Struggling with how to price your online course? You’re in good company. It’s a struggle all online business owners face, and one that can even cause you to put off launching your product—maybe indefinitely.
Sound familiar? These pricing strategies will help:
How much do you want to earn?
Here’s the most basic idea: how much money do you want to make on your course sales? Take into consideration:
- Your time investment: How many hours did you spend planning and creating your course?
- Your monetary investment: Did you pay writers, editors, developers or others to create your course?
- The cost of sales: What percentage of each sale will go to pay your payment processor, affiliates or other partners?
- Projected sales: How many individual units can you reasonably expect to sell?
With all that in mind, it’s easier to calculate the cost of your course.
What is the return on investment?
Beyond how much you expect to earn from course sales, it’s important to consider they value of it to your customer. In other words, how much does your buyer stand to earn from her access to it? For example, if your students routinely increase their income by $2,000 every month thanks to your training, then it’s more than reasonable to charge $4,000 or more for your course. After all, action takers will earn back many times their investment.
How committed are your buyers?
Or more accurately, how committed do you want them to be? Generally speaking, the higher the price point, the more invested a buyer will be in:
- Seeing the course through to the end
- Taking action on the material
This means that they’re also more likely to realize the results you promise, which leads to a better return on their investment. If you have the value and the case studies to prove a solid return, it’s reasonable to price your course higher to encourage commitment on your buyers’ part.
How exclusive is the content?
You might think that there is nothing you can teach that hasn’t already been done before—many, many times.
But there’s plenty that can make your course stand out from the crowd:
- Present the content in an unexpected way
- Use design elements such as cover art, charts, and other graphics
- Include worksheets, checklists, and other step-by-step help
In the end though, deciding on a price for your course might come down to simply following your intuition. After all, you know your audience—and your content—best. Don’t overthink it, and don’t use pricing as an excuse not to launch.
P.S. Still feeling stuck on your pricing? I would be happy to chat with you and help you realize the value of your course and find a price that you will feel confident about. Schedule a Strategy Call with me at www.traceyteaches.biz/strategy.