How to Raise the Price of Your Online Is Always Difficult Area To Judge Correctly Here’s Some Advice
The price of your online course directly impacts (1) how you market your course, (2) the type of students it attracts, (3) the amount of revenue it generates, and (4) how much value (e.g. one-on-one training, work groups, and support) you can deliver.
As an online course instructor, you’ve probably thought about testing out some different price points before settling on an optimal price for your course. You might have even looked into your competition to see how they were pricing similar courses and settled on the industry average.
One thing I can tell you right now from my own experience is that testing out price points definitely works but it takes a lot of time. And going with the industry average isn’t always the best option – especially if the offerings are vastly different.
If you’re not making as many sales as you were hoping for or if you’ve run into a cycle of high effort-low return then perhaps it’s time to raise the price of your online course. Here are a few more reasons why it might be time to increase prices:
- Online learners (more often than not) associate low cost with low quality.
- Raising the price of your online course could help you land more sales.
- You will need to set aside some of your profits to spend on marketing your course.
- Lower prices may be stopping you from forming joint venture partnerships.
So, if you’re ready to take things to the next level then it’s time you raise the price of your online course while you continue to add value to it and improve your marketing efforts.
Let’s take a look at some of the ways you can raise the price of your online course and justify a higher price.
#1: Offer Direct Access
If it makes sense for your business, consider offering a reasonable amount of direct access to you through email, phone call, or video call. This largely depends on how many students you have, what you’re charging them, and what your business goals are.
If you’re charging a high-end price for your online course and limit enrollment to, say, 20 students at a time then offering direct access to you is feasible and immediately adds value to your course. In addition to this, it gives you an opportunity to interact with your students and maybe even gather some feedback to identify their pain points and see what you can do to improve your course.
#2: Set Up a Private Work Group
Setting up a private work group for your students where they can reach out to you and collaborate with other students who are taking the same course is a great way to offer added value. By creating a work group, you’re essentially creating an online community where students can interact with one another and get more value out of what you’re already offering.
Creating a community gives students a platform to share resources, discuss upcoming quizzes, collaborate on projects, and so much more. What’s more is that it decreases the chances of students dropping out midway.
#3: Take Ownership
Simply handing your course material over and walking away just doesn’t cut it. Taking ownership of the success of your students is something that will not only justify raising the price of your online course but also help you improve your business.
Charging a high end price for your online course needs to come with some sort of tangible benefit to your students whether it’s acquiring a particular skill, learning something new, or setting up a successful business of their own. Whatever your promise may be, it’s important that you take reasonable measures to make sure you’re delivering on it. So, if you see that a student is slacking off, it might be a good idea to get in touch with them and ask what you can do to help them see the course through.
#4: Include Downloadable Resources
One of the most important aspects of teaching an online course is figuring out what you can do to make the learning process easier and more efficient for your students. Online learners – especially adult learners – value courses that offer some sort of convenience, allow them to learn at their own pace, and give them control over their learning experience.
For this reason, it’s a good idea to invest some time into creating downloadable resources that they can go through at their own pace and refer back to. Some valuable downloadable resources you might consider offering may include video lessons, audio versions of those video lessons, PDF notes, and presentation slides.
#5: Form Partnerships to Offer Additional Resources
A lot of the time you might find that you’re making recommendations to use particular software or a tool in your online courses. Or perhaps your entire course revolves around using a specific resource. For example, you might be teaching a web design course that teaches students neat tricks in Adobe Photoshop.
In these cases, it’s definitely worth partnering up with the sellers of those software, tools, or resources and see if you can offer special discounts to your students. It adds clear value to your offering and gives you more reason to stand confidently behind your price.
#6: Offer Three-Tiered Pricing
If you’re raising the price of your main offering (the course you’d like most of your students to sign up for) then it’s a good idea to create pricing tiers. Tiered pricing is the best way to price your product because it delivers the most amount of value and gives buyers some options.
Buyers love having options and pricing shopping is unavoidable. The best thing you can do is instead of letting them choose between you and your competitor(s) you give them options to choose between you and you.
Wrapping It Up
Raising the price of your online course paints a better picture and tells a better story than constantly offering discounts or flat out lowering your price.
And if you’re already putting more effort into marketing your course, attracting the right audience, and increasing the value you deliver, it only makes sense that you raise the price of your online course and communicate the added value you’re offering to your audience.