Pricing your online course requires careful consideration and strategic planning. Many of the content creators who have a good content to sell contents struggle with pricing. They don’t always get a standard pricing strategy to follow. Since the course creation and selling is completely free with the help of tools like Neyyar App, conventional techniques like cost plus pricing is not feasible for pricing their online courses. If you are there to sell an online course which have much competition, the chance of entering the market will depend on how bravely you have priced your course. Find out what killer strategies experts use to price their online courses in order to increase sales.
One effective strategy for pricing your online course is by adopting the “Freemium Pricing” model initially. Offer a limited version of your course for free to entice potential customers. This grants them access to basic content and establishes a taste of what they can gain from the complete course. By showcasing the value and quality of your offerings, you’re more likely to convert these free users into paying customers. This strategy allows for a low barrier of entry, attracting a broader audience to your course. In Neyyar App, we can sell our courses for both free and premium mode so that we can see how far the consumers of free courses show interest in premium courses, take their advice and adjust the pricing.
Implementing a “Duration-Based Pricing” model can be a strategic approach towards pricing your online course. Tailor your pricing based on the duration or access period to your course content. For instance, if you are planning to sell courses that have 1 month duration, just assume what fees will be paid for a tuition teacher who teaches the same or something far related. You can take any other relatable, like fees charged for the service (if you are teaching a software, subscription for the software). If you can successfully calculate the fees for 1 month, then you can multiply it with the duration of the course, say 6 months, to calculate the price of the course. Neyyar App is a marketplace for online courses where you can quote your own price and duration.
When determining the price for your online course, consider “Competitive Pricing” This means to take the price of the same course, or similar course offered by others for similar courses in your niche. Understanding the market helps you position your course competitively. You can either price your course slightly lower to attract cost-conscious consumers or align it with industry standards, highlighting the unique value you offer. So as something newly introduced to the market, pricing lower than the going rate can help you overcome competition. But you needn’t worry about this, if you are selling a new course that doesn’t have immediate substitutes.