— December 26, 2017
The online learning revolution has been booming these past two years and it shows no signs of slowing down. Part of me used to think people would eventually get tired of online courses and trainings but personally, I’ve taken quite a few online courses myself and can really see the value and ROI they provide.
This is what leads me to believe online learning is most likely here to stay and knowledgeable business owners should definitely consider getting a leg in that industry.
If you have some important expertise to share via an online course, pricing your product can always be one of the trickiest decisions to make.
Here’s why you should consider charging more and not undercutting the price of your online course.
The Benefits of Taking Your Course Are Valuable
You may consider offering your course at a lower rate because you don’t believe you’re a true expert in the subject matter or that all the information you acquired can be easily found online. While this may be true, your online course will still offer value to students who don’t know as much as you when it comes to the particular topic.
Your course should create a shortcut to the desired outcome students want to reach. For that, you can charge more for the product without guilt because you’ll probably be saving people more time and money by taking the fast track route (via your course) to achieve their desired results.
Students Will Take It More Seriously
I’ve taken courses as low as $ 10 to as high as almost $ 2,000. Yes, the $ 2k course was a 4 to 5-month long branding training program and I took it much more serious than the cheaper courses I purchased.
I’m not saying you have to charge this much for your course, but realize that the more you do charge, the more students will be committed and work hard to see results. So many people buy courses and never finish them or even start them.
By offering premium pricing for your course, you can weed out the people who aren’t really interested in taking action and doing the work. This way, you can wind up with some nice case studies and testimonials from students who become successful.
Before you create and sell your course, you need to prove to your audience that you can help them achieve the results they’re looking for. Instead of trying to sell a course to strangers on the internet, build your email list, create a sales funnel, and start offering value for free in the form of blog posts, podcast interviews, webinars, Facebook live interviews and digital downloads.
This will help you gain your audiences’ trust and position you as an expert in your field. You’ll also create a ton of social proof and testimonials from people you’ve helped. That will prompt more students to buy your course at a higher price because they know it will be worth it.
Finally, you can drive the price of your course up if you’re able to provide helpful add-ons by creating a premium package. You can throw on an extra module, group coaching, templates, etc. to add even more value to your course and this will prompt students to feel comfortable spending more on it.
Also, doing something as simple as offering a payment plan can help more people buy your course at a higher price since they can break up the payments into more budget-friendly amounts.
Don’t sell yourself short by pricing your online course too low. You’ll not only do a disservice to your business but potentially to your students as well. Consider using some of these tactics to change your mindset and confidently set your course at a higher price point.