How to set the price for your course

You know you want to sell your courses online. But how do you pick the right price for your courses? Jeff Cobb, an expert in selling courses online has 10 tips to help you pick the best price.

  1. Be clear about your strategy – are you only selling courses or is selling courses part of your overall product, service or brand strategy?
  2. Work backwards – what is the value of your course to your customer?
  3. Create a new category – what is unique about your course that will set the right price for you and your customer?
  4. Change the point of reference – introduce a premium product as a way to drive the prices of all of your courses.
  5. Provide options – create a standard offering for the bulk of your customers plus basic and premium versions to serve other customers.
  6. Improve your packaging – close the deal by making your marketing content appealing and compelling with a clear call to action.
  7. Leverage scarcity and urgency – devise ways to limit the availability of your course to drive immediate action.
  8. Make discounts count – use them sparingly to reward loyal customers and to drive new business.
  9. Keep a “just testing” mindset – experiment with different price points and offerings to find out what works best.
  10. Just raise your prices already – increasing price may have now impact on sales volume with big impact on your bottom line.

Get more detail on picking the right price for your course from Jeff Cobb. eLearning Courses lets you set multiple price points for your courses with the “packages” feature. A package is a collection of one or more courses offered at the price you pick. Create your first package today and start making money selling your eLearning courses.

Get expert help

New markets emerging in the online learning and development space are leading to an upshift in development efforts. In niche and generic areas, Subject Matter Experts (SMEs) have begun reaching students online all over the world. Courses on any topic can now be accessed and sold online with ease. If someone wants to learn something today, they can get it pretty much anywhere. Belle Beth Cooper at Fast Company reports that Youtube reaches more US adults aged 18-34 than any other cable network. This increases the competitive space from paid eLearning solutions to also include free online courses.

Staying competitive in the eLearning industry requires a specialized focus on creation and distribution of your content. You must approach this as an entrepreneur as much as an educator. You need to stand out to your prospective students and customers from the get go in such a way that it keeps them coming back. Not only because of good content, but also because you make it easy for them to stay in touch with your latest and greatest.

Doing this alone is a daunting task: you have to coordinate a proper distribution channel, recruit the proper hosting service to ensure your courses aren’t inaccessible at odd times, and ultimately ensure the highest quality and engagement with your content. So what do you do? You seek out a partner. Someone who is an expert at managing the distribution and eCommerce aspects of your eLearning initiative while you focus on creating high-quality content.

Here are three qualities and benefits your partner should bring to you.

High technical expertise
You are about to engage in a relationship with a partner that promises to be the distribution channel for your eLearning courseware. This means hosting and selling courses online. Your partner must show not only show high technical knowledge of online data storage and server management for highest uptime, but also have a strategy to keep your data secure. Nicole Fallon lists data security as one of the biggest concerns for any business that wishes to keep their customers happy. Your partner should provide you with the peace of mind that all the data, yours and your customers’, is safe and secure.

Generate value
One of the biggest business drivers of any great partnership is how much value is brought to the table by all parties. Basically, is the sum of all parts greater than each part itself? The solution you choose to help you in your eLearning efforts should focus on driving value for you. If your partner ends up taking a majority of your revenue and delivers little opportunity for growth, you are getting the sour end of the deal. Your partner should focus on helping you reach your goals and deliver the highest return on investment on your decision to work with them. Value-driven pricing that helps you achieve your goals without busting your bank will help you achieve that level of comfort and confidence that can keep your initiative increasingly profitable for years to come.

Success and Service oriented.
To achieve success in your initiative, your partner must bring you solutions that consistently help you engage larger audiences in unexplored markets. Your efforts to engage untapped and conquered markets should be complemented by your partner’s contribution to your success. Do you need specialized features in your efforts to help drive rapid success? Your partner should be willing to listen and adapt to your needs and then provide solutions that help you get to your goals quicker.

Final thoughts
If you want to go fast, go alone. If you want to go far, go together. This quote has been attributed to many greats of our time but the message is timeless. Yes, you can always try to run your eLearning efforts, but as a SME, your efforts are most profitable when they’re focussed on creating great content that engages students on a deeply personal level. There are aspects to running your eLearning business such as eCommerce and web hosting that require expertise to manage and deploy correctly. Further, as you grow you realize that the tools you start out with are no longer adequate and that you must adapt. Industry experts that specialize in consulting on these aspects can become your biggest allies. Leverage your allies to generate value for yourself and your learners for the most sustainable model for growing your business.

