without any live classes or assessments. A higher package can offer live classes on top of textual content. Don’t forget to offer a premium package that will include all the features of your course such as interactive sessions, assignments, and assessments.
Your work is only half done by splitting the course into packages. These packages need continuous upgrades to make your course sustain in the industry. Even if you add a slight improvement in the course content, reflect it in your package price. Always provide room for changes and reevaluate the course price every time you make an upgrade.
How to set prices in Learnyst?
Learnyst LMS allows your learners to purchase the course in packages. As we have mentioned above, this is a much better option instead of setting a single price for a course.
Here are the steps to set variable pricing for your online course.
- Go to SETTINGS on the course builder page.
- Click on the “Pricing” option.
- Click “Add New Pricing” and in the corresponding dialog box, you can select the course pricing ranges as per your need and the audience requirements.
Before you access the variable pricing option, make sure that your course is not a free course and the course validity is activated.
Further Reading: Now Offer Dynamic Pricing On Your Courses With Variable Pricing
Now that you know how to set prices for your online course, it is time to put your knowledge to action. Subscribe to Learnyst today and experience all its features unfold in front of your eyes.