Are you a course content creator or an online coach? Are you facing a dilemma about what price to put on your new course content? Read on for proven strategies to help make pricing much easier!
You’ve poured your heart and soul into creating a life-changing online course. You stay up late perfecting each module. And, you rewrite descriptions until they capture that spark of transformation you know your students will experience.
But there’s one question that keeps you stuck in endless rounds of second-guessing:
“What price should I put on this amazing work?!”
I’ve been there too, my friend. Finding the Goldilocks pricing zone for selling your course feels downright agonizing. Charge too little a fee, and it looks cheap, leaving money on the table. Set the price of your course too high, and no one can afford access to your hard work! The stakes feel impossibly high. Mess this up, your inner critic warns, and your course is dead on arrival.
But it doesn’t have to be this way! In this post, I’ll walk you through 10 battle-tested tactics for pricing your course confidently. By the end, you’ll have a clear blueprint for translating the perceived value of your course into a number you can stand firmly behind.
How To Price An Online Course
How can you know the ideal price tag to place on your online course? Check out the 10 tried-and-true tactics below:
Get to Know Your Audience
Creating a “buyer persona” for your course is super important. This means doing research to find out who would be pumped to learn what you’re teaching and would happily pay for it. But how to get in your audience’s head? Join some Facebook groups and subreddits where your people hang out and see what they chat about.
You can also send out surveys and ask folks directly what they’d want to learn and how much they’d reasonably pay. Listen to podcasts and read blogs in your niche to pick up on common questions and pain points. Talk to real humans who fit your target audience. Run your course ideas by them and get their honest feedback.
The key is to test your assumptions early and often. Getting clear on who your audience is-their income, values, and language will make pricing and marketing your course so much easier. You can pre-sell your online course by speaking directly to what your people care about most!
Be Crystal Clear on Your Goals
You can’t price your online course effectively without getting clear on your goals first. Start by asking yourself:
- Is your top priority to reach the maximum number of students? Or to maximize profit?
- Is this course meant as an entry point to upsell bigger programs later?
- Do you mainly want to cover your costs for now while building an audience?
- Are you after brand growth? Passive income? Something else?
Your goals determine your strategy. Once you identify your core objectives, you can zero in on pricing that aligns.
For example, if your main goal is rapid audience growth, you may opt for an ultra-affordable price. But if you want big profit margins immediately, a premium pricing model is likely better.
So, get very specific on the what and why behind your course. When you have a laser focus on the outcomes you want, it becomes much easier to set optimal pricing accordingly.
Scope Out the Competition
You’re probably tempted to just peek at what others are charging and copy that. But hold up! You need to think bigger. Rather than just numbers, consider the value you’re bringing to the table.
What makes your course one of a kind? Do you go way deeper on certain topics? Do you provide greater benefits and resources? Or, do you share your unique story and perspective? If so, you may be able to charge more than the competition!
However, if your course is more basic or intro level, then sure, charge less than others. But don’t default to a lower price just because.
Take time to reflect on what you uniquely offer. Let that, not just numbers, shape your pricing strategy.
Do the Math on Your Expenses
Anyone who has created an online course knows it isn’t for the faint-hearted. You’ve poured endless late nights, brain cells, and yes actual dollars into birthing this great online course.
Before setting your price at a particular figure, tally up the receipts like:
- Development costs: Hours spent x your hourly rate
- Teaching platforms plus other software, tools, and services
- Ongoing marketing hours x rate
- Desired profit margin
Basically, add up every expense that went into this course. Then, on top of covering costs, decide how much profit you want to earn for your hard work?
By calculating precisely what you put in, you can price your course to make sure you get an adequate return on investment.
Put a Price Tag on Values and Benefits
Here’s the million dollar question when pricing your course:
“What measurable value will students get from these lessons?”
If you’re teaching business strategy, how much revenue goal could your framework realistically help them achieve? If it’s a health course, how many productive life years might someone gain?
Attach concrete numbers and outcomes to the transformation your course offers. This shifts the conversation from “Can I afford this course?” to “How can I afford NOT to invest in these results?”
Now, you can confidently say: “For less than the price of a weekly coffee habit, you’ll master skills to earn an extra $1000 per month.” “This course pays for itself by helping you save $200 a week on groceries.”
Can you see how framing value this way turns your course from a “nice to have” into an absolute necessity? Be bold about quantifying your course’s tangible impact. If it’s truly life changing, why downplay it as a “little course”?
Figure Out the Cost of Alternatives
If someone didn’t buy your program, what would it cost them in time and money to figure this out themselves? Maybe they’d have to hire a private coach at $300/hour. Or perhaps they’d waste months testing ineffective strategies before finding something that works.
When you stack up the total expense of stumbling through DIY options, your course starts looking like a steal! After all, you’ve neatly packaged step-by-step training that can shave off years of frustration.
To quantify this, calculate what I call the “DIY Costs.” Tally up what it would reasonably cost your audience to achieve the same results without your help. When you directly compare DIY costs to your course investment, it becomes a no brainer which option packs more punch for the price. That disparity also gives you the confidence for charging a higher price point.
