How do you price your online course - The CreativeMindClass Blog
In the process of creating an online course, at some point or other, the creator has to address the question of how much do I have to charge for my web-based course.
Pricing for courses is something that must be done in order to determine your online course price brings some level of discomfort. But putting the price tag on your abilities doesn't have to be intimidating.
We took a look at the three most common cost of online classes to help choose the one that suits you best. By the end of this article, you'll be able to decide on the cost of your online course which allows you to sell your courses and launch the online courses with confidence.
Let's jump right in...
- The most important aspects in the pricing of an online course
- What are the prices other creators charge
- How value-based course pricing does the trick
- Estimate the profitability of your online course
- What payment methods do creators offer
- How to price an introductory course?
- What is the best way to charge for a full-length course?
- Enhance the value of your online course
- What are the courses you can offer
- How do you sell the course in the first place fast
- Validate the course value
Two major factors when the pricing of online courses:
- Costs of online courses that are not are available
- The value of the online course
Market prices: What prices do other creators pay.
When deciding on a course cost to market your online course, the very first important thing to do is match your prices to market conditions. That is, look at what other course creators are charging for their online courses.
This is the way creators price their online classes:
- $10-$50 for a first online course or a mini course.
- For just $100 you get a starting point for a full-length online course.
- $200-$350 is a premium price for a high-value online course.
The course creators' online cost range typically extends from a low price tag of just $10 up to a high price of $350. To simplify the process, we'll leave out all courses priced at $0 and those that are greater than $350.
However, before getting into the price ranges, it is important to first discuss the fundamental differences in online course platforms in order to avoid comparing apples with oranges.
When comparing your competitor's prices in the marketplace, the most common mistake is to not look at the placement of courses online. So, it begs for an answer to the fundamental question.
What online course platform uses the course creator for selling an online course on a stand-alone platform or on a platform that is shared?
If you are selling your online course on an individual platform, you must be higher than those you find on other platforms gathering thousands of instructors.
There's no way to know if pricing your products to the same amount for shared platforms would be a good practice for your company, since it's doubtful that you'll get more sales when compared to those platforms.
So this said, if you decide to set your price higher that other course makers on the internet it is important to remain on top of the game. That means you'll need to make sure that you offer something special that will be beneficial to customers.
The price of online courses varies between $10 to $350. But how does it help to understand this? Even though this info might appear unwieldy at present, there's an logical reason for why creators go for such various prices. We'll discuss in the future.
The basic idea, though, is that it's because creators use an value-based pricing strategy for determining the cost of their online courses. Or at least they should be able to do so.
What is the reason for value-based course pricing works
It's possible to put a price tag for the skills and knowledge. Valuation pricing is customer-focused pricing, meaning creators can base the pricing upon the value the consumer thinks a product is worth.
To give you some ideas, if believe that your course is distinctive, valuable online course You can and should, than competitors.
You are probably wondering: "but there are so many courses out there and what makes my course online unique?"
Though this is not the only rule to follow If you're the creator of a course and share what you gained from your experiences, skills and experiences on your own during your life, that makes it an absolute masterpiece. The saying goes, "Be yourself. There's no rivalry in just being yourself."
However, there are some tested methods of increasing online course sales through increasing the online course value, about which we'll discuss later.
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Calculate the profit of your online course
Online training is one of the best business models to the digital-savvy business owner.
An online course that you launch can provide you with a steady stream of earnings and lots of fun. Knowing is power and making yourself an expert in your niche is a smart move within the present knowledge-based society.
Selling online courses can start as a side hustle and eventually let you earn a living, so your pricing strategy must be a good fit for your needs. It all makes sense when it's financially profitable for you and brings the desired benefits to your audience.
We're big fans of lucrative online courses here at CreativeMindClass that's the reason we make it easy for creators to launch their online courses that would bring solid income.
What payment options can creators provide?
Pay online with ease permit users to quickly pay for online courses, which can help lower the barriers to entry.
There are three major online payment methods a creator can get money with:
- Cardholders and credit cards. Visa, Mastercard, Apple Pay, Google Pay, etc.
- Transfers and bank debits. Wire transfer.
- Local payments. Supporting well-known payment methods across the world increases conversion.
We're huge advocates for the use of multiple online payment options - it's why we make it easy for you to offer it to potential clients.
If you decide to use various payment methods in order to bill for our online classes we suggest adding the additional amount of 4% over your online course price.
Payment provider software typically charges between three to five percent for payment transactions, so take into consideration this before making the decision to set the price for your course, so you can ensure that it doesn't harm the base.
In the digital world it is important to remember that you don't need to be restricted to just one payment option. It is unlikely that anything hinders you from going to the world if you can offer your customers multiple payment methods, so it is an ideal way to proceed.
The decision to determine your cost is much more straightforward than you imagine..
We'll analyze three pricing scenarios and discuss how the creators could choose the cost for their online courses.
Do you want to offer online courses in the first place? Start a mini-course for an affordable cost.
If you are new to online classes, you may be more comfortable with an affordable price. an introductory course can be the perfect way to kick start your online classes. It's safe to start low but increase the price with time.
A mini-course is launched summarized in one sentence:
- Mini courses prices: $10-$50
- Time duration: 30 minutes
- Preparation effort: Low
- The perfect choice for For those who are just beginning and for side-hustle creators.
- Extra assets No
Create a mini course
Mini courses are typically an incredibly short video that you are able to sell for a low price. More specifically, a mini course is described as less time-consuming as compared to a longer course as well as lacking extra resources like printables. Therefore, generally speaking the time required to create.
