Figuring out the right price for your online course is something almost every creator struggles with. When you take a step back and consider the value of your expertise, the effort you’ve put into designing, building the course, and the results it delivers, finding a fair price becomes a lot simpler.
How to price your online course
Step 1: Rethink your pricing strategy
It is common for e-learning content creators to undervalue their courses and play it safe. However, you need to think about the hard work you have already put into the course to get it to the stage of launching. You have thought of the idea, built an audience, and created the content, so that all adds up in value.
Our advice is to have a minimum price of £100. That’s because every topic has an audience, big or small, that is willing to pay to learn more about it and upgrade their skills. Not to mention, an e-Learning course isn’t just information; it’s a shortcut to becoming more professional in your chosen niche. Students may spend months trying to piece together the same knowledge on their own, so you are saving them the time and the effort.
Similarly, your course, whilst it may cover a popular topic, might use a different learning approach, which can be used as the USP when it comes to marketing the course. This could be the teaching style, the interactive elements, or using visual prompts to simplify complex concepts. This is what students are paying for.
Step 2: Make them an offer they can’t say no to
It’s always a great idea to turn your course into an irresistible offer that students won’t want to miss out on.
Pricing tiers
Not every student will need or want everything your course has to offer. Breaking your course down into tiers makes it more accessible to a wider audience while still highlighting the bonus content that can then add extra value. Think about which content will deliver the most impact or the most knowledge, and set that at a price that reflects the educational value.
Payment plans
Another great option is to offer a payment plan. This means that students who want to do your course but can’t afford to drop one big payment can still take part. Smaller, spread-out payments make it more manageable and achievable for more people. You can also set a higher price, or add interest, to those who are paying via a payment plan, so that you still earn what your course is worth.
If you price your course in a way that feels accessible and good value for money, students will want to take part and feel like they are investing in themselves. You want to convince your audience that this is the course they have been searching for.
Step 3: Add value along the way
Adding value as a student makes their way through the course, making them think they are getting extra knowledge or benefits for free. The good thing about this is, adding value doesn’t have to be complicated; it can be small enhancements that make a big difference.
This could be a free, downloadable worksheet or guide that gives them a tool to reference back after they have finished the course. You could host live sessions that allow students to drop in and get real-time support and ask any questions. Scheduling these at different times throughout the day can also help accommodate time zones and busy schedules. Many courses have group chats or private forums where students can connect, ask and answer queries, and build a community among themselves.
Tips for pricing your e-learning course
Charging less usually means earning less. Many people tend to shy away from premium pricing as they fear it can scare away any potential students. However, this can also backfire. A price that is too low can undervalue the time and effort you have put into creating the course and reduce engagement and motivation among students if they haven’t got a lot to lose.
Thinking about the price of the software and equipment you paid for to create the course is a good idea as the price of the course can cover this. It is also important for the price to cover the time you spent developing the course, the value of the knowledge and expertise you are sharing. By packaging the knowledge into a course, you are making it easier and more accessible for someone to learn it. It saves them the time and energy of learning it online themselves.
Start with a strong but fair price that reflects your expertise but also sets the tone for how your content should be perceived. You can always run promotions or sales after you launch the course but it is harder to raise the price once you have advertised a lower number originally. Premium pricing helps students understand the value of what you are offering.
Think about your personal income goals and how much you ideally want to make by launching this course. If you price it too low, you will need more students to take part to achieve these goals. This potentially could then lead to spreading yourself too thin by managing more students. A higher price means you need fewer students to hit your targets faster, and it frees up your time to focus your attention, create the added value aspects, and improve the learning experience.
If a course is on the higher end of the pricing scale, students tend to be more motivated to learn, engage and complete the course as they are making a big investment. If the course is priced too low, you might attract people who aren’t necessarily your ideal target audience. They may be disinterested quickly and not return to complete the course.
How much should you charge for your e-learning course?
Set your income goals
Decide how much you want to make from this course based on what money and time you have already invested and what profit you want to achieve. Based on the price, calculate how many students you will need to enroll to reach your income goal.
Estimate your audience
It’s good to get a rough idea of how many people are likely to purchase your course, whether this is from previous marketing or sending out an email list. By combining your income goals with the number of likely buyers, you can get a realistic estimate of how to piece your course.
E-Learning with Instinct Resourcing
At Instinct, we can help connect you to experience e-learning professionals in the industry who can help with discussing designing, developing and pricing your e-Learning courses.
Whether you need an expert to join your team, partner on a project, or guide your course, contact us, and we can help you find the right person to fit your needs. Similarly, if you are looking for looking for your next opportunity, submit your CV to us.
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