What is the best way to price an online Course -
The content is ready, the promotions are prepared, and the last item to be checked off your list prior to launch is how to set the price for an online course in a way that leads people would sign up. Pricing is one of the most difficult aspects of launching the course on your own because it is a balance of finding the perfect balance of providing value to your target audience at a price they're willing to pay.
A well-planned online course and pricing could aid a content creator in making transition from a part-time job to full-time employment. Online courses that are well-designed can generate revenue and even sponsorships for your site or company.
Ready to get started? Here are some considerations for pricing you should consider before starting a new course online.
Prices Online for Courses Starts with the Types of Courses
Expert in online courses Sarah Cordiner claims that all material falls into one of five types of online courses. Of course, the course of course you're thinking to create can correlate to value and pricing methods. It is crucial for creators of content to think about this as they develop online classes.
- Lead Magnet Mini-Course: Generally, this is an unpaid and brief online course designed to get students attracted to more content. This mini-course could serve as the initial lesson in a more comprehensive paid course which serves as a marketing lead.
- Kickstarter Course: The courses serve as an entry point for creators of content into course development. They can be similar to your other work, such as a how-to blog series, but in a different format. They are usually inexpensive (less than $100) and aren't lengthy in time (can take anywhere from a couple of minutes or an hour) They are also great for those who already have followers and credibility.
- Authority Flagship Course: If you're thinking of online training that you can take, the Authority Flagship Model is probably the first thought that pops into your head. The courses have an established instructor that's got plenty of credibility in their field, costing moderately ($100 to $3,000) as well as include repeated sessions or logins (lasting about one hour each for a period of several weeks). The courses contain information isn't available from other sources, including a tutorial or in-depth explainer of a topic.
- Supportive Coach-Lead course: The content could be comparable to an Authority Flagship Course, but the method of delivery differs. They are designed to be study on your own and independently and not mass studying with a touchpoint with the instructor. Online courses that are priced higher ($500 and above) and include multiple classes and one-on-one meetings, and ample information that will help you achieve your goals individually.
- Membership or online Academy Class: This group class includes multiple classes in a series that build on one another. Students might participate in different classes to earn credential or certificates. Pricing is not only than the price of a specific course but for the module as an entire, it is based on a subscription system ($10 to $100 per month).
Whatever method of online learning you decide to use it is important to conduct your research to make sure you are developing an online course that students are likely to want to learn about. The process begins with research, audience understanding marketing, as well as the development of content.
4 Pricing Modells for Online Courses
Once you have developed a course and have decided on the kind of classes you'll provide, it's time to really think about how to price. There are four true tiers of pricing for online courses that are free, basic, and premium.
Free classes
Baseline courses
Basic courses are able to reach a broad audience with content that appeals to many people at an economical cost. These courses should be quick to develop, and not require massive time commitments for participants, as well as include information or topics which are in depth, yet does not get too technical. They could lead to many sign-ups, but with low participation because of their low risk price.
"When you provide an offer for a complimentary class, the completion rate could be as low as single digits. When you charge for the same class, the average completion rate could be between 30% or 40 percent. The more you charge for a course, the more participants actually finish it," said Ankur Nagpal, founder and CEO of Teachable.
Premium courses
Premium online courses are the goal for most authors when thinking about pricing strategy. The courses that are premium have the best prices, but they must also provide quality material at the same. Content must be distinctive or have a well-respected instructor or have something you can't get anywhere else to justify the price point.
Imagine a top online class as comparable to a higher-level university course or taught by a "celebrity" through the form of a masterclass. These courses won't garner more sign-ups than baseline classes, but they often boast high participation and engagement rates.
Subscription model
Subscription model courses offer membership option for customers to pay. These can take the form of daily, monthly, weekly or even annual subscriptions. Once a member, your client has access to your gated content.
Online Course Pricing Strategy
One of the most effective methods to price online courses is from Online Course Igniter..
This begins with a bit of audience research so that you can determine how many potential customers could potentially be interested in your online course. This audience could change for each new course, based on the course's content.
You'll then need to consider the amount of money you'd like or need to make from the course. Do you have costs that you need to cover to break even? Do you have a set goal for income from each online course?
Then you are going to go deep into your analytics for your target audience. You likely have an email list and a following on social media, a landing page, or another way to gather and communicate with the people who are attracted to your posts. What you need to determine is how interested they are in order to determine an average conversion rate for that group of people.
Then you can plug all the details into the fundamental formula to establish the price and income:
Revenue = Audience Size Conversion Rate x Price
Don't forget to subtract any costs from revenue in order to calculate the actual profits on the online courses that you develop.
The last element in pricing strategy is ensuring that course content aligns with the cost. It's not reasonable to expect someone to fork out $1,000 to get an hour of education. Thinking about pricing models and perceived value will help you determine a price strategy that works for your customer base.
How Much should you charge for an online course?
All of it comes back to the fundamental question: How much should you charge for an online course?
If you think about the type of course price models, course type, and then a full pricing plan, the solution might be more clear than you think. (You ought to at the very least reduce it down to a specific range.)
Then you are ready to start your course online. This will assist you in transforming your course content into a great user experience that people would like to engage in. This online platform for courses is designed by the experts of e-learning and comes with all the features needed to build courses that are highly sought-after.
gives you control over your entire process, which includes pricing structures and the option to provide the possibility of upselling. Sign Up for a Demo Today