How To Price Your Online Course

Trying to decide how to price your online course can be one of the most frustrating parts of the online course process. It’s confusing.

If you put it to high, people won’t buy. The same goes for if you put it to low. People will be suspect of the value of a course that is priced to low.

Online Course Value

As we all know, people buy with emotion.

You have to keep that in mind when you are deciding how to price your course.

What emotion is tied to the purchase of your course and how strong is that emotion for driving sales?

One way emotion can effect the way you price your course is perceived value.

How much value is your student going to get out of this course and can you covey that in the right way in your marketing.

How To Price Your Online Course Pin

Example: You created a course on home flipping.
This can be a lucrative business.

There is a lot of money to be made in house flipping, but this is your first course and you want people to take it so you can get feedback and refine it later. So you price it at $49.

When your potential student is looking around and finds your course for $49 while most other courses in your niche are around $2000, they wonder why yours is so low. What is wrong with it, they ask.

This is the perceived value of your online course based on the market. Researching other online courses in your niche can help you not to price your online course to low.

Setting Financial Goals

Financial goals should be the first thing you consider when you are pricing your online course.

What is your financial goal?

How much do you have to make for it to be worth all the time and money your poured into creating your course?

Setting a financial goal for your course will help you set the price. Figuring out the cost of making your course will be the first number you need.

You may come back with, it cost me nothing because I did it all myself. Wrong. You invested your time. That was time you could have been getting paid to do what you do.

If you are a coach and you make $100 an hour coaching clients, yet you spent 30 hours working on your course, you just invested $3000 in making your course.

See what I am getting at here?

Online Course Goal Setting

The Cost Of Creating An Online Course

Figure out how much it will cost you to make your course including the time that you invested at your normal hourly rate. You can then use that to set your goal.

Don’t forget the cost of marketing, taxes you have to pay and any other expenses that may come up like software and gear.

If you hire help like a video editor, virtual assistant or sales copywriter, that cost needs to be figured in as well.

Now that you have that amount for the total estimated cost, you need to figure out at what price you have to sell to cover the cost and be worth your time. Set your goal based on those numbers.

Example: Your goal is to make a total $10,000 on your course.

  • You need to sell 5 courses at $2000
  • You need to sell 10 courses at $1000
  • You need to sell 25 courses at $400
  • You need to sell 200 courses at $50

As the number of sales you need goes up, you are going to have to get more leads to sell to.

If you already have a big audience, you are probably in good shape.

If not, you will need to figure out how to get those leads. This means a stronger marketing strategy and possibly a longer launch.

As you can see, pricing your course correctly can make a big difference in selling your online course successfully.

If you are looking for help in pricing your online course, that is something we talk about in my online course community as well as many other things. You can join the community and get the help you need with your online course questions.

Pin It on Pinterest