Creating an online course requires you to make a ton of decisions that you had to make throughout the process. From choosing your course topic to the equipment you use, your course title to what requires to be included in your lessons, how to create your content, marketing it and everything else in between. And somewhere in that process, you face the difficult decision of choosing a price for your online course. In fact, out of all the steps involved in the creation and marketing of online courses, pricing the course is one of the decisions that tops the list of the most difficult ones for a course creator.
So, here are 5 key points that you must consider when determining how you should price your online course:
- Keep in mind your competitors
- Test different price points
- Consider the objective of your course
- Consider the credibility and authority in the market
- Quantify the value of the outcome your students can achieve
1. Keep in mind your competitors
You must do a research of your competition to validate the fact that there are people out there who are paying to learn your topic. You could also purchase a competing course to see and set a benchmark for setting the price of your online course.
2. Test different price points
Even though testing different price points is a time-consuming process, it helps you to determine the optimal price for your online tutoring course. Testing different price points to see how they each affect the sales of your online course, can gradually increase the price of your course. When testing different price points, you should start with a low (but not too low) price and then gradually increase it from there. Keep increasing your price until your sales numbers start to show resistance. All else being equal, when that happens you’ll know that you’re approaching the ceiling of what your target market is willing to pay for your course.
3. Consider the objective of your course
Lastly, as you choose a price for your online course, consider the objective you have for your course. The purpose for the creation of online courses can vary from person to person. For example, if the objective of your online teacher training course is to add an additional revenue stream to your business, then quantify your revenue goal and work backward from there.
4. Consider credibility and authority in the market
Think about how much credibility and authority you have in your market. Several factors like recognition by the target audience, good built platforms, specific credentials, and positive testimonials justify the price of your online course.
5. Quantify the value of the outcome your students can achieve
Another method that can come in handy while setting a price, is to quantify the value of the outcome you teach your students to achieve. If you choose to set a price for your online teaching software that is suitable for the students, reflect that. If your course is going to help students save time, show it. By quantifying the value of the outcome, you position the price of your course as a no-brainer.
The Bottom Line
The bottom line is that price tiers give a chance to evaluate and choose what is best. By giving them a choice on your site, they don’t have to choose between you and a competitor. They can choose between you at one price and you at another price. To charge the right price for your online course and bring an improvement to your online tutoring, you can use Winuall, an EdTech company which empowers educators to manage & grow their business digitally online with their own firm name of coaching. Winuall provides an All In One online teaching platform with a Mobile App for Teachers/ Coaching Institutes. It helps them manage all their day-to-day activities digitally & also helps in automating.