If you’ve created a digital course or are planning on doing so, then you will know that there are a ton of decisions that you will have to make throughout the whole process. From choosing your course topic to your recording equipment, your course title, what to include in your lessons, how to create your content, how to market your course, and everything else in between. And somewhere in that process, you will be faced with the difficult decision of choosing a price for your course.
This is definitely something you should be thinking about beforehand and not leave till the end.
Here are my top tips and advice on how to price your digital course.
Things you shouldn’t do when pricing your course.
Ask people how much they would pay.
Asking people how to price your digital course is not a good idea because a lot of the time they are just being nice and will most likely give you the answer you are looking for.
If they aren’t course creators, they don’t know what it is worth and what went into the creation of it and if they aren’t your target audience they might not even know what it entails.
Think about how much your time is worth.
It might feel like you’re spending a bunch of time on your course and you might think that your “low” price is not worth your time. We tend to forget that with digital courses, you create it once and sell it over and over and over. So essentially you will get 100x value out of the time you spent. Your consumers point of view on the value of your product is different to yours. They don’t see behind the scenes, how much time you spent or what you had to sacrifice. They see value as what they can get out of it, return on investment (ROI). So you would typically price your products sold to consumers lower than what you would sell to business owners because they will get their money back.
Your launch style determines your price and your audience determines your launch style.
You need to take a look at your audience and be honest with yourself, this can be hard to do especially when you have vanity numbers (A high number of followers vs. a lower number of actually engaging followers).
So take a look at your numbers on all your social media pages, groups and email lists and note how many people are actually seeing your posts, then take a look and note how many are interacting with your posts. These are the followers who will actually see and engage with your offer.
Direct to ads
This is an easy and faster way but costs money so you need to look at it as time vs money.
Low ticket items, Facebook group, email & personal outreach
This works well with a smaller audience. Start with low ticket offers that lead into higher ticker offers.
Higher ticket, webinars & challenges
This works well with a larger audience. If you have a large audience of engaged followers, you can put out a higher priced offer.
I recommend either going less than $100 or over $1000. Under $100 would be ideal for your introductory, low ticket offers and over $1000 for your high ticket offers. Don’t go into the gray area between $100 – $500. Products priced at that range are harder to sell and you will need a larger audience.
Memberships don’t fall into this system because they aren’t one-offs and are an ongoing continuity. Add them to a larger engaged audience or after your introductory or high ticket offer. They are meant to keep them engaged and interested.