When launching an educational project, it is important not only to prepare quality content, but also to properly evaluate the work done. Some creators of online courses underestimate the value of their expertise and efforts. Others believe that expertise is measured by the number of subscribers, and sell knowledge that can be found in free access for three times the price.
Free access
Some course creators post their content for free to prove expertise or build a loyal community around their educational programs.
Benefits: free courses often help generate leads. They are also used as introductory materials for beginners or as a bonus to the main product.
Disadvantages: to monetize the audience gathered in this way, you need effective sales tunnels.
Subscription access
This pricing model means that the customer has purchased a subscription to the educational platform’s content and can take any courses they like. For learners, this is a great opportunity to access a large amount of knowledge at a low price.
Advantages: the model allows for better control of income, as it involves regular payments.
Disadvantages: not suitable for comprehensive training programs as it cannot reflect the real value of the courses.
Payment per course
Most infoproduct creators choose this pricing model – the student pays once and gets access to all course materials.
Advantages: This is the most lucrative option for any expert, although it is less accessible to people with a small number of subscribers. You need a sufficient number of loyal audiences for sales to go well and the course creation to pay for itself quickly.
Disadvantages: when choosing this model, it is difficult to predict the potential income in the following months.
Factors that affect the price of an online course
When it comes to physical items, it’s easy to measure the price: you add up the cost of materials, labor, taxes, and add some amount on top. With online courses, pricing is much more complicated because you’re selling knowledge that doesn’t have a fixed cost.
Let’s take a look at what actually affects the price of an online course so that estimating the final cost becomes more realistic:
- Cost of content production. It matters whether you use a smartphone camera and headset or professional equipment;
- The exclusivity of the content. If your infoproduct is based on your own unique experience or on training that took a long time to learn, that’s one value. And if you’ve recycled information that can be found online or in books – that’s another;
- Complexity of the material. The deeper you dig and the more different issues you cover within a single topic, the more expensive the course will be;
- Market prices. People often compare different offerings for price before making a purchase decision, so you should do the same;
- Expected impact on learners. Your course should give your audience a solution to a particular pain – a specific problem that you can’t close on your own. This is the core value of the product;
- Type of content. If the course includes different educational formats – texts, workbooks and worksheets, quizzes, tests, and so on – its value is higher than if the product consists of only a few videos.
When deciding on the price of an online course, be sure to itemize all the tangible and intangible resources spent on its creation. This will help you determine a price that reflects the real value of the product, provides sufficient remuneration for your labor and the necessary cash flow to promote the course.