HOW TO PRICE A COURSE
How much should I price my online course?
This is one of the most common questions every course creator asks herself. Finding that sweet spot where your course price can maximize your profits seems like an elusive quest!
To do this, however, you will need to balance the value of your course based on quality, expectations, competition and your revenue goals.
Pricing an online course is incredibly important and for a good reason. It communicates your value, it affects the profitability of your course, your customers and the quality of your work. Pricing it too high may result in people not buying from you. Pricing it too low and you won’t be making a profit.
This though varies depending on the industry, market sales, and the amount of your own expenses – both timely and financial. Whatever the case, you should know this:‘Your course is worth much more than you give it credit for. An online training course is the amalgam of your work and life experiences, years of learning and education.’
Despite the fact, that you are not giving out any physical product, you are providing a service for someone and you share your knowledge, which is a highly valued commodity.
To get this right, there are a few factors you need to consider:
a) Course Length: think about how long is your course and how much time and effort you put into it to create it.
b) Competition: if there are other courses offering the same classes as you, are your customers comparing you with them? Should you price low to get more people, or price high and offer more value?
c) Value of the Outcome: what is the purpose of the course and how will you educate your students? Think of the transformation element. How much are you changing the life of someone attending your course? Is it a small or large improvement?
d) Brand, Credibility, and Authority: how powerful is your brand and how credible it is to your audience. Think about how others view your company, how much they trust and respect your authority on the subject.
e) Creating income goals: having an income goal in place helps to calculate total earnings. How much are you looking into getting out of this? Be realistic with your expectations, but don’t undervalue yourself.
f) Setting up a pricing strategy: having a financial plan in place helps to set up goals and expectations.
Generally, there are two pricing models you can use – one time or recurring. The first allows students to pay upfront payment or in installments in order to access your course. The second is the most profitable for online instructors and students pay for it on a regular basis e.g. weekly or monthly.
Perhaps the most important part of pricing your courses though, is deciding upon a pricing strategy. Introducing pricing tiers can help accommodate the varying needs of your customers.
Pricing Tiers for Courses
Offering a free course can work for your benefit as it can generate leads for expensive courses or a way to showcase your expertise. Don’t forget, it is the first point of contact to create rapport. We all love good communication, creating relationships and this sense of familiarity is what will help you sell more courses.
Free courses can also get you fresh warm leads you can upsell too. On top of that, offering a free mini-course before your official course launch, for example, can work during a pre-launch, giving out a free course can give the chance to potential customers to review the course and decide whether they want to go full access and pay for more.
Other cases when you should give out a course for free:
- When your goal is generating leads.
- When you want to attract new customers.
- When you want to give out a bonus as part of another purchase.
- When you have a testing period.
2Basic One-Off Payments
Having a set pricing strategy with full access to the course upon payment, is the simplest and straightforward way to offer an online course.
Students then know what to expect and it is simple for instructors to communicate the value and offer discounts at a later stage.
With subscriptions, you offer your students more payment options and you ensure that you get a monthly/weekly recurring income that you can rely on.
Subscriptions also include membership site models, providing gated content that gives access only to subscribers. Instead of selling one-off online courses for example, you allow your students, clients or fans to keep an active (paid) subscription in exchange for accessing offers, deals and a community they can network.
Membership sites work well with subscriptions and they have different levels of access to suit different preferences.
For the premium course. you can charge your customers more and consider using payment plans (installments) where you can either pay once or pay for up to six months or yearly. You can go premium when you offer exclusive content or more extended course offering more features or an advantaged course e.g. towards winning a certification in the medical field, etc.
You can get more information on pricing in how to price online courses article which goes much deeper into the subject.
THE STRUCTURE OF A SUCCESSFUL TITLE
A great course always starts with an awesome title. If this is not written anywhere else, then we should write it down as a no.1 rule. The title is the headline of the course, and it’s probably the most important element it contains.
Well, a good title can make all the difference when selling a course, but an awesome one will carry you much further. Ultimately, the title of your course reflects the name of your brand, your work or training, and can potentially describe you as the best-selling trainer in your field.
Also, every title determines whether a potential learner will click on the course or not. A winning course title has to be able to catch someone’s attention, encourage someone to click and work well for SEO purposes so that it shows up on Google Results.
