How do you price Your Online Course (with Calculator) --
The hard work of creating your very own online course. But now is the time to begin pricing online courses you've created.
Finding the best price could be difficult. There are many variables to consider, such as whether you sell on a marketplace or through your own website or if it's go-at-your-own-speed or a live course that runs several weeks, and many other variables.
There is however the standard procedure for how to price your online course, which will be discussed in the following article.
Plus, we'll even share an easy calculator to help you determine the best cost for the product you need.
Quick find links of items we'll discuss:
- Factors for Pricing An Online Course
- What is the average cost of an online course?
- How do You Price An Online Course
- Online Course Pricing Calculator
- Premium Vs Affordable
- 4 Tips to Price Strategies
- Tips for Increasing the value of your course
The factors that determine the price of an online Course
1. Location where it's being hosted
There are several places you can create your online course, Each sites has their own fees that you need to consider including as part of your costs.
It's possible to offer your online course through a marketplace such as Udemy or an online course creator like to host an online course on your own website.
When hosting on an online marketplace, you could be charged around 50% per cent of the revenue. You're also subjected to the platform's Terms of Service, promotional occasions, and much more. There is no control over pricing your course and you won't own your marketing data. That's why most instructors who create online courses prefer hosting their course on their own site.
You could host your online course on your website. They have an Free Forever plan that only charges a 5% transaction fee per sale. You'll own your customer data, set your own price for your course, and your website will be an asset you own. When you use a hosting service, you'll can charge any amount you would prefer for your online course, and you do not have to compete in price battles with other instructors in the same market.
Furthermore, the company offers other products and services, including options to:
- Bundle online courses with digital downloads (e.g. ebooks, printables, etc)
- Upload lessons in multiple formats, including videos, quizzes, texts assignments, surveys, downloadables, or embeds
- Promote your courses online using 's variety of Marketing tools such as an affiliate program Coupon codes, coupons and much more.
- Create drip content that will release portions of your online course at a set pace
- Provide your students with various payment options , including one-time fees, payment plans, subscriptions, and many more.
- Offer customizable certificates of accomplishment
2. Live vs Anytime
Pricing your online course also varies depending on whether or not it is live-streamed or whether you can do the course at any time, as well at your personal time.
Live courses require an instructor to be present and is often done during weekly classes. It's a great way to engage with your students as it allows you to communicate with them live in real time. This also means that you have spend more time and money into teaching and you should consider this when pricing your classes. These types of courses could be more expensive within the range of $1,000+.
Alternatively, you can make drip lessons available the option of controlling the pace of lessons. Drip lessons allow you to guide your students in an organized way, where you can release courses at a set pace. It keeps students interested and interested as they find a solid reason to keep returning to the course.
A course online that is able to be started and taken anytime generally will be less expensive but it is likely to be able to accommodate more students. It isn't a problem to scale since your online course is able to be taken by an infinite number of people. Courses that are set to take place at your own rate can be priced between $10 and $500 dependent on the subject matter of the course.
3. The popularity of a topic
4. The Value of Your Course
What qualifies you as an expert to teach online classes? If you've worked in your field for more than a decade, the price of your courses ought to reflect that. If you co-create courses in conjunction with professionals, the possibility of you collaborating in a particular project can boost the value of your course.
If you're also available to mark assignments, respond questions, etc, the course will also become more useful. Think about the amount of effort goes into the course beyond making it, but after it's in place and you'll be able to determine the cost based on the amount of time and effort.
5. Competition
Study your competition in the field you are in. We do not recommend setting your price point solely based upon what competitors are pricing. Instead, it is best to be focusing on cost-based pricing.
However, it's essential for you to understand the scarcity of knowledge within your particular field. If there is a scarcity of experts within your niche, you will most likely be able to charge your online course higher.
If you're competing in a very competitive field be aware that you could still tailor your courses specifically to niches. For example, specific regions of the world, particular dialects, or a specific population and so on.
What Is the Average Cost for an online course?
The cost for an online class ranges from $100 to $5,000.
The course cost of $100 is standard on course marketplaces online such as Udemy, Skillshare, and such. But, the top end of the scale is usually the cost of a course for subjects that help people start their careers.
You might find an online course for $5,000 that will teach you the basics of web development, marketing or another subject which allows you to make income. Also, typically a $5,000 course will have tasks, certificates as well as an instructor who is live. Therefore, the value that is perceived by this price of $5,000 is a lot higher than the price you'd see on a course marketplace.
How do You Price An Online Course
As we already learned the cost for an online class is contingent upon a number of aspects. If you're attracting a new audience or hoping to get new customers, the number of results you get for your course can vary. If you need some guidance on how to charge your course in relation to the people who will be attending, test the no-cost online course pricing calculator which we've provided below to help you know a clear example of what is the appropriate price for your course as well as what sales can generate with that price.
