How to Price Your Online Course (with Calculator) --
It's been a long, effort of designing your own online course. Now you're ready to price the online courses that you've developed.
Picking the right price can be a challenging task. It'll depend on numerous factors like the extent to which you offer your products on a marketplace or your own website or if it's go-at-your-own-speed or a live class which lasts for a few weeks and many other variables.
However, there is a common practice for the pricing of your online course, which will be discussed in the following article.
Plus, we'll even share an online calculator that can assist you in determining the most suitable cost for the product you need.
Links to quick-find the things we'll be covering:
- The Factors that Determine Pricing for an Online Course
- What's 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 to Increase Value of Your Course
Factors for Pricing An Online Course
1. Where it's hosted
There are a few sites where you can host your online course Each sites has their own fees that are worth considering to your cost.
It is possible to host your online course through a marketplace such as Udemy or an online course creator such as a course builder to create an online course on your personal website.
When you are hosting on an online marketplace, you could receive a 50% per cent of the revenue. 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 you won't own the marketing information you collect. That's why most instructors who create online courses prefer hosting their courses on their own websites.
You could run your online course from your personal site. There is a Free Forever plan that only charges an amount of 5% per transaction. Your customer's data will be yours to keep you can set your own prices for your course and your website will remain your own asset. When you use a host, you are able to charge any amount you would like for an online course. You also don't have to engage in price battles with other instructors on the same platform.
Furthermore, the company offers other offerings, such as features to:
- Bundle online course bundles with electronic downloads (e.g. ebooks, printables, etc)
- Upload lessons in multiple formats, such as videos, quizzes, texts assignment, surveys embeds, or downloads
- Promote your courses online using the variety of marketing tools available like affiliate programs coupons, coupon codes, and more
- Use drip content to release portions of the online course a set pace
- Offer your students a variety of payment options , including one-time fees and payment plans, to subscriptions and much more.
- Create customizable certificates of completion
2. Live vs Anytime
The cost of your online course varies depending upon whether it is live-streamed or when you're able to complete the course anytime, in your preferred time.
A live course requires the instructor's presence and usually takes place during sessions that are scheduled for weekly. It is a fantastic method of engaging your students because you get to interact with them live in real time. However, this also means that you have to dedicate way more resources into teaching and you should take this into consideration when pricing your classes. Courses like these could be more expensive in the $1,000+ range.
You can also drip lessons using you want to manage the rate of instruction. Drip lessons allow you to teach your students in a curated method, and allow you to let courses go out at a predetermined pace. It keeps students interested and enthusiastic as they be able to have a reason for going back to the class.
An online course that can be started and taken anytime 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 taken by an infinite number of people. Courses that are set to take place at your own rate could cost anything from $10 to $500, according to the contents of the class.
3. Popularity of the topic
4. Value of the Course
What is it that makes you an expert in teaching online classes? If you've been working in your profession for the past decade, the price of your courses should reflect that. If you co-create courses with experts, the two of you working on a project could also increase the course value.
Additionally, if you're available to mark assignments, respond questions, etc, the course will also become more useful. Consider how much work goes into the course. It's not just about creating it but once it's in place to be able to determine the cost based on your time and efforts.
5. Competition
Research your competition within the field you are in. It is not recommended to set the price solely on the price your competition is charging. Instead, it is best to concentrate on a value-based price.
However, it's essential for you to understand the scarcity of knowledge within your niche. If there is a scarcity of professionals in your area then you'll likely have the ability to sell your online courses higher.
If you're in a highly competitive market keep in mind that you may adapt your course specifically to niches. For example, specific regions of the globe, certain language, specific demographics or demographics, etc.
What is the average cost of An Online Course?
The cost for an online course ranges from $100 to $5,000.
100 dollars is common on course marketplaces online such as Udemy, Skillshare, and such. However, the higher-end of the range is generally the cost of a course for subjects that help people start their career.
It is possible to locate an online course for $5,000 that will teach the basics of web development, marketing, or any other subject in which you can earn money. In addition, a typical course that costs $5,000 will include assignments, certifications along with a live instructor. Therefore, the value that is perceived by this price of $5,000 is more than what you'd find on a course marketplace.
How do You Price An Online Course
We've already discussed the cost for an 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 results you get through your course may differ. If you're in need of an example of how you can cost your course for the people who will be attending, test the no-cost online calculator of course prices, we've created below for you to get the exact amount is the appropriate price for your course as well as what sales will generate from that cost.
