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Factors that Affect the Pricing of Course Subscriptions
The price of a product is important because many customers factor in the costs when deciding to purchase a product or sign up for an online course.
If you've got an online course to sell and need help figuring out the price and type of subscription to offer, we've made this guide for you. In this guide, we'll outline the essential factors that affect an online course's pricing, the type of pricing to offer, and determine if your price is set correctly:
Factors Affecting Pricing
People might doubt your product and expertise if the online course price is too low. If it's too steeply priced, you might get fewer sign-ups because not everyone can afford the online course. Deciding on the cost of your online courses by weighing in these factors:
Your experience
Positioning yourself as an expert in your niche industry is necessary if you have an online course to sell. That's one way to earn people's trust and attract subscribers.
Ask yourself, how much would you, an industry expert, charge people for your time? If you had special training or a degree on the topic, how much did you have to pay for these? How long did it take to gain the knowledge or skills to share them in your online course?
If you are perceived as an expert in your field, you'll earn people's trust faster, which can translate to conversions. Having the skills and knowledge in a topic will attract more subscribers, so the product should be priced accordingly.
Your time
How much time did you spend creating the online course? How much time did you spend creating the worksheets, recording the tutorials, and developing resources for the online course? From the time it took to researching and writing the text content to creating the visuals and piecing everything together, all of these should be added to the total cost of the product.
Your marketing efforts
Promoting an online course is a tough job. It's not something you can set and forget either. Because you're sharing unique information, along with your experience and skills, you are not selling a product – you're selling results. You are offering value. You are providing solutions and making an impact on people's lives. People will come to you to relieve their pain points.
The type of content you're selling
Videos, workbooks, assets, templates, and other resources should be added to the total cost of the product. These products add value to your offer, allowing you to increase the online course price.
Offering multiple resources and templates also gives the impression that you provide more value than people paid for. Increasing the perceived value of the product will curb complaints or dissatisfaction.
Lead magnets and free trials are typically free, while introductory or sampler products are priced between five to fifty dollars. A mini-course ranges from thirty to three hundred dollars – depending on the topic, while advanced training + coaching on Kajabi costs between two thousand to ten thousand dollars. You can add a premium on an online course if the quality is high and the assets are extensive.
Tools used for creating the course
Did you use a free or paid tool to create the online course’s content? If you used a paid app (or several) then this has to be factored into the final price of the online course. For example, if you used the PRO version of Kajabi, the amount you paid for the app must be added to the total cost of any product you create using the said tool.
How to Price Your Online Course
When figuring out the price of your online course, it's a matter of finding a balance between the value of your offer and the cost you're asking in return. Here are tips to help you determine the price of your products:
Conduct market research
This is one instance when your competitors will significantly help. Look for businesses that offer similar courses and check their pricing scheme. This will give you an idea of the course's current market value. Don't sell your product at a lower price, thinking you'll appeal more to potential clients – this will affect your brand.
Production cost
The quality of the product matters when figuring out its price. Consider the time it took to produce the product, including its length, depth, and breadth.
If the online course comes with a multitude of assets, videos, interactive elements, worksheets, and visuals, you can justify the premium price. Add the equipment, software programs, outsourced help, Kajabi subscription, etc., to the total cost and leave room for profit.
Brand reputation
Your personalise expertise, and brand reputation will affect the price of any product you put out. If you're new and selling introductory courses, the product must be priced accordingly. But if your brand is well-known and you're a market leader with a decent following, you can command a higher price for your products.
Target audience
How much does your ideal client earn, and how much are they willing to pay to buy your product? If your target audience is a beginner or fresh graduate, you cannot command a high price because your target audience might not be making enough to buy your products. On the other hand, if your target audience consists of executives or professionals, you can put a premium on your price.
When pricing online courses, focus on the course's value and the compensation you deserve for putting together the course. You should profit from the time, effort, and expertise you've provided in the online course.
We suggest starting with a price that is fair for the time and effort you've put into the production and promotions. Adjust the price according to your market research and customer feedback. You can also offer multiple subscriptions, early bird discounts, or bundled packages to cater to different customers.
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