A lot of online course creators struggle because they make mistakes in pricing their online courses. While we can't tell you how much you should charge, we can set you on the right path by giving you a few pricing recommendations that allow you to thrive and grow a sustainable business.
We see many online course creators are stopped by their fear and doubt from charging what their course is worth. They choose to lower their program's price at the beginning and gradually raise the fee as they fine-tune their course. Putting a price on knowledge is hard, but we always recommend competing with the high quality of your online course, not with the lowest price. Otherwise, that will be a race to the bottom.
The first and most important thing to consider when pricing your online course is the perceived value you are offering.
Think about aspects like what your students will learn from it, if it is a life-changing experience, how much in demand the topic is, etc. If you find out that it's difficult to quantify the perceived value, then you can easily justify charging a higher price.
Focus on selling values and experiences to your customers. For example, if you are selling a spirituality course, a title like "30-Days Challenge to Become a Spiritual Healer" can justify a higher price since you are delivering actual real-life results to your students. However, if you name it "Introduction to Mindfulness," it can be difficult for people to foresee the benefits from investing in this course, so most probably, they won't be willing to pay more than $100 for it.
It doesn't matter how long your course is and what features you've added when it comes to pricing. What really matters is if it helps students achieve actual results relatively quickly.
Resist any temptation to charge a low price for your online course and focus on quality, not quantity.
You've probably put in so much time and effort in building your online course, and your price must reflect this. It is not enough to just aim to cover your costs. You need to have enough margin to invest in marketing, reflect the uniqueness of your product, and how it is impossible to replicate.
Bottom line: Never think that just because your online course price is low, people will whip out their credit card and purchase, no questions asked.
Increase the value of your online course by giving students more access to you, and in return, you also get to benefit from interacting and building relationships with them.
No matter what the product is, buyers always love to have different options (it's a psychological thing). Creating different price tiers satisfies their need to evaluate options and choose what's best for them, and the best thing is that they'll still end up being your customer!
Providing the option to spread the cost over an extended period of time rather than pay for it in full upfront can potentially increase sales and value.
Downloadable PDFs, video files, audio files, etc. are great tools to increase student engagement and enhance the overall experience.
The more niche-focused your course is, the better your targeting results and the more you can charge.