Other than that, these are some great advantages that a popular course or training title offers:
- Brand Recognition
- Learning Objectives & Expectations
Coming up with an effective title is pretty easy as you can start working on it within minutes. However, if you need help, the following formula can help you create yours:
Use popular search queries: conduct your search on Google and see what comes up in terms of keywords, phrases (shown at the bottom of the Google page and the number of times they appear in results).
Specify your audience: make sure you know who you are addressing here. Obviously, your whole course is dedicated to a specific group of people. Think about what are their characteristics and what do they expect to see in your course.
Keep it short and simple: a title doesn’t have to be too long to make a point. On the contrary, short and straight-forward ones that can explain what the course is all about can do the trick better.
You can find the most successful formulas on writing a course title in our relevant blog-post, but, here are some examples to help you get started:
How To [____] in
How To Rock [____]
How To Make A Strong [____]
How To Create [____] That Gets [____]
How [____] Boost Your [____]
The Dummies Guide to [_____]
The Expert’s Guide to [_____]
A Complete Guide To ]____]
Ultimate Guide: [____]
The Secrets of [Your Topic]
[Your Topic] Revealed
[Your Topic] 101
[Result/Goal] in [Amount of Steps]
All of these course title examples have something different to say and their ‘message’ can get across your audience through a unique way. Whether students will become interested in it or not, depends on their individual needs first and firstmost. However, it also comes down to how you will structure it, and how you will position it in the right context so that it works well with your online school and what you need your brand to project.CHAPTER 5
A SUCCESSFUL COURSE SALES PAGE
This is the page that will sell your course, by persuading the visitors of its value. It has to describe your course, show its value and pushes them into taking action.
The sales page also includes a series of call-to-action points that are placed through the page and encourage site visitors to complete specific steps that guide them towards action. These CTAs help to drive more people through the sales funnel, bringing them closer to buying your courses, which is also the main purpose of the landing page.
Most straightforward sales pages will push towards buying, other sales funnel might include lead captures, watching a video first or pre-registering to a course.
Depending on what you are after, you can choose what sales page you want to use. There are a few types of sales pages that have basic differences:
- Lead generation pages: most common type used for B2B marketing, known as ‘lead gen’ or ‘lead capture pages’ that uses CTAs to collect lead data such as names, phone numbers and email addresses.
- Click-through sales page: sales page that has a simple button as the call-to-action point.
AHow to Create a Sales Page
A sales page requires two things, the copy and the design. To write the perfect copy, you will need to understand your audience, what they are looking for and how to convince them. We will be going through that below.
For the design, LearnWorlds’ pages builder provides ready-made, beautiful landing-page templates that are easily customizable. No need for technical headaches or looking for a web designer to make your landing page.
Before you can go out and write your copy, you will need to answer the following three but basic questions about your course:
Who is this course for?
Identifying your audience is key to writing an effective copy and targeting the right people who are potentially interested in your course.
Answering to this question will force you to think of your ‘Customer Persona’ which can be a powerful instrument in your marketing efforts. A customer profile includes a collection of characteristics, demographics, attitudes and behaviors that create a fictional “average” character for a group of your audience.
Using your customer persona effectively requires that you ask yourself the following:
- How to find/approach my audience?
- What should I write?
- Would this page make sense for my audience?
- Would someone buy my course?
- If yes, how much are they willing/able to pay?
Once you answer these questions, go back to the customer persona you created and see it as a real person (naming your persona can help). So for example, would ‘Mike’ or ‘Sarah’ buy my course or understand this page? If the answer is yes, then you are going the right way, if it is a no, then you will have to rethink on how to talk to them.
What does it help them do?
Next, think about what kind of solution you are aiming to provide to your customers. The more details you give out on it, the better it is for them to understand what kind of services you are offering.
At this point, it is important to articulate clearly what results your course can help your audience achieve. For example, by taking this course, you will learn how to manage your time better and become more productive in your work and life achieving greater balance’.
Why is this course beneficial for them?
Your marketing message should make sense to your site visitors and need to answer why should it matter to take on the specific course. What you include in your sales page needs to be made appropriate to them, including subjects of interest for your potential customers (such as emails, blog posts, online courses and more). This should help you list all the benefits students can get out from it and place these as part of your content strategy plan.
A very good example of a home page created with LearnWorlds by Raincatcher’s Sell By Owner, coming up with a catchy headline, introducing the whole concept with a short video and customer testimonials to reinforce their image.