Offer Multiple Pricing Options
Here’s an uncomfortable truth about any audience people have wildly different budgets and needs. Trying to cram everyone into one pricing option is like forcing your foot into a shoe two sizes too small. Instead, think about tiered pricing plans that meet people where they are, from basic to premium pricing.
I know it’s tempting to think, “But what if everyone just buys the cheapest option?” Don’t panic. Price anchoring shows that adding a premium offer actually makes the middle option seem like an even better deal. And if budget is truly an obstacle for someone, don’t you want to still provide access, even if it’s more basic?
Tiered pricing helps you maximize the potential of every type of customer. And that potential adds up to a whole lot more than a one size fits all course ever could!
Leverage Your Brand Authority and Credibility
When pricing your course, an honest gut check question to ask yourself is: “Do I actually have enough credibility in this space to justify charging people money?”
If you already have an established platform and raving fans, you likely can charge more from the starting gate without turning heads. But if you’re just building your authority, that’s okay too! You just have to be more strategic.
Here are some quick questions to assess your current credibility status:
- When people hear my name/brand, do heads nod with recognition?
- Have I put in the time to build trust and rapport with my audience?
- Do I have any fancy credentials/awards that make people go “oooh, ahh”?
- Can I point to rave reviews from past students or clients?
If you’re a big fish in your pond, you can justify charging higher tuition. Your authority gives you permission to. However, if you’re not quite at expert status just yet, no worries! There’s time to build your credibility. Share generously on social media, blogs, YouTube, and podcasts–wherever your peeps hang out. Give out quality content for free and watch the likes and trust stats grow.
Test and Tweak Your Pricing
Growing a business is a wild ride. So, buckle up because pricing strategies evolve right along with all the other changes. What worked yesterday might need some tweaks tomorrow.
I see so many online course creators paralyzed with fear over adjusting their prices. They cling to slim profit margins, terrified they’ll lose students if they charge more. But playing it safe can limit your success too!
The right price point takes time and testing to pin down. But have hope! Thoughtful adjustments here and there are totally doable without tanking your business. Small, regular price changes let you adapt while keeping students on board. After all, Netflix and Hulu subscriptions go up sometimes too, right?
Keep a Close Eye on Your Analytics
Want to know the secret sauce for pricing your course perfectly? Analytics!
Keeping tabs on how people engage with your landing page and course content is crucial. These handy stats will show if your marketing hits the bullseye or needs some tweaks. You will see clearly as day whether your course price is too high, too low, or just right.
Plus, watching those analytics helps you keep your finger on the pulse. See a sudden drop-off in sales? Dive in and make changes to bring your students back. And if you are catching a viral uptick in signups, you get to enjoy the ride!
Online Course Price Calculator
Figuring out what to charge for an online course is like searching for a magical number, isn’t it? You want to pick something your students will happily pay but also covers your costs and hits your income goals. Talk about tricky!
Luckily, there is a formula that takes the guesswork out:
Course Price = (Income Goal / Audience Size x Conversion Rate) + Cost Per Student
Let me break that down:
- Income Goal: How much total dollars you want to bring in
- Audience Size: The peeps you think will take your course
- Conversion Rate: The % of your audience likely to enroll
- Cost Per Student: What it takes to create/run the course
Pop those numbers into the formula, and voila your golden ticket price! And to make it even easier, you can use an online calculator. Just plug in your audience, expected sales, and profit goals.
Average Price for Online Courses
Online course prices are kinda like jeans they come in all shapes and sizes! Courses may vary based on factors like:
- The topic and complexity
- Whether certification is included
- The teachers and brand behind it
- How long the course is and the production value
But in general, here are some ballpark price brackets:
- Free courses: These are usually pretty basic, meant to give a free taste.
- Budget courses: Around $20-$50. These may be shorter or have less flashy production.
- Mid-range courses: From $50-$500. This covers a lot of comprehensive courses from reputable platforms.
- Premium courses: $500+. You’re paying for prestige and extensive content from industry experts, which often attracts a high price.
- Subscriptions: $10-$100+ per month for unlimited access to a library of courses.
Let’s crack this pricing puzzle together!
Pricing is a tricky business, isn’t it? And pricing something as personal as an online course can feel straight up impossible some days. It’s easy to feel like you’ll never land on a price that makes everyone happy.
But there’s a pricing sweet spot out there; one that delights your students while still turning you a nice profit. We covered a bunch of factors and strategies in this post to help you find it.
Whether you’re experienced in online course creation or just gearing up for your first launch, I’m here to help. I’ll give you customized recommendations tailored to your business goals. My goal is to ensure you meet all online business requirements, legally protect your online course, boost your sales, and help your online coaching career thrive.
So what do you say? Do you want to nail down your pricing and crush those launches? Reach out anytime or grab the Ultimate Bundle® for the full blueprint.
I’ve got you!