How to price your online course accurately

Selling online courses is a popular business model for many education organizations in recent years. For any provider, pricing is always difficult. An online course's price must match its teaching quality and stay competitive in the market. If you are interested in pricing online courses do not miss the article below from MONA Media today.

Why price an online course?

Creating an online course means going through many stages and making important decisions throughout. From choosing a topic and creating lesson content to pricing the course, everything must be weighed against many factors. Pricing an online course affects your ability to do business bán khóa học (selling courses) for as long as you operate.

An online course's price directly determines the customers you aim at. Your marketing approach also depends on the price of your courses so you can choose a suitable promotion plan. Charging too little does not reflect the course's value and limits revenue potential. Charging too much leaves you without a competitive edge against other education providers.

So how do you set the most suitable price for an online course? Find out in the sections below.

A small niche is not necessarily small money: the math for a niche with only 500 searches a month is in the article on online course niches from Khanh Hung Academy.

What to know before pricing an online course

Pricing an online course is always a fairly difficult problem and directly affects business revenue. Before you officially price an online course, you need to understand the issues below.

The relationship between sales and profit in online courses

Not everyone who is strong in their field can sell an online course. You need to understand the relationship between selling the course and the profit of the whole process. Of course, not every online course is created to make a profit; many organizations have "released" courses and classes free online classes. But if you sell courses as a business, pay attention to this.

Put yourself in the buyer's shoes to know what they want and what kind of course they need. Run market surveys to get this information accurately. Then adjust your course to the market's needs. That is what makes your online course a good offer that sells and earns a business profit.

Create value that only your online course has

There are many providers on the market today online course business, which leads to fierce competition. To gain a decisive edge over competitors, besides ensuring the best course quality, you need to create value that only your online course has. That means only your course provides that value to customers, whether knowledge, skills or service. Before you officially price your online course and promote it in the market, you need to find what makes your course special.

That is what sets your course apart from competitors and helps customers remember your organization. For example, say you offer an online English course. You can guarantee learners' exit level, and if a learner finishes the course and still cannot pass the certificate exam the course promises, they get another course free. That gives you a clear competitive advantage over rivals without this service.

Resist the temptation to charge low prices for your course

When you first start an online teaching business, many people find it hard to resist the temptation of pricing their online course low. That is because you have never been in the course-selling market, and you are not confident enough to value your product's quality highly. This is especially true if you have not done market research, do not know what value your course can provide, and do not know whether customers are willing to pay for your online course.

Some people buy cheap courses and are not serious about finishing them. In a buyer's mind, something that cheap can't be good quality. If you sell your course too cheaply, you undermine the value it can deliver and fail to build trust with customers. There are always people willing to pay a lot for high-quality training. So don't hesitate to build a quality course and price it appropriately.

Key factors for pricing an online course sensibly

Below are key factors help you price your course fairly for the effort you put in. In detail:

Brand popularity and reputation in the market

The first factor in pricing your online course is how well known and reputable your brand is in the market. If yours is a big brand with a wide reach, your course will naturally be valued above the market average. You should also research your customer market to understand what your potential customers need and what they can afford. That makes your pricing more realistic and easier for customers to accept.

A website is also the face of your brand. Building a polished course website is essential. That is why MONA Media has brought you MONA Elearning, a solution for designing course websites and course-selling systems.

Designing a course-selling website is not just a way to improve "anytime, anywhere" learning. It also supports professional online teaching. With experience working with over 300 education units and training centers, MONA is confident that our service will deliver the most effective solution for teaching and for selling courses.

Don't miss the chance to try the latest features and encryption technology from MONA Elearning, call HOTLINE 1900 636 648 for detailed advice from the MONA team.

In the video below, Hùng, Product Director at The MONA, shares the most practical view on how to sell Elearning courses automatically. Starting from build an online course, Elearning systems and pricing, through to smart offer-building strategies for sales, and more.

CLICK THE VIDEO TO WATCH NOW!

Look at your competitors

A quality course should be judged on things like its purpose, the value it delivers and how effective it is. Don't let market prices dictate how you price your online course. Treat them only as a reference that helps you price more accurately.

Looking at competitors' course prices shows you how competitive your own pricing is. In practice, though, every course business has its own strengths and delivers different value, so prices can't be identical. Use competitors as a reference only, and price based on the characteristics of the course you offer.

Quantify the value learners gain after the course

Course quality is always something providers have to care about. Quality and business potential are closely linked. Poor-quality courses struggle to survive in the market, and once they lose customers' trust they are never accepted. So even if you price your online course a little higher, as long as the quality is assured, plenty of customers will still be happy to pay.

Assess supply and demand in the market

Market demand is another thing course sellers need to watch so they can plan their business properly. Pricing is easier when market demand for the value your course delivers is high and there aren't many competitors. If demand is low, however, you should work on improving your course so it offers customers better value.

A guide to pricing an online course accurately

Pricing an online course is an important factor to know when you do business online. So how do you do it? Read on for what MONA shares below.

Set the price for your course

Setting a price for an online course should be based on how in-depth the course topic is. You also need to consider duration, teaching experience and the instructor's reputation to decide the most suitable price.

You can also lower the price if you are targeting pupils and students, or raise it for working professionals and experts. By considering what your learners need and the value you deliver, you will have a firmer basis for pricing your online course accurately. 

Price combos of free and paid courses

Many online courses offer free lessons at the start so learners can try the course, then encourage them to pay to continue with the other pro videos. This pricing strategy is meant to collect data on how many learners take the free lessons and to gather their feedback, so you can price the paid course more accurately.

You can also put free courses on channels like YouTube or Facebook to boost engagement, promote the course and earn extra passive income from those platforms.

Discount pricing policy

Every learner cares about after-sales and discount policies. So offer plenty of good discount programs when people buy a course, such as registering for a combo, on a recurring cycle or for a full year to get extra perks. This way you can price your course optimally and also attract more kinds of learners.

An effective formula for pricing online courses

To price your course accurately, you need to assess its quality and the purpose of running it. If the purpose is business, pricing matters a great deal to the provider. An effective formula for pricing an online course is based on these factors:

• Expected revenue: This is the revenue you expect your online course to reach within a given period.
• Number of potential customers: Identify your course's target audience and run promotional campaigns to reach them. From there you can work out how many potential customers could use the course.
• Customer conversion rate: This is the rate at which the potential customers you planned for become customers who actually take the course.

Once you have the factors above, you can go ahead and price your course with the formula sau:

Online course price = Expected revenue / (Number of customers x conversion rate)

So in this article, MONA Media has explained how to pricing online courses as accurately as possible. We hope this information helps as you develop your course. You can offer multiple courses at different price points to reach more kinds of customers. Good luck!