Online Course Pricing Calculator
Course Income Scope $
Estimated Cost for Course Creation $
Your Audience Size
The Expected Conversion Ratio (%)
Suggested Course Pricing
$ 0.00
The Premium Price vs the Affordable Price
If it's time to market your class, the price point are important. Are you more inclined to sell for a higher price with the risk of fewer students, or a lower cost that has greater number of students? Which one is a greater value overall? Is there an option that will benefit your financial goals?
Sellers who want to offer high prices could include bonuses content, such as electronic books, downloads or access to the private Facebook group, to demonstrate that the course is worth the extra priced course.
If you're selling your course at a low cost, you'll require many students to ensure that your course succeeds. This means you'll need locate a method of attracting people and learners to your online course naturally. If you are aware of where you can market your course for free This price range may be an ideal fit for you.
Consider your goals for revenue prior to setting the price for the online courses. Consider the value you bring to the table, how much you would like to achieve in terms of sales and the price of the course you make, and finally, the prices you feel good to charge. Creatives who are able to sell themselves will be successful in marketing their work well and charge premium prices.
4 Tips for Pricing Strategy
1. A one-time fee
A one-time fee is popular price strategy when you're starting your initial online course. If you can convince people to only pay once, you'll get a better price overall, because of the affordability. Therefore, your tuition could be only a few hundred dollars at most.
An extra cost doesn't make sense for one-time fees since it's a significant amount for someone to add to your credit card. So you'll want to consider the highest cost for a single-time charge being around $1,000. For this cost bracket, you'll be able to make money passively that is, it's not a live instruction course. So, you'll be able to have many students who are taking your online class regularly.
2. Payment Plans
A payment plan can be an excellent alternative to pricing your course when it's on the higher end of the scale ($1,000plus). Credit cards usually have limits therefore if a cost for a course is higher than the credit limit for a card, a payment plan can help them break it down into pieces.
Most often, instructors who offer payments for their online course can be charged a cost for splitting the cost into multiple installments to avoid the discomfort of the creator of the course, as many people prefer paying only once.
When you're charging for your online course think about a payment option if you charge a higher amount to be able to serve more customers.
3. Subscriptions
The subscription model is typically used for online course marketplaces. In the example above, if you've created dozens of online courses but would prefer to charge a monthly fee for people to access all of your lessons instead of charging for each course, you might choose the subscription system in this scenario.
If the cost of your program is built on subscription models, students will pay on a monthly basis. You can, however, set up a monthly charge if you'd like an annual lump-sum payment for many months.
The typical subscription model will have a lower cost however, if you combine it into a year you can charge a high cost, but with a discount. People will be delighted because they'll be able to access all of your content which means you don't need to think about marketing individual courses. Your price will include all online education on your website, so you'll have more courses sales overall.
4. Free
The possibility of creating a free course if you're trying to sell something else and merely use it to bring more customers to your website. Customers who are interested in it will appreciate it because they won't need to purchase it, so there will be more learners. Furthermore, the cost of the course will be higher since there's no expense associated with it, so there's less risk for the user.
While course creation can take a lot of time, using it as a marketing strategy is an everyday practice so it could help with the conversion rate.
Fortunately, allows you to charge your online course according to any of the above methods. So whether you're selling an inexpensive course to draw more prospective students , or charging an annual subscription fee to market multiple courses, you can make a significant sum of money by using one of these methods. Don't forget that even free courses can help attract new students. Therefore, you should price your course accordingly.
Tips for Increasing the The Value of Your Course
1. Create A Community
Setting up a private Facebook group for your students can be a fantastic method to keep in touch with them , and to increase the value of online classes. Building a community allows the creation of genuine relationships between your students where they will be able to assist each other improve their skills.
2. Provide Coaching Opportunities in a 1:1 format
The do-at-your-own-pace online courses might not be appropriate for everyone. There are times when students have concerns that are easier to address via a video chat. If this is the case, you might consider offering 1:1 coaching sessions with your students.
3. Bundle of Downloadables and Bundle
4. Give a Certification of Completion
An official certificate of completion is a great way to provide your students with a strong feeling of achievement. Offering a completion certificate can give students a boost of motivation to invest the hours and work required to complete the entire course.
FAQ
How do you price an online program?
The calculator is free that you could use for pricing your online courses because there are a lot of elements involved in formulating the perfect price.
What is the cost to promote an online course?
It is important to include marketing costs into your course price. If you have a pre-existing crowd, you could make use of your own image and followers to market your course without cost. If this is your first class it is possible to spend several thousand dollars to promote through social media, advertisements on Facebook, Facebook groups and more.