When it comes to pricing of your online course, do you go high or low?
Charge too little, and you come across as selling something of no value or inferior. Charge too much and you risk not making any money or worse yet, being labelled as pricey!
In his Blog Blueprint 2.0, Yaro Starak states that …”price is relative to value and encourages his readers to charge what you’re worth.”
Of course, the important word here is VALUE.
You’ve got to be delivering useful and informative content in your online course.
A common fear everyone has is that your online course won’t sell. You fear that if you charge too much, no one will buy your course and you’ll have wasted all your time and effort for nothing.
So how can you figure out what to charge?
#1 Speak to your audience
There’s never been an easier way to sell a product than to an audience that already know, like and trust you.
As cliche as that may sound, it’s totally true.
If you have an audience or following, start talking to them about your course idea. You don’t have to be super direct, just casually ask specific questions to help you pinpoint the exact course they’re looking for and find out what they’re willing to pay. Your customers will all have differing opinions on the value of your course and its those very opinions that will influence them to buy your course. Validation is what you’re after.
By communicating regularly with your audience, you’re able to gauge interest and you’re more likely to pre-sell your course idea.
#2 Check out the competition
But don’t just stop there, research your competition too. Trust me you’re not the first one to think of your course idea! Bear in mind that an expert or famous blogger selling the same course as you, is naturally going to be selling at a higher price point than you.
Find others selling similar courses on Udemy or other platforms? Check out their pricing and marketing strategies? It’s called competitor analysis…and it’s a pretty old but useful strategy.
Consider the success of your competitors, read user reviews and testimonials to check their satisfaction levels.
#3 Create an entry level course
I often advise clients to create a base (smaller) course to test the waters. Pick a topic that’s popular with your audience and that you can create quickly and easily. By keeping your first course small, it’ll be a quick win and you’ll feel inspired.
On the other hand, if you want to create a signature or premium course that’s ok too. The key here is to pre-sell your course to your audience before you start building it. This way, you can take orders so to speak and it’ll also validate your course idea.
But if you don’t want to pre-sell and I know many of you don’t, then
#4 Set a lowish price point
If this is your first entry level course, then a price on the lower end of the scale is not going to harm your business or your reputation.
And if you don’t have a huge following or a tribe gagging for your course…let’s face it…it’s going to be a lot more difficult to charge a high price point.
#5 Review your sales & feedback
So be fearless and launch your course. It’s the only way to truly know how successful your course is going to be.
Once you’ve made a decent number of sales and received positive feedback on your course, it may be time to consider increasing your prices.
#6 Markup your price
There’s no reason why you can’t continue to increase your prices until you’re happy. You can improve your content, add additional modules or lessons along the way. As long as customers are buying and finding value from your products, what’s to stop you?