How much tuition should I charge for my online courses?
November 19, 2014
Selling courses online is a great business opportunity for entrepreneurs. For many of our clients, running online courses is their full time job. It’s how they make their full time living. And we think that’s pretty amazing!
YOU’VE PUT YOUR COURSE TOGETHER. BUT NOW WHAT?
Once you’ve put your program together for the world to learn from, you’ll be faced with the challenge of pricing your online course. What is a fair price for an online course?
You’ve just spent a long time getting your Learning Management System (LMS) up and running and you’ve probably invested a good chunk of money in the creation of your course content. But, at the same time, you also don’t want your students to be burdened with high enrolment fees. So what do you do? Well, we’ve worked with a lot of clients, and our advice to you is…”don’t be the cheapest”.
SO LOW FEES AREN'T ALWAYS A GOOD THING (for students or teachers). SO HOW CAN YOU STROKE A BALANC IN THE ONLINE PRICING GAME?
Online prices vary greatly between educational products. However, there is often a direct link between the scope, quality and depth of the content and the price of the course. Course publishers need to be realistic about pricing their course. Generally speaking, the price of a course increases when there are more interactive elements or 1 on 1 (or group) learning opportunities with teachers in real time. Teacher’s aren’t cheap after all!
INVESTING IN YOUR E-COURSE IS AN INVESTMENT IN YOUR FUTURE
We recommend that our clients spend a considerable amount of time in their online course development and design stage. We’re not joking when we say it could be one of the single biggest investments you could make in your financial future. Investing in your online course and your online learning software will increase student satisfaction levels and will enable you to set higher price points for your online program.
BY BEING THE BEST YOU DON’T HAVE TO BE THE CHEAPEST
The person who’s the best, usually doesn’t need to be the cheapest. This is the philosophy we use with our clients. We would rather our clients spend the time developing their online courses so they can set higher price points for their programs.
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