With the growth and development in science and technology, our education system has evolved a lot. Leaving behind the conventional methods of teaching, online course platforms are increasing rapidly. With the better flexibility, convenience, comfort, and cost-effectiveness provided, online education is the new preference of educators.
Due to these benefits offered, there is tough competition going on in the learning sector. For selling courses effectively, setting an ideal price or fee amount is very important. Different factors need to be considered for deciding on the right price for one’s online course. Let us discuss some steps that can be followed to price an online course correctly.
Factors deciding the course price
- The type of content
The type of content and the academic services that you will provide your students is the main factor to decide the course price. The better the quality of study material, the higher the price. Including different assets such as videos, audios, quizzes, recorded lectures, books, and question banks should increase the charges of your course purchase.
- Your time and effort
An online course should not only be charged based on its study material, videos, and audio. The time you spend in planning, creating an online course, collaboration and marketing hold value too. Also, the experience that you hold in the teaching field should decide the course price. Time, effort, and experience are the three main factors that should be consistent in this price-deciding process.
- Marketing cost
Different marketing strategies are followed for online course promotion. Making a promotional video, going for paid ads, influencer collaboration, and more, all take a decent amount of investment. So while deciding the price of your online course, including the marketing cost is important.
Steps to price an online course
- Quality matters not quantity
Many online course creators think to make a lengthy and extremely detailed course to charge higher from the customers. However, no student likes to step into a course that is highly time-consuming, and lengthy. The quality of the study material, and how effective the live sessions with the teachers will be are the main criteria to be considered for the right pricing of your online course. If a course can be completed in twelve weeks don’t make it twenty-four weeks unnecessarily. This won’t help you to generate a good amount of income. So make sure to charge a price based on the quality of your content and not its length and duration.
- Check your competitors
To set an ideal price for your online course, researching well about your competitors is very important. You should have a look at how much they are charging for what academic services. See the similarities in your courses and look for the solutions by which you can make your course unique and more effective for learners. This will help you in selling courses at a price which gives profits in return. See which course is the most purchased one and why. What is in demand by the target audience, make sure to include it in your course.
- Make sure to earn the marketing investments made
When the market rate is going low or tough competition is going on in the e-learning field, generating higher profits becomes challenging. But this doesn’t mean that you have to sell your course at a rate that incurred losses. At least how much you have invested in marketing and paid promotion should be generated. If one sells a course at a very low price, this leads to losses and even reduces its effectiveness. Have patience, and practice the right financial strategies to earn at least how much you invested in all cases. Your online course-making cost should remain intact in sales.
- Offer options for payments
Selling courses at cheaper rates can devalue it. Instead of reducing your profits, you can give payment options to potential customers. For example, instead of taking a bulk of payments together, taking fees in installments is advisable. For better course selling, this strategy will surely work. You can give scholarships, discounts, or take fees in installments. This way, a majority of learners will be able to afford and enroll in your course respectively.
Conclusion
With the advancements in the educational field, online teaching platforms are rapidly expanding. By following the above-mentioned tips, one can set the right price for their online course. This will help online course creators to generate high sales and profits.