It’s 2022 and online courses are a mainstay in the education world.
One of the most asked questions we get here at Archy Learning is “How much should I charge for my online course?”
Knowing your content’s value as well as finding the ideal audience that will pay for this is no small feat, and putting a high price tag on it can sound intimidating.
You should, however, know your course’s worth, and not be afraid to ask for a higher price of admission, if you believe that in return, your buyer will receive value from your course.
There are many factors to consider when pricing your course, such as the amount of time it took to create, the number of students you expect, and whether or not you’re using a third-party platform.
In this article, we’ll take a look at how to value and price your online course in order to maximise profits. We’ll explore all of these topics and more in order to help you determine the right price for your online course.
1. What goes into pricing an online course
When it comes to online course pricing, there are two main types of pricing models: value-based and cost-based.
Value-based pricing means that you charge based on the perceived value of your course. This could be determined by factors such as the amount of time it took to create, the number of students you expect, or the quality of your content.
Cost-based pricing, on the other hand, means that you charge based on the cost of materials and production. This could include things like the cost of hosting your course on a third-party platform or hiring instructors to help create and deliver your content.
So, which model should you choose? Ultimately, it depends on your goals and objectives for your course. If you’re looking to maximise profits, then a value-based pricing model is likely your best bet. But if you’re more interested in breaking even or covering the costs of production, then a cost-based model might be more appropriate.
There are also other factors to consider when pricing your course, such as the length of the course, the number of modules or lessons included, and whether or not you offer any additional materials or resources. Let’s take a closer look at each of these factors:
– Length of course: The length of your course will have a direct impact on how much time students will need to commit in order to complete it. This, in turn, will affect how much they’re willing to pay. If your course is shorter, you can charge less since students won’t need to invest as much time.
– Number of modules or lessons: The number of modules or lessons in your course will also affect the price. More modules or lessons mean more content for students to consume, which could justify a higher price tag.
– Additional materials or resources: If you offer any additional materials or resources with your course (such as eBooks, templates, or cheat sheets), then you can also charge more for access to these extras.
Now that we’ve covered some of the main factors to consider when pricing your online course, let’s take a look at how to set a price using a value-based model.
2. Determining what your course is worth
The first step in setting a price for your course is to determine what it’s worth. This can be done by considering the time, effort, and resources that went into creating it.
For example, let’s say you spent 100 hours creating your course and you expect 500 students to enrol. That means each student is worth 0.20 cents per hour ($100/500). If you want to make a profit of $500, then you would need to charge $25 for access to your course (0.20 x 500 = $25).
Of course, there are other factors to consider as well when determining the value of your course. For instance, if you’re using a third-party platform to host or deliver your content, then you’ll need to factor in the cost of using that platform.
You should also consider the quality of your content. If you feel confident that your course is high-quality and provides value to students, then you can charge more than if you’re not as confident in the quality of your course.
Finally, it’s also important to consider what other courses like yours are selling for. If other courses are selling for $50, then you might have a hard time convincing students to pay $100 for yours. On the other hand, if most courses are selling for $200, then charging $100 might be a bargain that students can’t resist.
Once you’ve considered all of these factors, you should have a good idea of how much your course is worth. From there, you can start to think about what price point would be appropriate.
Keep in mind that you don’t need to (and shouldn’t) charge the same price for everyone. For instance, if you’re selling your course through a third-party platform, they may take a percentage of each sale as a commission. In this case, you’ll need to factor that into your pricing so that you still make the profit you’re aiming for.
You can also offer discounts or promotions from time to time to attract new students or encourage current students to purchase additional courses from you. Just be sure that any discounts or promotions don’t eat into your profits too much.
3. Factors that influence price
Once you’ve determined what your course is worth and have considered what price point would be appropriate, there are a few other factors that can influence the final price you set.
The first is the format of your course. If you’re offering a self-paced, online course, then you can charge more than if you’re offering an in-person or live online course. This is because students who take self-paced courses have more flexibility and can complete the course at their own pace.
Another factor that can influence price is whether or not you offer any certification upon completion of the course. If your course leads to certification, then you can charge more since students will be able to add this credential to their resumes.
Finally, the length of your course can also influence price. If you have a lot of content and it will take students several hours or even days to complete, then you can charge more than if your course is shorter.
Keep all of these factors in mind as you determine what price to set for your online course. By taking the time to value your content and consider all of the different factors that influence price, you’ll be able to set a fair and reasonable price that meets your needs and those of your students.
4. Setting a price for your eLearning content
Now that you know how to value your eLearning content and what factors influence price, it’s time to set a price for your course.
Start by thinking about your goals for the course. Are you hoping to make a profit? If so, how much do you need to make?
You should also think about your students and what they can afford. If you set your price too high, then you might discourage people from taking your course. But if you set it too low, then you might not make the profit you’re hoping for.
Once you’ve considered all of these factors, come up with a few different pricing options for your course. For example, you could charge $50, $75, or $100. Then, test out each option to see what works best.
If you’re not sure which price to start with, try a lower price point first. You can always raise the price later if you find that people are willing to pay more for your content.
By taking the time to value your eLearning content and set a fair price, you’ll be able to attract students and make the profit you’re hoping for. So get started today and see how easy it is to charge what your course is worth!
5. How to increase the value of your online courses
If you want to increase the value of your online courses, then there are a few things you can do.
First, try adding more content to your course. If you can add more hours of content, then you’ll be able to charge more for your course.
Another way to increase the value of your course is by offering certification upon completion. This will show potential students that your course is valuable and worth their time and money.
Finally, you can also try bundling your courses together. If you have multiple courses on the same topic, then consider bundling them together and offering a discount. This will show potential students that they’re getting a great deal and will encourage them to buy from you.
By taking the time to increase the value of your online courses, you’ll be able to charge more and make more money. So get started today and see how easy it is to add value to your courses!
Summary
Pricing your eLearning content can be a tricky task. But by following these tips, you’ll be able to set a fair price that meets your needs and those of your students. So get started today and see how easy it is to charge what your course is worth!
Do your research and see what your competitors are pricing their courses, and make your decision from there. If you’ve been thinking about creating an online course, but don’t know where to start, you can begin by creating one for free with Archy Learning’s LMS today.
By taking the time to value your eLearning content and set a fair price, you’ll be able to attract students and make the profit you’re hoping for. So get started today and see how easy it is to charge what your course is worth!
