Online courses are a great way to share your knowledge, teach something new and, as an added bonus, earn some valuable passive income.
Knowing the best way to price your online course can, however, be a challenge – and we are here to help you take your first steps, and get your course off the ground.
But How to price online course. Let’s read the complete article below.
What Is An Online Course?
An online course is simply a series of lessons that you create and deliver over the internet.
You can use any platform or language you want to create these lessons, but most people choose to use one of the many platforms available for free on the web. These include:
LearnDash makes it easy to create interactive content with its drag-and-drop editor. They also have a large community of users who will give feedback on your work.
Teachable offers a wide variety of templates and themes to make creating your course easier than ever before.
Their interface is very simple to navigate, and they offer a 30-day money-back guarantee if you’re not satisfied.
The largest marketplace for online courses in the world, Udemy has more than 100 million registered students from all around the globe.
With a huge selection of courses, instructors, and topics, there is bound to be something for everyone.
Skillshare is another popular choice among online course creators. It allows you to host your own classes and charge whatever you like per class.
They also allow you to sell products through your classes, which means you can add extra revenue streams to your business model.
Canva is a website where you can design graphics without having to learn how to code.
This is perfect for those looking to create images for social media posts or other marketing materials and can be great for creating graphics for your course.
Wix is a website builder that makes it easy to build beautiful websites at affordable prices.
If you don’t know much about coding, this is a good option because you won’t need to worry about learning HTML or CSS.
You can then upload your course onto the site, or add links to elsewhere from a landing page.
What Are The Benefits of Selling An Online Course?
There are so many benefits to selling an online course that it would be impossible to list them all here. However, we do want to highlight a few of the main ones.
You Get Paid For Your Time And Effort
One of the biggest advantages of selling an online course is that you get paid for your time and effort.
If you are smart and shop around, there are minimal costs associated with starting up your online course, and once you start making sales, you keep all of the profits.
You Can Generate Passive Income
Another benefit of selling an online course, especially if you are just getting started, is that it can generate passive income.
Once you have set up your course, you can sit back and watch the cash roll in every month – especially if you opt for a subscription model.
You Have Access To A Global Audience
The beauty of online courses is that anyone can access them.
Whether you live in Australia, New Zealand, Canada, the UK, or anywhere else in the world, you can reach potential customers wherever they may be located.
How To Price Your Online Course
One of the hardest elements of creating an online course is knowing how to price your material, and there are a number of considerations in this decision.
You don’t want to go too high or too low, as either one could mean losing money. So, how much should you charge?
This is where things get tricky, but not necessarily difficult.
Setting your prices super low may be tempting – after all, everyone loves a bargain. In reality, however, prices that are too low can have the opposite effect and arouse suspicion from buyers.
This is because super-low prices can damage the perceived value of your course – this refers to the fact that people won’t feel like they’re paying enough for it, and can mean that your course appears cheap and poor quality – especially if courses in similar areas are reaching higher price points.
On the other hand, setting your prices too high can also cause problems. People might assume that the course is overpriced and that they are being ripped off, which again doesn’t do your business any favors.
So, how do you find the perfect balance between too little and too much? Well, you’ll need to consider a few factors:
Check Out The Competition
Before you decide on what pricing strategy to use, check out the competition.
What are their prices? How long does it take to complete the course? Do they offer any bonuses or incentives? How long has the course been running?
All of these questions will give you a better idea of what is working well for others, and therefore what you should be aiming for.
Remember that these will be the guys you are up against, so having an understanding of what is already out there can help you price your course in the right area.
Think About Your Target Market
Your target audience should be another consideration when pricing your course; who is it aimed at? Is it aimed at beginners, intermediate learners, advanced learners, or something else entirely?
Knowing exactly what your ideal customer looks like will help you determine what type of content you should include in your course, and also determines your price points – a simple “how to” or introduction course will cost less, while a more advanced, complex concept will sell for a higher price.
Think about what your target market is looking for – are they looking for a bargain, or would they rather pay a bit extra for a good product?
Consider Your Costs
Once you have determined your target market, think about the cost involved in producing your course.
There are different types of costs involved in creating an online course, including any outsourcing in terms of content writing, graphics or images, hosting on a platform, marketing materials and costs, and so on, and it is crucial to have an overview of these when establishing the right price for your course.
There are lots of ways to create an online course, and each method comes with its own costs. For example, if you decide to use video tutorials instead of written lessons, you’ll need to purchase additional software.
Similarly, if you choose to host your course on a website such as Udemy, you’ll need to cover the costs of web hosting.
Always remember that your aim is to make a profit, so you will need to have a clear understanding of your costs to achieve this.
There are two ways to approach pricing:
Fixed pricing means that you set a fixed amount per unit (e.g., $100). This means that buyers have a one-off payment to meet, and then will have access to the course either for life or for a set period of time.
Subscription pricing means that buyers pay a monthly fee to access the course, with no upfront payment required.
This is a great way to secure passive income; you will get paid for as long as your subscribers continue to pay to access the course.
When setting your price point, consider the following factors:
- Who is your target audience?
- What do they expect from your course?
- Are you offering value for money?
- Will people buy your course because they like you? Or because they believe in you?
- How much competition does your niche have?
- Do you offer a free trial?
- Can you provide a refund policy?
- How many hours of content do you have?
Remember that your goal is to make a profit. You want to charge enough to cover all the costs associated with running your business, but not too much that you’re losing out on potential sales.
If you’re struggling to find the right price for your online course, you can always ask friends and family for their opinions.
They may be able to give you some valuable feedback on how much others are charging for similar courses.
You could also look into other courses in your industry to see what they’re charging, and compare them to yours.
If there’s a lot of overlap between prices, you might be able to lower your price without affecting your profits.
The key thing to remember here is that you should never sacrifice quality for quantity.
It doesn’t matter whether you’re selling a physical product or an online course – you still need to deliver high-quality content that your customers will love.
So don’t cut corners by using low-cost resources or cheap templates. Instead, invest in good quality content, and ensure that everything looks professional and polished – this will allow you to price your courses perfectly, and enjoy great value for money.