3 Tips for Pricing Your Online Course For Recurring Revenue

Posted on
July 13, 2018
by
Billy Mike
,
from myQuest

eLearning is a fast-growing and ever-developing field, with thousands of new courses coming out every year.  Courses range from weight loss guides to corporate training tutorials, and everything in between. And with each course comes different content, varying users, and most importantly, ranging price points.

So, How do You Pick the Right Price To Create Organic Revenue?

We get it, finding the right price for your course can be difficult.  Under pricing could be detrimental to your bottom line and may denote to potential buyers that your product is considered ‘cheap.’ On the other hand, overpricing may steer potential buyers away in search for a less expensive alternative.  Finding the right range of prices for your course has no one definitive answer, yet it can be a major factor in your business’ success. That’s why we are offering some tips to help you decide which price is best for you!

1. Know Your Costs

When first pricing your course it’s important to factor in all the costs to create and maintain your online platform.  Whether it’s hiring video professionals, developing new content, or marketing your platform online, all these attributes will end up adding to your costs and affecting your net profits.  By identifying all your costs you can:

  • Set a Target Revenue for Your Course
  • Plan for Good Margins
  • And Make Profit!

2. Know Your Customers

There’s a countless number of online users searching the web who could potentially stumble across your online platform, but realistically not every customer is your customer.  Rather every online course has its own niche market, with different traits representative across each particular grouping.  

For instance, an introductory computer science course won’t necessarily attract the same buyers as a class on nutrition.  And with different users also comes different levels of income and willingness to pay for online courses. Take time to determine your main source of customers and find a fair price that still allows for your revenue to grow!

3. Don’t Be Scared to Make Changes

Prices are flexible and constantly subject to change.  Content upgrades, added features, and quality improvements all add value to your course, and thus may justify a price increase to follow.  Furthermore, different pricing schemes can be used to maximize your revenue. Premium pricing or pricing tiers can be implemented for extended accessibility or exclusive material.  In addition, discounts and alternative payment plans can be issued if you are trying to expand your virtual “class size.”

Here at myQuest, we know that the journey to developing an online course can be stressful, and profiting off that even more so.  That’s why we are here to guide you step-by-step through your site’s creation, helping you perfect your website and achieve recurring revenue in a moment’s notice.

Research your cost and customers, pinpoint your price, and enter the lucrative business world of eLearning!

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