A 4 Step Strategy To Price Your Live Online Course
How much to charge for your live online class is something many course creators struggle with. As a result pricing is often the one of the last things that creators do. Pricing doesn’t come naturally to most people but they know that the choice they make will have a significant impact on the success of their course.
Here’s a 4 step strategy on how to find the right prices for your live online course.
1. Analyze Your Competition
You should check out the competition to determine what they are charging based on the value they offer (in comparison with your offering) and to determine that there is a market demand for your course; i.e., people who want to learn what your course is teaching.
If you want more info, buy one of your top competitor’s courses. Use this as a benchmark to see if your course is similar or if it offers more value.
2. Change How You Evaluate the Value
Thinking you will be charging for your expertise can be very intimidating. However, you are not just selling information; you are selling transformation. The knowledge your students gain improves their professional or personal lives in untold ways.
And there is no expiration date on what you teach; this means the value add of your content provides long-lasting results.
As such, the price of your course isn’t just based on the knowledge you are sharing. It is also based on the transformation value attached to it. And students are willing to invest in powerful improvement.
3. Consider Your Up-Front Costs
Time is money, and in designing your course, you may have spent quite a lot of time. Plus, any tech-related costs, like a better internet connection, a microphone or headset with a mic built-in, and the software or online class hosting platform fees should also be taken into account.
Also, look at any marketing-related costs, and total all these costs.
To break even, the total cost of these calculations is what your course needs to generate. You obviously want to make more, which is why you also need to consider other factors like the transformational value, what your course offers versus that offered by your competition, and also how much profit you’d like to make.
4. How Much Revenue Do You Want to Generate
Whether these live online classes are your sole income source or just a side income, you need to envision how much you need to make. Also, look at your audience base—a percentage of the people who follow you can be converted into taking your course, and with the right marketing tactics, you can sell your course to even more people.
Base your cost on the least number of people you know will enroll in your course (from your following) and then work out how much you can charge per course. Alternatively, find some middle ground so more people can sign up, which lowers your per person course price.
Finally keep in mind that if you undercharge, then you’ve diminished the value that your course provides.
Are you ready to move forward with your course design? Check out Disco; we help you build and launch your live cohort course!