Pricing Your Online Course

Putting a cost price on your online course is always a dicey decision especially for beginner course instructors since unlike physical products no tangible raw materials were procured,

so there is the fear of having no sales if the price is too high or the dilemma of having percieved to have produced a low-quality information product if the price is too affordable.

And trust me, this pricing decision phenomenon also happens to the best of us.

So in this article, I will share a few tips that will help you to make this precarious decision with some ease.

The ultimate decision factors to be considered here will be your target audience, the value of your information product, and your marketing and advertising budget.

Remember In module 2 of the Profitable Course Launch Academy we discussed Market research feasibility which is meant to give you an idea of the volume of audience your information solution is likely to serve and their purchasing power.

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This simply means, for example, the price for your information product targeted at undergraduate students will be different from those meant to reach a 9-5 fully employed market audience.

However, in general, the cost formula that is often used in information product pricing is the
• High volume; low-cost formula and
• Low volume; high-cost formula

This simply means, if you have a high volume audience, you could make your information product more affordable to most.

For example, instead of selling your product at N15, 000 in a high volume audience for a sales conversion of 8 in a month, why not sell at N5,000 in the same high volume audience at a conversion rate of 200 within 10 days.

This will give you a faster profitability conversion ratio within a short space of time.

Conversely, you make your product pricy if your audience is a high earned slim audience.

Although this often requires a more digital marketing persuasion skill.

For this, I will recommend the FACEBOOK RETARGETING COURSE; THIS IS A STEP-BY-STEP PRACTICAL CLASS ON DIGITAL MARKETING.

The Low volume high-cost method is often used in distant learning for higher institutions for their online students.
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In concluding this class, this is what I will recommend, instead of putting all your information value into one single online course, should you split them, and by this, I mean Upsales and Cross Sales,

For example, if you have decided to create a course with the caption “how to make money online with eCommerce”, your first course may be Mini Importation for starters for N7,500 you may then proceed to break the course into other upsales like

digital marketing for Mini Importation for N,5000,

Mini Importation Hot spot sales strategies for N6,000,

so at the end of the day, you have 3 products for N18,500 from just one Online Course Idea.

Your Cross sales, may then be Affiliate Marketing N6,000,

Dropshipping N10,000 and Networking marketing N5,500.

All these are derivatives from just one-course idea “make money online with eCommerce” and from this, we were able to get 3 upsales and 3 cross sales valued at N40,000 in total.

I will recommend that you get really creative with your product pricing, study your audience purchasing power, and implement the cross-sales, upsales strategies accordingly.

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