So you’ve found your course topic and created your materials, but now you’re stuck trying to figure out how to price your online course.
Now, before you make a post on social media to ask your followers if you should charge X for your course, hear me out!
Because one of the most common questions I get from people is “how much should I charge for my course?”
And the real answer is… it depends!
Your business is unique because of what you offer, your audience, and you, so there’s no “one size fits all” advice on how to price your course.
BUT there are several factors that go into determining your course pricing sweet spot (and that will save you from a pricing panic)!
First, if you’ve done market research prior to developing your course, the info you gathered will be the key to finding that sweet spot.
Your market research will show you the exact course your audience WANTS because they’ve told you the result they want.
And it’ll show you what your audience is already willing and able to spend on a course similar to yours.
Pricing will also depend on the following six factors:
- The type of course you’ve created
- Your business model
- The transformation your course provides
- The resources your audience has already spent trying to achieve their desired result
- Your competition
- The “extras” you’ve included with your course
Let’s take a closer look at these factors to save you from pricing panic and take you right to your pricing sweet spot. 🍭
Didn’t do your market research? No worries! Here are some market research ideas to help you.
1. First, determine your course type.
Figuring out the type of course you will create (or already created) can give you a good starting point to determine how to price it.
In Clients to Courses®, I teach my students to validate their course idea by pinpointing the top result their audience wants and the top struggle keeping them from that result.
Then, once they determine that, they can choose the type of course they should create based on what would best align with the result your course will provide.
Below are the primary types of courses that can be created. The best one for you will be determined by the result you are providing.
Please note: these prices are industry standard price ranges. However, the specific price that will work best for you depends on your specific business, needs, and audience.
But more on that later 😉
The Intro Course
An intro course allows people to get to know you and covers foundational knowledge that prepares them for working with you in the future.
In general, this type of course is $200 or less.
The Deep-Dive Course
A Deep-Dive course goes in-depth on one specific topic and one result for your audience.
The deep-dive course is usually priced between $200-$500.
The Signature Course
A Signature course usually takes your audience through a majority of the transformation you provide in your business, covering all topics needed in order to do so.
Signature courses are usually $500+.
The Next Level Course
Only available to those who have been through a previous offer with you and builds on the knowledge they have already gained by working with you.
The price for this course varies depending on what the next level transformation looks like.
Found your course type? Perfect.
Now let’s see how that course fits into your business.
2. Where does this course fit into your business model?
Do you want to know “the secret” behind successful $27 courses?
The business owners behind that success have strategically planned the $27 course to satisfy the early stages of their customer’s journey toward their desired results.
And they have offers that are mid and higher tier services (or courses!) that satisfy other stages of the customer journey and fill in the gaps.
THIS is why you’ll see people crushing it with both $2,000 AND $27 courses!
The secret is in the strategy to satisfy the customer’s entire journey with different, tiered offers.
Once you see where your course fits within your product/offer suite, you can better determine the price based on the rates you’ve already set for your other offers.
So, where does your course fit into your audience’s journey?
Is it a low/mid/high tier offer?
Could your course be broken down into a smaller offer?
Can it be offered at a higher rate/more intimate experience based on the transformational results delivered?
Price accordingly. 😉
3. What is the transformation your course provides?
The market research you conducted prior to creating your course showed you what your audience’s “point B” is.
They told you the transformation they want.
What is that transformation worth to your audience?
Two big things to consider here are money and time.
How much money have they spent trying to solve their problem/achieve their desired result?
These could be things that they believed would “solve” their problem.
For your course, this could be anything from gym memberships, therapy, or other courses that promised the results they’ve been looking to achieve.
4. How is your audience losing time and/or money without your course?
There is money and money being spent on things that are NOT solving their problem, and we want to explore those as your course will remove this obstacle for them.
How much time have they spent trying to solve their problem/achieve their desired result?
Time is a big one here!
Your audience spends time on all the things they bought that they are taking time to do, without results: other courses, researching free “how-to” resources, diets, etc.
They spend time thinking about solutions and/or trying to troubleshoot for themselves.
And worst of all, they are extending their goal timeline because the time they are spending doing #allthethings is making it longer to get there.
Factor this into your pricing!
For example, I talk to people who have had a course on their mind for YEARS.
That’s years of ideas, years of thinking about it, asking around about it, you name it.
In Presell + Profit I show them how to get it out there and sell their course in 14 days.
In Clients to Courses® my students are building a six-figure revenue stream from that very course.
Both of which now turn years of $0 into profitability for their course.
That is priceless.
It’s impossible to gauge the “worth” of all of that saved time, but it was a factor when pricing my own courses!
If you feel like you need extra help validating your course with market research OR you want to build your six-figure revenue stream from your course, come on over and check out Clients to Courses®. I’ll walk you through conducting your market research (even if you’ve already created your course!) and teach you everything you’ll need to take your course from done to sold.
5. How is the competition pricing your course topic?
Another thing your market research will tell you is how much your competition is charging for a similar* course to yours.
(*Similar = similar transformation, similar topic, similar audience, etc.)
You’ll find that there will be quite a large range in pricing for similar courses.
Now, this exercise isn’t meant to cause comparisonitis. 🚫
It isn’t to try and beat your competition’s price, either.
This is meant to be used as a reference only!
Don’t use your industry as a pricing end all be all: “If X charges ____ then I can’t charge more!” or “If Y charges ____ then I can’t charge less!”
Doing this doesn’t take into account YOUR business and it’s needs, your money mindset or the transformation you specifically bring your audience.
You also have no idea why they have priced that offer that way so it’s irrelevant to you.
So why do this research?
Because it will show you what your audience is willing to pay for a course similar to yours.
You’ll also recognize some trending rates, which will give you a better idea about your own pricing.
It’ll help you make sure that you’re not undercharging for your course, or that your course is priced much higher than your audience is willing to pay!
Seeing these trends will help you reevaluate your pricing.
6. Does your course include any bonuses?
Are you selling your online course as-is, or are you including anything extra?
After checking out how your competition is pricing your course, you’ll also find that they are probably including bonuses in the price!
These serve as additional selling points for the course.
They are also meant to boost your audience’s result or fast-track their journey.
Ideas for course bonuses:
- Worksheets/workbooks to enhance the experience
- Additional audio-only option: adding your course material in audio format for easy listening on-the-go is absolutely a bonus! (We did this! Both Clients to Courses® AND Presell + Profit are on Hello Audio now!)
- Additional trainings: maybe you’re including a course you sell as a stand-alone course, tech tutorials, or workshops
- Any 1:1 time with you: office hours, group calls, one-on-one calls, reviewing their work, etc.
All of these elements increase the value of your course, so be sure to factor them in when you’re setting your price!
Do I have to include bonuses for my course to be successful?
You do NOT have to include bonuses, and you do NOT have to include bonuses for free. These are industry standards, like unwritten rules, but it’s your business, your course.
You make the rules.
In Clients to Courses® we take a deep dive into bonuses because more is not better when it comes to courses.
Just like your content, they need to be strategic and in service of your audience.
Consider a beta-launch: Presell your online course.
The fastest way to know you’re on track with your pricing? People buy it!
This is why I’m all about the power of the presell.
It’s easy for people to “say” they will pay a certain amount of money but, until they do, your course (or course pricing) isn’t validated.
And it saves you months of wasted time creating a course you don’t know if people will buy, or trying to sell a course that perhaps isn’t ready for the world just yet 😉
In Presell + Profit, I give you the exact steps to get your course packaged and presold in just 14 days.
(Plus some pretty awesome bonuses 😏)
Ready to price and sell your course? Let’s get started!