Expand your reach with eLearning

Subject Matter Experts (SMEs) are looking for newer channels to share their knowledge and experience. Experts have used static media to educate their learners in the past. That meant video, audio, and print. This introduced a challenge. It took a lot of investment in equipment, crew, and production to create, and maintain this type of educational material.

Another limitation is the lack of options in distribution channels. Live seminars, Video and TV programming were dominant in driving this market and it was always difficult to secure the kind of investment that would allow experts to regularly produce and distribute content. Not every SME had that luxury. That’s exactly what it was. A luxury.

E-Learning has revolutionized the creation, distribution, and management of instructional material. It has allowed SMEs to drive and control the quality, schedule, and reach of their content. More e-learning solutions are now available for developers to serve an industry that as reported in 2015 has already reached over $100 Billion. To enter this market, you must approach your learners as an educator and an entrepreneur.

Considering the right factors surrounding content and business model will drive your e-Learning projects into worldwide success. Here are five key factors you should consider.

Start Easily

Getting started should never be a roadblock in any new initiative. Since you are diving into the world of eLearning professionally, your first steps should be simple. The platform you use to create, manage, distribute, and monetize your courses should allow you to get to it quickly. Time-intensive and confusing setup for any platform will sour your experience and you will be less likely to use the tools in the future. Your focus should be on being the expert in your subject matter and not on navigating through the many hoops on the platform. Look for platforms that have simple-step sign up processes and get ahead on your e-learning initiatives.

SCORM Compliance

SCORM (Shareable Content Object Reference Model) is a set of specifications used for web-based shareable content. It guides how learning content should be broken down into modular, re-usable e-learning objects that can be handled with ease. Today SCORM is the most widely-used standard for e-Learning. If you have existing SCORM-compliant courses, then you should be able to use them as is, and if not, the tools you use to create courses should allow you to publish SCORM-compliant courses to stay current on industry standards.

Flexible authoring tools

User engagement in digital education depends on the quality of the course content. If the course doesn’t seem interesting, users will be less motivated to complete their training. Christoforos Pappas reports that over 60% of modern learning today is accessed online or on mobile. To address this growing market, you should be able to use any e-learning authoring tools that you are comfortable with.

Your content may contain video, static slides, simulations, or point-based lists: the key is to look for tools that help you design quicker with simple user interfaces and sophisticated design capabilities. One of the most common tools used in e-Learning that is easy to use is Microsoft Powerpoint. However, it is important to know that PowerPoint does not allow you to publish SCORM-compliant content. So the platform you use should allow your PowerPoint slide deck into an interactive, SCORM compliant e-learning course.

Digital hosting

Digital education was made popular using DVDs and print media. However, the most accessible portal for learners to complete e-learning content is on the internet. You need to make sure that courses you create can be found and purchased on a web-based platform. Easily uploading your courses to the cloud allows you to reach a global audience when you’re ready to deploy.

Monetize easily

Monetizing your e-Learning solution is the closing step of your hard work. You must ensure that learners are able to securely pay through eCommerce systems. If you plan on using your own eCommerce system that you set up or want to use an out of the box eCommerce setup from any provider: your learners should be able to quickly get past this stage and engage with your content. You may find it much easier to use the eLearning Courses integrated eCommerce system.

Takeaway

E-Learning continues to grow into the dominant form of world-wide education. As a subject matter expert your goal is to reach out to a wider global audience that is as motivated as you about your field. Instead of getting stuck on the first step, the strategy you use to deploy e-learning should allow you to reach your learners effortlessly. The focus should be on ease of access, flexible design capabilities, and efficient monetization. Look beyond the looking glass and get started today.

Sell courses online

You’ve worked hard to become an expert in your field, and that expertise has a lot of value. But did you know that there are people willing to pay good money to learn from you? That’s right, you can turn your expertise into cold, hard cash – 24 hours a day, 7 days a week, 365 days a year.

How? By putting your expertise into online courses and selling your courses with e-learningcourses.com. It’s easy! Simply create courses about topics you already have expert knowledge about. You can use our free online authoring tool, any popular e-learning software, or let our experts at e-learningcourses.com put your courses together for you. From there, e-learningcourses.com makes it even easier by handling all the technical work. We host your courses in the cloud for 24/7 availability. Anyone can sign up to take your online courses with your cost as low as $1 per person. It’s a win-win situation! Sign up for your free trial today. There’s no risk, and no long-term contracts. You can even cancel at any time. Start making money selling courses about topics you’re an expert in with e-learningcourses.com!