“The only way around is through.”
– Robert Frost
When you first start pricing your digital course, it’ll be tempting to go in low because you may not feel confident about charging a more premium price. Don’t fall into the trap of believing that just because you are selling your knowledge online that it’s not worth much. Your knowledge, skills and expertise are of incredible value and as such, should be charged accordingly. If you charge a low price for your online course, students may feel as though there isn’t much value in what you are offering because the price is so low.
Never compromise what you have by selling it for a low price, you never want to be the cheapest on the market. Yes, it can be tempting to go in low but it would be a mistake. You will attract customers who are just looking for cheap options and not value. It will also affect how people see you and what you bring to the market too.
So if you are thinking about how to price your online course, I am going to share 3 tips to make this a little easier for you…
Tip 1: Get to know your student and the challenges
My first tip is all about understanding your students and the challenges that they are currently experiencing.
The more you get to know your students and what they are struggling with, the better your course will be because you can then create a course that supports them in an effective way. As course creators, our job is to provide a solution of some kind that will help to enhance our students’ lives in some way. It doesn’t have to be a massive transformation but it does need to provide them with something that helps them to solve a problem. Never make assumptions, do your research and invest time getting to know the people you want to support.
Tip 2: It’s all about the transformation
My second tip is about getting really clear on the transformation that you will be providing.
Students are not buying your course because they just want to take it, they are buying it with intent. The clearer you can be on the transformation that your course provides, the easier it will be for you to sell and charge more for. People are often willing to pay more for courses that offer career advancement or help with personal fulfillment.
Tip 3: Know your financial goals
My third tip is about getting clear on your financial goals and what money you need to make in your business.
Consider how much time your online course has taken to create. Think about your hourly rate and then work out what the time you have spent on your course is worth. If you are pricing your course at £197.00 then you only need to sell 5 to recoup your time. By knowing this, you’ll be able to make more conscious decisions about what you charge for your online courses.
When you are pricing your online course I also want you to consider how much time you are saving your student by them taking your course. Time is so incredibly precious, we can always make more money but you can’t always get more time back. Think of your course in that way as well as making quality training available to them in a convenient and easy-to-digest way.
If you are still unsure about what you charge for your online course then consider playing around with various price points. There is no one price fits all for online courses as there are too many factors to consider. The best strategy is to start low and then gradually increase your price until you feel that you’ve reached a ceiling. By taking this approach you can then see what works and what doesn’t.