What is the best way to price an online Course -
It's all done. Promotions are in place to go, and the final item to be checked off your list prior to launch is how you price your online course so that people will sign up. Pricing is among the trickiest elements of launching a new course online since it's a matter of finding that sweet spot of providing value to your target audience at a price they're willing to be willing to pay.
Appropriate online course building and pricing will help a content creator make transition from a part-time gig to full-time work. Well-developed online courses can drive revenues and possibly even sponsoring your site or company.
Ready to get started? Here are some pricing considerations to consider prior to starting a new course online.
Pricing Online Courses begin with Course Types
Online course specialist Sarah Cordiner claims that all material is categorized into five categories of online course. Naturally, the kind of course you plan to offer can correlate to value and pricing strategy. It is crucial for creators of content to keep this in mind while creating online courses.
- Lead Magnet Mini-Course Generally, this is a free and short online course to help get users attracted to more content. This mini-course could serve as the initial lesson in the more extensive course which serves as a lead in marketing.
- The Kickstarter course: The courses serve as an entry point for creators of content to develop courses. These online courses might mimic the content you've created like a tutorial blog post series, with a different style. These courses are often low-priced (less than $100) They are also not long in time (can run from short amount of time to be completed in a) they are great for authors who are popular and have followers.
- Authority Flagship Course: When you think of online training, the Authority Flagship Model is probably what comes to mind first. The courses have an experienced instructor who has plenty of trustworthiness in their field. They are moderately priced ($100 to $3000) they also include repeat sessions or logins (lasting around one hour over several weeks). The courses contain information you can't get from other sources, including an in-depth tutorial or a thorough explanation of a topic.
- Supportive Coach-Lead Course: The contents might be similar to that of the Authority Flagship Course, but the method of delivery differs. They are designed to be self-study and independent and not mass learning with touchpoints with the instructor. These online courses are higher-priced ($500 and up) and include multiple classes as well as one-on-one sessions, with plenty of information that will help you achieve your goals individually.
- Membership or Online Academy Class: This group class has multiple classes in a series which build upon one another. Students might participate in different tracks to earn credentials or certifications. The pricing strategy is less in relation to the expense of a specific course but for the module as an entire, it is based on a subscription model ($10 to $100 monthly).
Whichever method of online learning you decide to use, you need to make sure you do your research to ensure you are developing an online course that students are likely to want to learn about. It starts by conducting research, gaining an understanding of your audience marketing, creation of content.
4 Pricing Modells for Online Instruction
Once you have developed a course and know what type of classes you'll provide then it's time to start thinking about pricing. There are 4 distinct levels of online course pricing: free, baseline and premium.
Free classes
Baseline courses
The basic courses can reach a large public with content that is appealing to lots of users at a low cost. The courses must be easy to create, not involve large time commitments from participants as well as include information or topics that goes in-depth, but doesn't get overly technical. These courses may result in lots of registrations but little participation due to the cost-effectiveness and low risk.
"When you provide an offer for a complimentary class, the completion rate can be in the low single-digits. If you are charging for similar courses, your completion rate can be 30- 40 percent. The higher you price the course, the more participants actually finish it," said Ankur Nagpal, founder and CEO of Teachable.
Premium courses
The premium online course is the main goal of most creators of content when contemplating pricing strategies. They are the most expensive courses available at prices, but they must also provide quality information at the same time. The course material should be original, have a well-known instructor, or be something that you can't get anywhere else in order to justify the cost.
Consider a high-quality online class as comparable to a higher-level university learning experience, or taught by an instructor who is a "celebrity" through the form of a masterclass. They won't get more sign-ups than baseline courses but often have an impressive participation rate and high engagement.
Model of subscription
Subscription-based model courses provide membership option for customers to pay. This can be in the form of daily, monthly, weekly, or even annual subscriptions. Once a member, your customer gets access to the content you have locked.
Online Price Strategy for Courses
One of the most effective strategies for pricing online courses is from Online Course Igniter..
This begins with a bit of study of the audience to are aware of the number of people who could potentially be interested in the online course. It is possible that this audience will change with every new course, depending on the subject matter.
You'll then need to consider how much money you want or will earn out of the program. Do you have costs that have to be covered in order to make a profit? Have you established a goal for income from each course?
In the next step, you'll take a deep dive into your audience analytics. You probably have an email list or a social media follower, landing page, or another method to collect and interact with the people who might be interested in your content. The thing you must determine what level of engagement they're having to come up with an average conversion rate of that audience.
You can then plug in all of the information into the formula that will establish the price and income:
Revenue = Size of the Audience Conversion Rate
Don't forget to subtract any costs from revenue to determine actual profit on the online courses you design.
The last element in pricing is making sure that the course's content is compatible with the pricing. It's not reasonable to expect someone to shell out $1,000 for just 10 minutes of knowledge. Thinking about pricing models and perception of value can help determine a price strategy which is suitable for your client base.
What Do You Need to Charge to Offer an Online Course?
So, it all comes back to the fundamental problem: What is the appropriate amount you be charging for online courses?
When you consider course types price models, course type, and finally, a comprehensive pricing strategy the answer may be more clear than you think. (You must at a minimum narrow it to a range quickly.)
Then you are ready to launch your course online. will help you convert the content of your course into a great user experience that people would like to engage in. The platform that hosts online courses was developed by experts in e-learning and comes with all the features that you require to design courses that are highly sought-after.
gives you control over the whole process, including pricing models and the ability to sell upsells. Sign Up for a Demo Today