The topmost focus while designing an online course is on deciding the topic for your online courses and designing lesson content around it. Simultaneously, one of the greatest challenges faced during the planning stages is to figure how to price your online course? Online instructors find it quite cumbersome and challenging to work out prices for their online courses. It is because this is not a decision that can be taken in a vacuum. A fair amount of strategizing goes behind it, and several factors can influence the pricing metric.
Just as too high a pricing may deter people from enrolling in your online course and affect your profit goals, too low a price would also yield similar issues and would never make your online venture fruitful. So the question remains what should be the price of the online course?
Why Choosing The Right Price For An Online Course Is So Important?
Every aspect of your online teaching business would directly or indirectly depend on the pricing that you have chosen for your course, like:
- The kind of marketing strategies that you would undertake to promote your online business.
- The category of students your course would focus on.
- The revenue sales amount that you generate from your online teaching business.
- The level of attention that you provide to your students.
All the above would majorly be affected by the pricing that you lock for your offered online services. Charging too little would not just jeopardize the intrinsic value of your course, but it would even limit your revenue potential and marketing abilities. On the other hand, charging too high would not attract too many takers. This would instigate you to offer discounts and price reductions in order to boost sales in the initial stages only.
How To Determine The Right Price Of Your Online Course?
- Study and ascertain the average price of similar online courses that are already floating in the market segment.
- Ascertain and rule out the product demand matrix. This states to understand which of the following categories your product falls into:
- the high-end category where prices are high and the takers for it are limited (like a Rolce-Royce car),
- the Golden Goose segment where prices can be high and customers would be plenty too (like an Apple i-phone),
- the Labor of love column where prices are kept low and customers are limited or,
- you would have a Mass Market wherein your prices need to be low as you expect to cater to the maximum (like Mc Donalds)
The above, again, would depend on whether you are a newbie in the segment or you already have a ready audience for your online course and have built a credible reputation for the same or not.
3. The ease and convenience that your online course offers play a significant role in deciding what you can charge your prospective clients. Even though almost everything is available on the internet free of cost, time is pivotal to one and all who understand its value. Hence, if your course provides the required content and lesson plan in a crux, with optimum utility, speed, and convenience of learning, you can charge accordingly. People would be ready to pay because they would evaluate the time spent on it otherwise.
4. Another very important deciding factor for what should be the price of your online course is how much of your valuable time and money you have spent on the tools in designing and creating your course plan. Your online course price should definitely exceed your investment costs, taking into account the profit margin you intend to generate. However, your profit margin would depend on how established and enriching you and your courses are as the creator and marketer.
5. Last but definitely not least, everyone wants their money’s worth to the maximum. Hence, it is extremely important that your courses deliver results, and people find it rewarding and worthy of their time, energy, and money spent on it.
Remember, it takes a good chunk of time and effort to design and deliver an e-learning course, so ascertain your expenditures, weigh your competitors, determine the quality of customers you wish to attract, and all the above-mentioned points in detail before deciding how much to charge for your online course.