How to Price Your Online Course (with Calculator) -
You've done all the hard work of designing your own online course. But now you're ready to price the your online course you've designed.
The right price for your business can be a challenging task. The exact price will depend on a variety of factors like the type of product you're selling on marketplace or your own website, whether it's a go-at-your-own-pace or a live class with a duration of several weeks as well as many other factors.
But, there's the standard procedure for pricing the online course that will be discussed in the following article.
We'll also provide an online calculator that can aid you in finding the right pricing for the item you want.
Quick find links of the things we'll be covering:
- Price Factors Online Course
- What's the Average Price of Online Classes?
- How do You Price An Online Course
- Online Course Pricing Calculator
- Premium vs Affordable
- 4 Tips to Price Strategies
- Strategies to Enhance the Value of Your Course
The factors that determine the price of an online Course
1. Where it's hosted
There are many places you can run your online courses and each platform charges various rates that should be considered in your expenses.
It's possible to offer your course through a marketplace such as Udemy or use an online tool for course creation like to host an online course through your own site.
If you host on marketplaces, you might be charged around 50% of your earnings. You're also subjected to the platforms' Terms of Service, promotional events, and more. It isn't your sole control over how your course is priced and won't be able to control your data regarding marketing. The reason is that most instructors who create online courses prefer hosting their course on their own site.
You can use to run your online course from your site. The site offers a Free Forever plan that only requires the transaction fee of 5% for each sale. The customer's information will remain yours, set your own price for your course and your site will become an asset that you control. With the help of a hosting service, you'll can charge any amount you would like for an online course. You also aren't required to participate in price wars with instructors within the same marketplace.
Additionally, it offers additional products and services, including options that include:
- Bundle online courses with Digital downloads (e.g. ebooks, printables, etc)
- Learners can upload lessons in a variety of formats, including questions, videos, text assignments, surveys, downloadables, or embeds
- Promote your courses online using its variety of marketing tools like affiliate programs Coupon codes, coupons and more
- Create drip content that will release specific sections of your online course at a set pace
- Give your students various choices of payment options including one-time fee, payment plans, subscriptions, and more
- Offer customizable certificates of accomplishment
2. Live vs Anytime
Pricing your online course also differs based upon whether it is live-streamed or when you're able to complete the course anytime, in your preferred time.
A live class requires instructors to be present and usually takes place as weekly classes. It's a great opportunity to interact with students since it allows you to communicate with them in real-time. But, it can also mean that you need devote more resources to teaching, and you must be aware of this when pricing your classes. The courses of these types are priced more expensively within the range of $1,000+.
Alternatively, you can make drip lessons available if you'd like to control the speed of your lessons. Drop lessons permit you to instruct your students in a planned manner, and you are able to release courses at a set time. Your students will remain motivated and interested as they have definitive reasons to continue going back to the class.
An online course that can be taken at any time is usually priced less however you'll likely be able to handle a higher volume of students. It isn't a problem to scale since your online course is able to be bought by an unlimitable number of people. Classes that be completed at your own speed can be priced between $10 and $500 according to the contents of the class.
3. Popularity of Topic
4. Benefits of Your Course
What qualifies you as an expert in teaching online courses? If you've been in the industry for a decade, your course pricing ought to reflect that. If you're co-creating courses with experts, the two of you working on a project could also enhance the worth of the course.
Additionally, if you're available to help grade assignments, provide questions, and so on The course can become more useful. Think about the amount of effort goes into the course beyond the creation of it. Once enrollment starts as well to be able to determine the cost based on the amount of time and efforts.
5. Competition
Find out about your competitors in your niche. It is not recommended to set prices solely upon what competitors are pricing. Instead, it is best to focus on value-based pricing.
It's crucial that you understand the dearth of information within your particular field. If there's a dearth of professionals in your area it is likely that you'll be able to charge your online courses higher.
If you're in a highly competitive marketplace keep in mind that you may adapt your course to specific niches, for instance, certain regions of the world, particular language, specific demographics, etc.
What Is the Average Cost of an Online Course?
The average cost of an online course ranges from $100 to $5,000.
The course cost of $100 is standard on online course marketplaces such as Udemy, Skillshare, and so on. The higher end of the spectrum is typically the course price for topics which help students begin their career.
It is possible to locate a $5,000 course that teaches your web development, marketing, or another subject in which you can earn cash. In addition, a typical $5,000 course will have tasks, certificates along with an instructor who is live. Therefore, the value that is perceived by this price of $5,000 is much higher than the price you'd see on a course marketplace.
How do You Price An Online Course
The price for your online course is based on a variety of variables. If you're attracting a new market or are hoping to gain new customers, the number of sales you generate from your course will vary. If you're in need of an example of how to cost your course for the people who will be attending, try the free online calculator of course prices which we've provided below to help you know the exact amount you can charge for your course and how much in sales you can generate with that price.