Online Course Pricing Calculator
Course Income Objective $
Estimated Cost for Course Creation $
The size of your audience
Estimated Conversion Rate ( percent)
Suggested Course Pricing
$ 0.00
High-end vs. Affordable
If you're ready to sell your course, price points matter. Are you more inclined to sell for a higher price with the risk of having fewer students, or at a more affordable cost with many students? What price range is of an overall greater return? And is there an alternative that is better for your financial goals?
Sellers who want to offer premium prices might include bonus content, such as eBooks and digital downloads and access to an exclusive Facebook group, to demonstrate how valuable the higher priced course.
If you're offering a reasonable price, then you'll need a lot of students to ensure that your course succeeds. This means you'll need find a way to attract clients and a large number of online learners to your online course naturally. If you are aware of where you can promote your course at no cost This price range could be a good fit for your course.
Think about your revenue goals before pricing your course online. Think about the value that you can bring to the table, how much you would like to earn in total sales as well as the expense of what you make, and finally, your own personal preferences to charge. Creators who know how to market themselves will be in a position to market their product well and charge premium prices.
Four Tips to Pricing Strategy
1. A one-time fee
A one-time fee is popular pricing strategy for your first online course. If students are willing to only pay once, you'll be able to offer a cheaper total cost because of the affordability. Therefore, your tuition could be just a couple hundred dollars at most.
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. So you'll want to be thinking about the most expensive cost for a single-time charge of around $1000. Typically, for this price category, you'll have the ability to make money passively which means it's not an instruction live course. So, you'll be able to have several students attending your online class regularly.
2. Payment Plans
A payment plan is a great option when it comes to pricing your course when it's at the top of the scale ($1,000+). Credit cards usually have limits which means that if the course price goes beyond the credit limit for a card, a payment plan can aid in the process of breaking it into chunks.
Often, those who charge payments for their online course are able to be charged a cost for splitting the price into multiple payments for the inconvenience of the creator of the course, as most people prefer being paid in one lump sum.
When you're charging for an online course think about a payment option if you charge a higher price to accommodate more people.
3. Subscriptions
Subscription models are typically employed to create online courses marketplaces. For instance, say you've developed a number of online courses , but you'd rather charge a monthly subscription in order to allow others to get access to your entire curriculum instead of charging per individual course. You could opt for an underlying subscription approach in this instance.
If the course is determined by a subscription model, people will pay on a monthly plan. But, you may also set up a monthly charge if you'd like an annual lump-sum payment for many months.
The typical subscription model will come with a reasonable cost, but if you bundle the subscription into a calendar year, it is possible to charge a premium cost, but with a discount. Your customers will be happy since they'll be able to access every piece of content you have, and you won't have to worry about promoting courses individually. Price will be inclusive of the entire online education available on your website, so you can generate more course revenue overall.
4. Free
You might choose to create your own free course, if you're trying sell some other product and utilize it to drive more visitors to your site. Customers who are interested in it will appreciate the idea because they will not have to buy it. This means that it will attract more people. Furthermore, the cost of the course will increase since there's no cost associated this, which means lower risk for users.
Although course development can take long but using it for an effective marketing method is a common practice, so it could help with your conversion rate.
The good news is that you can price your online course using any of the above methods. So whether you're selling a low priced course in order to attract more customers or using the subscription model for many courses, you'll be able to earn a substantial amount of cash using any of these methods. And remember, even courses that are free can to attract new clients. So, price your course accordingly.
Tips to Increase The Value of Your Course
1. Develop an Community
The creation of a private Facebook page for your students is an excellent way to stay connected with your students and enhance the effectiveness of your online courses. The creation of a community can allow the creation of genuine relationships between your students where they will be able to assist each other develop.
2. Provide Coaching Opportunities in a 1:1 format
Do-at-your-own-pace courses may not be appropriate for everyone. Students may have additional questions that are much easier to answer in a live video conference. When this happens, think about offering 1:1 coaching sessions with your students.
3. Bundle that includes Downloadables
4. Give a Certification of Completion
An official certificate of completion can be a fantastic method to reward your students with a strong satisfaction. Offering a completion certificate can be a great way to encourage students to dedicate the necessary work and time required to finish the entire course.
FAQ
How do you price an online program?
The calculator is free that you can try out to estimate the cost of your online course because there are a lot of aspects to consider when making the best cost.
What is the cost to promote the online courses?
It is important to include marketing costs into your pricing. If you already have an crowd, you could use your personal brand and audience to promote your course at no cost. But, if it's your first class that you are offering, it could cost you a few thousand dollars promoting via social media, advertising, Facebook groups, and more.