Tools like Kajabi help you run your online business and sell your online courses . But how do you decide on a price for your course?
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Factors affecting pricing Let’s look at a few of the most important factors you need to consider when deciding on the right price for your online course.
Your time and experience Your time and expertise are more important than hard costs when it comes to determining the price of your online course.
What would you charge a client for that much of your time? What did it cost you to learn this? Did you have to pay for special training or get a degree? How many years did it take you to develop the knowledge or skill you’re now sharing in your course?
The cost to market the course Don’t forget to account for marketing costs when pricing your course. Marketing a low-priced course may cost you as much as marketing a higher-priced course.
The expected impact on your audience’s lives When marketing your course, you’re selling an outcome, not a product. online course ?”
How much time will it save them? One of the factors affecting the value of your course is how much time your students will save by learning from you.
The type of content in the course Including multiple assets in your course also increases the value, allowing you to price your course higher.Overdeliver
Understanding course pricing strategy We’ve covered five factors that influence pricing. Now, to apply those factors to your pricing strategy, you need to evaluate two things:
The quality of your course The purpose of your course Evaluate the quality of your course Quality is important, but not for the reasons you might think.
Determine the purpose of your course How do you intend to use this course? Will it be an entry-level course, your flagship course, or an advanced-level upsell?
Lead magnets – free Introductory or “get to know us” products – $5 to $50 Mini-courses – $29 to $300 Flagship courses – $150 to $3,000+ Advanced training – $2,000 to $5,000+ Training plus coaching – $3,000 to $10k+ 6 tips on how to price your online course Here are six tips for pricing your online course.
1. Know your market and the pain they want solved Do enough research to be sure you’re solving a pain point your audience cares about.
Your unique experience and perspective The transformation you deliver The quality and purpose of your course 2. Focus on the of the transformation you’ll provide If your course delivers a measurable transformation, you may be able to charge more for it. Here are some outcomes that people are often willing to pay more for:
Career advancement Higher income potential Personal fulfillment Improved quality of life Better relationships Mastery of a new skill or hobby (especially if it makes them look impressive) 3. Calculate your bottom line How much revenue do you need? Do the math to figure out how many sales you’ll need at different price points.
4. Calculate your perceived value Don’t automatically assume a lower price will mean more sales. A lower price can actually devalue your course, leading to fewer sales.
5. Budget for marketing No matter how good a course is, it’s hard to drive sales with organic promotions alone. You’ll likely need to spend $1,000 or more on advertising and other paid promotions.
6. Offer payment options If you’re worried that people won’t be able to afford your course, instead of lowering the price, get creative with your payment options.
How to know if your price is set correctly? It’s important to remember that there’s no formula or set standard for pricing an online course. Understand the value you bring to the table and be prepared to test.
Targeting – Do you have the right audience? Messaging – Does your messaging address the pain point adequately? CTA – Is your call to action strong enough or is it too aggressive? Your Offer – Does your offer clearly communicate the outcome you deliver? Once these elements are dialed in, Kajabi makes it easy to test different pricing. payments and lets you offer coupons for specific segments. And with its email marketing segmentation, you can test your offers, your pricing, and more.
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