Online Course Pricing Calculator
Course Income Objective $
Estimated Cost for Course Creation $
Your Audience Size
Estimated Conversion Rate ( percent)
Suggested Course Pricing
$ 0.00
The Premium Price vs the Affordable Price
When it's time to sell your course, price points have a bearing. Do you prefer selling at a high price, but with the risk of having fewer students, or at a more affordable cost that has greater number of students? Which price point is worth more in the long run? Do you have an alternative that is better for your bottom line?
Those looking to sell at high prices could include bonuses material, like electronic books, downloads or access to the private Facebook group, to demonstrate how valuable the higher priced course.
If you're charging an affordable price, you'll need many students to ensure your class is profitable. So, you'll need to find a way to attract clients and a large number of online students to your course organically. If you are aware of where you can promote your course at no cost, this price point may be an ideal fit to you.
Think about your revenue goals prior to setting the price for the online courses. Take into consideration the value you provide to the table, how much you would like to earn in total sales, the cost of what you create, and the prices you feel good to charge. People who understand how to market themselves will be able to promote their course well and charge premium prices.
4 Tips for Pricing Strategy
1. A one-time fee
One-time fees are a popular pricing strategy for your first online class. If you can convince people to make a one-time payment, then you'll have a lower price overall, because it's affordable. This means that your cost could be only a few hundred dollars or so.
A premium price doesn't make sense for a one-time fee as it's a significant amount for someone to put on the credit card. Therefore, you should be thinking about the most expensive price for a one-time fee to be around $1000. Typically, for this price range, you'll be able to make money passively that is, it's not a live instruction course. So, you'll be able to have several students attending your online course regularly.
2. Payment Plans
Payment plans are a great option when it comes to pricing your course when it's on the higher end of the range ($1,000+). Credit cards typically have limitations therefore if a cost for a course is higher than the limit of someone's credit card the payment plan may help them break it down into chunks.
Most often, instructors who offer payments for their online course can be charged a cost for splitting the cost into multiple installments for the inconvenience of instructors, because many people prefer paying in one lump sum.
When you're charging for your online course, consider a payment plan in case you are charging a higher price to accommodate more people.
3. Subscriptions
Subscription models are typically employed to create online courses marketplaces. In the example above, if you've developed a number of online courses but would rather charge a monthly subscription for people to get access to your entire curriculum instead of charging per individual course. In this case, you could choose an underlying subscription system in this scenario.
If your program is built on a subscription model, people are likely to pay monthly subscription. However, you can also charge annually if you'd prefer a lump-sum for several months.
A subscription model will typically have a lower cost however, if you combine it into a year you can charge a high price with a slight discount. Your customers will be happy since they'll have access to every piece of content you have as well as not having to promote individual courses. Your price will include everything online that you offer on your site, which means you'll have more courses revenue overall.
4. Free
You might choose to create an unpaid course when you're trying to promote some other product and use it to bring more traffic to your website. Customers who are interested in it will appreciate the idea because they will not have to buy it. This means that there will be more learners. Additionally, the value of your course will be higher since there's no cost associated this, which means less risk for a user.
Although course development can take some time, using it as marketing strategies is a common practice, and it can improve your conversion rates.
The good news is that you can set the price of your online course by using any of the above methods. If you're offering courses at a lower price to get more potential students or charging an annual subscription fee to market multiple courses, you can gain a considerable amount of money using any method above. And remember, even courses for free will help to attract new clients. Thus, make sure to set the price accordingly.
Tips for Increasing the Value of Your Course
1. Develop A Community
The creation of a private Facebook page to your students can be a fantastic option to remain connected to your students and enhance the effectiveness of online classes. A community-based approach allows the creation of genuine relationships between your students where they are able to help one another grow.
2. Provide Coaching Opportunities in a 1:1 format
Online courses that allow you to take your own pace may not work for everyone. There are times when students have issues that can be much more easily to be addressed during a live video call. In these cases, consider providing coaching sessions in one-on-one with your students.
3. Bundle of Downloadables and Bundle
4. Give a Certification of Successful Completion
An official certificate of completion is a great method to reward learners with solid satisfaction. The awarding of a certificate of completion could provide extra encouragement for students to invest the time and effort to complete the entire course.
FAQ
What is the cost of the cost of an online course?
We've created a free calculator that you can try out to price your online course because there are a lot of factors involved with coming up with the right price.
How much does it take to advertise an online class?
It is important to include the cost of marketing into your pricing. If you already have an audience, you can make use of your own image and followers to market your course for free. However, if this is your first class, you may spend a few thousand dollars promoting via social media, advertising on Facebook, Facebook groups and many more.