The question of how to price an e-Course is one that comes up in conversation all of the time. While there is no one answer that suits everyone, I can give you some strategies that you can use to help you get clear on how to price your e-Course.
How to price your e-Course
In this blog post, I am going to walk you through three steps including:
- Getting clear on why you’re creating an e-Course
- Understanding what you are trying to achieve with an e-Course
- Selecting a pricing technique
Why are you creating an e-Course?
This question might not seem appropriate in a conversation about how to price your e-Course but believe me – knowing why you are creating an e-Course is vital to knowing how to price it.
For example, if your e-Course is replacing your current 1:1 work then you want to select a price that aligns with the price of your 1:1 work.
If your e-Course is an alternative for people who can’t afford your 1:1 work then you’ll want to select a price lower than your coaching or consulting.
If you’re new to business and your e-Course is an entry-level offering then you might want to consider a lower price point.
Are you getting the drift? Determining your e-Course strategy allows you to understand where to position your e-Course and where it fits in with your larger business model.Price is what you pay. Value is what you get. - Warren Buffett Click To Tweet
What are you trying to achieve?
There are a number of ways you can approach building e-Courses into your business. Each has benefits and it really depends on you and your business as to which strategy to use. These strategies will largely determine how you price your e-Course.
The four main pricing strategies are:
1. Entry-level: Entry-level pricing introduces people to your skills without giving everything away. It’s a strategy I generally recommend when starting, as it is a great way to get people in the doors and start to build your credibility. This e-Course is often the first in the series and is great for people who want to create multiple e-Courses. Entry level e-Courses are priced at a point that is not a huge investment for participants.
2. Mid-range: Mid-range pricing is perfect for those who already have an existing business and client base. The pricing reflects its higher-level value (and how you want its value to be perceived) without devaluing your 1:1 work.
3. High-level: High-level pricing is great for people who already have a successful service-based business or have an existing entry-level e-Course already. These e-Courses have specific outcomes that you can well and truly deliver (usually accompanied by high quality branding and professional membership site). The high-level investment reflects that the e-Course is more advanced and valuable.Value is not always about quantity of content. Click To Tweet
4. Premium: Premium pricing is perfect for people who have a couple of e-Courses or products and are looking to offer a more premium experience. This is great if you are seeking to set a perception of extremely high quality across every touch point including a professionally designed membership site, fully branded course materials, professional videos, lots of extras and some live components.
Once you know what you are trying to achieve with your e-Course (in terms of value and perception) then it’s time to select a pricing technique.
Selecting a pricing technique
Setting your price is a multi-faceted and complex decision but I hope you’ve come to this point with a clear idea of why you’re creating an e-Course, what you want to achieve and where that fits into entry-level, mid-range, high-level and premium pricing.
Now for the juicy part, the two pricing techniques that you can use to price your e-Course!
1. Desired revenue method
This one is based on how much revenue you would like to make and estimating the number of enrolments that you think are possible.
For example, if you want to make $10,000 and expect 50 enrollments then the price of your e-Course comes to $200.
Now does this pricing fit into what you’re trying to achieve?
If this pricing doesn’t align then you might like to try the second method which is largely based on feelings.
2. Feel good method
In this method you price at a level that ‘feels good’ as there’s no point resenting people because you priced it too low. This method is really useful because it gets you to think about a number of things including your minimum price point, what your ideal participant is likely to pay, positioning (entry-level, mid-range, high-level and premium pricing) and also what price points feel too high for you right now.
Does this pricing feel more aligned to what you’re trying to achieve?
While I can’t give you an exact answer to the pricing dilemma, I hope these steps have smoothly walked you through the process of pricing your e-Course in a way that is aligned and feels truly good for you!
Struggling with pricing your program? You’ll love this money mindset training by my friend Denise Duffield-Thomas!
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