Customers can be happy with a mini course at a low price range of $10-$50. This is also a great way to market your business for side hustle creators who aren't able to devote hours to creating an online class.
But if you spend time on multiple video recording sessions, master editing skills, or spend time preparing your homework and creating printables We suggest you decide on the cost of the course around $100, even if you're taking your first class.
Value-based prices require taking into account the amount of work that you have put into your online training, and if you put in the effort, we recommend reflecting it in your pricing.
Set your baseline price at $100 for a full-length online course. Never lower!
If your dream is to launch a full-length course then we suggest the price range of 100-200 dollars. It doesn't matter if you are creating your first course or already have some experience running online learning.
A full-length training course is launched summarized in one sentence:
- Full-length courses prices: $100-$200
- Time duration: 120-180 minutes
- Preparation effort: Medium
- Perfect for: Beginning creators, experienced designers
- Additional assets: Includes printables
The time you spend recording, editing, and preparing printables needs to pay back. If you are planning to market an entire course for less than $100, you need to ask yourself a question - why? You might find that you don't have a good answer.
It's okay to charge high prices!
The idea of charging high rates, let's say $100 and more may be overwhelming.
So, specifically for creators who wish to offer an additional amount is essential to know the profitability of online course price and the value of the course.
Make your course more valuable by increasing the price of the course. Go ahead and charge $350 to cover a highly-valued course.
If you're looking to invest longer on creating courses as well as preparing other assets it is a good idea to consider creating an online course that is high-value and at high prices.
A high-value course is launched summarized in one sentence:
- High-value courses prices: $200-$350
- Time duration: 120-180 minutes
- Preparation effort: High
- Perfect for: creators that bring an original value
- Additional resources: Includes printables, attachments, and exercises.
Here's how you can boost the quality of your online courses even further:
- Create upgrade material. Provide additional learning resources as part of an upgrade.
- Give feedback. In other words - care if your students actually learn. Become an active part of the learning process.
- Make communities. Get involved in your student's learning process by connecting them with others. This can make your company a leader in the industry.
- Increase the quality of the video production. There is always a place for improvement in your videos, better lighting and sound are crucial to improving the overall quality. It is worth it!
- Become a mentor. Learn by sharing your personal knowledge with your students.
At CreativeMindClass We offer a variety of options to help you improve the worth of your online courses big time and make it possible to sell the best costs.
How many courses do the creators typically offer?
A value-based pricing system assumes that the lower the price that your class is, the lesser time you'll need to put into creating it. This means you could provide multiple mini-courses for $20 or one high-value course at $350. What is the amount you need to work to earn $1000 from your online course?
It is generally accepted that the cheaper the course is, you need to persuade more people to purchase the course, which means you must need to be more aggressive in promoting it The higher price is that you have to persuade fewer people, so it is less work to promotion.
The low cost of courses come with their own challenges in general, they're not a sustainable business option for a creator. The earlier you raise your course prices, the better the general viability of your business online.
Make the first sale immediately if you can.
If you've ever attempted to market something and you've heard about the feeling of hearing "no" is quite common, and well, it can be painful at first. However, you may also be aware that a business owner becomes immune to hearing "no" quite fast. After some time and a while, you'll hear "yeses" and sales begin to come in, making everything sweet and worthy.
It is likely that you will hear the initial "yes" and you can make the first sale around two or four weeks following the introduction of your course, with the intention and regular promotional campaign. To make your first sale the earliest possible time it is possible to pre-sell your online course.
Pre-sell How do you sell your very first online course quickly.
- You can pre-sell your online course. In principle, pre-selling allows you to start advertising your course prior to the course is created.
- Provide a significant reduction. You're offering your customers an idea, an idea of your web-based course in exchange for an special discount.
- Get in touch with customers early on. If you are able to pre-sell your online course, you don't only get paid upfront but you also stay in contact with customers, creating leads that you can use in the future.
Pre-selling an online course is a step course designers make to guarantee the success of an online course that is full length. The earned money could be invested to, say, the gear needed to create your course.
Later on, you'll be able to sell your course at fully-priced price, making it a tempting offer for early students to jump on.
Validate the value of your course to your target viewers
Once you have decided on the price of your online course, the best method of proving the worth of the course is to talk to the people who will be attending or convince them to purchase it.
Talking to your audience on social media about your online course could do amazing things.
Feedback is valuable about your online course ideas course curriculum to improve its quality. There is a wealth of information and have a chance to keep your course interesting to your clients with regular news leading up to your online course's launch.
Is premium pricing for everyone?
It's the truth:
Making sure that your course's price is in a high-end range is something that everyone would like to achieve, however there are only a handful of people who will. It would help if you felt comfortable with the cost of your course because, after all, you are the one that will promote it.
Promotions that are regular can boost sales. However, premium prices could lower it.
If the value that is perceived by an online course and the price match is equal, you've hit the sweet place. It's good to know that they are both in your power zone.
Pick the best price for you and reflects the value of your course.
If you can only take away only one item...
If you're looking to learn only one thing away about the cost of an online course this is the best advice we can offer.
Make a complete course that you can price at just 100 dollars. Then, think creative in the ways you increase the value of your online course . You can also choose a price that is premium of $250. If you don't feel confident enough about launching a full length course, do not worry; you can launch a mini course and price it at just $20.
You can launch your miniature course, or a complete course, or a high-value course at CreativeMindClass.
You can see that improving the quality of the online courses you take is an opportunity to increase the value of the course, and therefore it's worth spending time on.
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