How to Price Your E-Learning Course
When you’re on the anvil of launching an e-learning course platform, there may be a million things to consider. Technology, monetisation and pricing may stack higher up the order and chances are, you may be overwhelmed by the sheer volume of work it entails to kickstart an online learning service. If you go the traditional route, that is. Luckily, launching a virtual learning platform today no longer involves light years of coding, training and development. By picking a turnkey framework, you can get started in a matter of days at a fraction of the cost you’d spend otherwise. Pinlearn is a superior framework you may want to consider when thinking about How to Sell Education Courses. Equipped with a range of customisation tools and monetization techniques, it’s every budding entrepreneur’s dream solution. Pinlearn will also be lighter in your pocket than other alternatives you may have contemplated, preserving your margins and your peace of mind for elearning solution.
Now, onto your pricing. As a new platform owner, it can be difficult to estimate your self-worth and in turn, your eLearning course pricing. However, by introspecting and assessing your value vis-à-vis other platforms, you can determine a price that sits well with you and your audience. If you’ve been at a loss for how to pick an eLearning pricing model for your quiver of courses, here are some tips to get you started.
Tip 1.Establish a Minimum Pricing Model
When you enter the world of online learning, regardless of how new you are, it’s important to assert your value right from the outset. The eLearning course market has pegged a baseline of $100 for quality courses. Let that sink in for a moment. If you’re wrestling with the idea of how to sell education courses so high, don’t. It doesn’t matter if you’re not a veteran in your field of choice, as long as you can offer value. In fact, novice teachers can relate to learners better than experts can, because they can chart a solution in an easier, less complicated way. Also, regardless of the subject of your eLearning course, you’re entitled to a minimum fee. Even if there’s someone out there offering it cheaper, know that your learners are drawn to you and your platform. Money is not always a deciding factor for interested learners. While some elearning solution courses may promise quantifiable returns like career progression and enhancement, eLearning courses that are centered around hobbies and interests may garner just as much attention. Don’t undermine yourself.
Before we move on, let’s talk about the $100 baseline a little more. Why $100?
Well, for several reasons:
Quality Education Is Respected
It may seem outlandish to spend $100 on something that you can’t display or keep or wear. We’re so used to money being manifested as objects or commodities that buying something so incredibly expensive and intangible may seem outrageous. The truth is, knowledge is valuable and learners recognise that. Every year, students take on piles of debt for education. As formats move from physical to digital, eLearning courses hold more potential than you think.
eLearning Courses Are Solution Catalysts
A solution catalyst is a means to bring about a solution in a faster and easier way. Learners seek out online courses because they’re looking to solve a specific problem or are aiming to acquire a certain skill set. A course is a bridge to that knowledge.
Education usually comes with a price tag and people are conditioned to fork out more money for valuable learning tools. Consider this: a person may hold back buying a physical book worth $30 but be more than willing to spend $100 on an eLearning course that offers the same content. Format matters.
Tip 2. Consider Novelty Pricing
While $100 makes for a reasonable baseline, your course should be on par with the value you are offering. Scour the market to assess the pricing landscape for similar eLearning courses. While these are great indicators of potential price points that you could set for your own course, think of the additional features you could offer in your eLearning course to set it apart. Live streaming, for instance, is a thoughtful medium that allows you to interact with your learners in real-time, allowing you to field questions and comments on the go. When learners feel that they can benefit from a superior experience on your eLearning software, you’ll see that your premium pricing model will be worth it. Plus, premium pricing can help you sift out genuine learners, help you establish a prime value and increase your revenue multifold.
Tip 3. Establish Revenue Milestones
While you may be eager to share your skills with learners, it’s worthwhile to consider how you can turn your eLearning platform into a serious business. Set revenue milestones for yourself for the foreseeable future; perhaps at the three-month, six-month, nine-month and twelve-month marks. Establishing these milestones will help you decide how much to price your eLearning courses at. If you’re planning to turn into a full-time course creator, you may want to rake in money starting as early as possible. If you plan to juggle a job and an eLearning platform, you may have more flexibility. Either way, revenue milestones help you identify how many users you need to acquire over what span of time.
Tip 4. Upgrade Your Course Periodically
The only way you can increase your price point organically is to periodically improve your course. Introduce upgrades, new features, newer content and payable premium content. With each new layer of updates, you can consider upping your price a notch. Of course, limit your price increases to once or twice a year; any more than that and you stand the risk of alienating your users. Frameworks like Pinlearn are easy to work with you and let you add new content layers seamlessly into your course.
Tip 5.Add Payable Content
Who said that your course content had to be standardized across users? By adding payable locked content to your course, you can attract users who want to go above and beyond the purview of your course and acquire special skills. Price your payable content by splitting it into modules. Then, evaluate each module to estimate its worth when compared to your core bank of content, especially when considering custom e-learning solutions.
Tip 6. Introduce a Flexible Payment Scheme
Learners may be constrained by finances and it would be considerate to offer them the option of paying over several months. This will allow more genuine students to enroll for your course.
Pricing your course is a product of several factors and there’s really no right way to do it. While a framework like Pinlearn can lower your overall launch costs, your pricing model will have your future revenue riding on it. Evaluate your proposition against a variety of attributes to arrive at an answer. A sustainable pricing structure can take your brand from strength to strength for your eLearning solutions. A little thought is all it takes.