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The price of your course has a direct impact on virtually every aspect of your online teaching business – from the type of marketing you can do to promote your course, to the type of students your course attracts, the amount of support and attention you can provide to your students, and of course, the amount of revenue you can generate from your course sales.
Charge too little, and you erode the perceived value of your course, severely limiting your revenue potential and marketing abilities in the process.
Charge too much, and you’ll likely have to reduce your price in order to get some sales.
In this video, I will twll you the 3 biggest strategies to price your online course and the factors to consider while pricing.
Before we understand the pricing strategies, let us first understand the factors affecting the price of your course.
1. Time and expertise
2. Cost of making the course
3. Impact of your course on your learners
4. Type of content
5. Private group for course students
6. Completion certificate
Let me now tell you the 3 most effective pricing strategies.
First, offering your course at a price lower than your competitors
While offering your course at a very low price can degrade your course’s perceived value, it can help you sell your courses under certain circumstances. These situations include - pricing your course low during pre-launch testing period or if there is a deadline before the price increase.
Another pricing method could be tiered pricing – Tiered pricing is alternative to lowering your price. The basic price may include the course alone. But with each pricing tier, you can add bonus content or additional resources.
You can even give out your course for free if your goal is to generate leads, on-board new customers or offer bonus resources in another purchase.
The second strategy is to go for premium pricing. You can charge your learners a higher price by providing them an offer that they can’t refuse. If you’re worried that people won’t be able to afford your course, instead have installments – Offering 3 monthly payments that are more attractive than a one-time payment. With this strategy, you can offer a discount to students who opt for full payment. The ability to pay in installments will boost your sales and installments will motivate students.
The third startegy is to work out your business numbers. You can work backwards from your goals to decide a price point for your course. A profitable price point would be the one in which you add all the costs, investments and your profit margin and price your course. You can even fix your income goals and price your course accordingly. For example, if your income goal is 10,000 dollars, you can either price it at 1000 dollars with 10 sales or 500 dollars at 20 sales depending upon how many sales you think you can make. For this, you will have to analyse and project sales depending on the size of your audience and the past conversion rates. Let’s say if you have a large and loyal audience, you may want to drop your price to target more people but if your course is for a smaller niche, you can charge a premium and take in fewer students.
Pro-Tip:
Holiday discounts and festival discounts work well, it helps you drop your cost and see the response of your audience directly. Creating surveys, asking for feedback, and groups are great platforms to ask your customers what they think of your course.
With this method, you can understand how to price your online course. Whichever price you decide to go for your course, always consider your time involve in learning, time is taken to build your brand, and the marketing funds you have invested. We suggest you test your price repeatedly to find the perfect balance.
I hope now you have a clear vision of how to price your online course. No matter what your course topic is, you should be able to find your potential clients when you have a well-planned and good strategy in place. Hence, make sure that you are leveraging this powerful mechanism effortlessly to sell your online course.
When you have worked hard to provide valuable and interesting content, why worry about how your course will perform. Just launch your offer and use Graphy to sell your online courses. Graphy provides all the tools to help you price the course the way you want to, may it one time pricing, subscription, discounts or offers.
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