How Much to Charge for an Online Course
April 15, 2022
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Get ready to learn about a whole new way of thinking about pricing. There are a few pricing models and strategies that can help you better understand how much to charge for an online course. However, I have a formula for knowing what to charge for your online courses, memberships or coaching and service packages.
Want to know what it is?
If you are trying to work out what to charge there are 2 things to remember:
- You will charge what you think you are worth
- You can charge based on your ability to sell it
Here’s a checklist to help you with how much to charge for an online course 👇
Understand your value
This is the first step in being able to charge what you’re worth.
The more effective you are at selling and marketing what you do, and the more you believe in yourself and the results that you can get people, then you can charge more.
Thinking of price is so much more than slapping a dollar sign on what you are selling. It is based more on perception of value. And value is not about the features of what you sell.
Build your brand
Have you seen courses that sell for under $100 that have the same content as a course that sells for $1,000 or more?
How can someone sell a course for 10x the amount if there are other courses out there with the same content going for so much less? They did the hard work first.
You want to focus on building your brand and trust within the market. They worked hard on marketing before selling. They built desire.
Have you ever heard the saying “the best marketer wins?” In some ways it is true right?
Get good at storytelling
Incorporating storytelling into your marketing is both a great way to build your brand and sell more. Your goal is to evoke emotion and make people feel something.
It’s about humanising your brand and giving authenticity to your product or service. Head on over here now to supercharge your marketing with storytelling.
Understand your target market’s problems and desires
In order to charge for an online course, find out what the customer’s needs and wants are. You can either look at your past reviews, or even your competitor’s reviews to see how people are talking about different products or services.
Of course you can, and should, ask your own customers for where they need the most help. You can do this via an emailed poll, over the phone, or in person. We recommend asking open questions to encourage them to speak freely.
By ensuring that you communicate what your customer actually wants, and how it will solve their problems, means they’re much more likely to do business with you and pay you what you’re worth.
Package your course into an offer
Business owners who sell more of their products and services tend to use a certain technique consistently. It's using an offer!
Make sure to clearly communicate the value of each item in your course. A small bullet pointed list of inclusions will downplay the value, so take the time to really explain what each module, or section includes and how it can help someone.
Can you bundle in additional bonuses? The idea here is to make each bonus so valuable that someone would buy your course just because of those. Here are more tips to sell more with offers.
Create a reason to buy now
In marketing this is called urgency and scarcity. Can you sell your course in intakes where you open and close the cart? Do you only have a certain number of spots available?
If you are launching for the first time you can start with a “founder’s rate”. A founder’s rate is an initial amount you can offer for a program or course that is discounted. It implies that this is the initial intake for your course and can make your first group of members feel special.
As your marketing improves, your brand becomes more well known, and you build self-belief you can increase price and easily command it.
Just remember how important it is to communicate the value of what you are selling. Practice it and don’t give up 🙌
