On-line Coaching Certification Course Pricing Ideas
How to Find the Perfect Price for your Online Training Certification Course
When you run a business, you want to make a profit. Ideally, this means that you should be earning more than you spend creating the product or service. For physical products, you take the price of your components and give a percentage. You should also include your labor costs, although these are difficult to estimate. Even professionals like doctors and lawyers are unsure of the price of their skills. It’s more difficult for eLearning developers. How do you calculate the programming time? Here are 5 suggestions to help you find the ideal price for your online training certification course.
5 Secrets For The Pricing Of Your Online Certification Course
1. Look around
What do similar online training certification courses cost? Start with a wide strip. A quick Google search will reveal a long list of your competitors. Put your prices together and take a look at the range. Identify the highest, lowest, and most common price. This gives you a general idea. Now, take a closer look at which online training certification courses you enjoy and why. Maybe they are well designed, have good technique, or cover the topics you think are relevant. You would be happy to be associated with these products, so you would like similar pricing. If you have more than one online training certification course on this pick list, you can use a shortcut.
They could find the average of their prices and beat it on your product. Or you can imitate the price of your favorite brand from this list. You can also just choose the highest and lowest price and then position yourself right in the middle. It’s a common tactic in stores. They carry items that are super expensive and super cheap. Then they select the item with the best profit margin and rate it between the two. Customers buy it thinking it’s a wise median choice – not too cheap, not too expensive. They fail to realize that it offers the provider more profit than the other two extremes. Or that it was intentional bait on the part of the buyer.
2. Try the flex pricing approach
The nice thing about pre-orders and teaser campaigns is that they give you free market research. Before you start, try different prices to find the best fit. This tactic is often used in pop concerts. They sell tickets in waves, with a different price tag for each wave and limited tickets available. This creates a sense of urgency as buyers want a ticket before the price goes up. However, for future reference, it will show you what price your online learners are most comfortable paying. Clearly state the duration of each wave so buyers don’t feel cheated.
There is also a more complicated solution where the buyer is responsible for the price tag. In this scenario, you ask your customers to pay “whatever they want” and monitor their preferences. This can lead to losses. Instead of offering the actual product, you can also conduct a survey. Ask what they would be willing to pay for one or the other eLearning certification course. You could provide a summary, outline, table of contents, and maybe even a sample chapter. You will get a realistic idea of the thought process of your target market. Remember, you shouldn’t always follow a flexible pricing model. It’s just a research tool that can help you find the ideal price.
3. Do the math
As the tangent of the above test, observe when sales freeze. Play with the price, raise and lower it to see when it comes to a standstill. When it gets too low, customers start to doubt its value and stop buying. If it gets too high, they may feel “speckled” and miss the opportunity. You may also find that selling more online training modules or courses at a lower price (e.g. 3 certification modules at $ 50 each) translates into better returns. Pre-orders and promo codes show you demand for your online training certification course. Use them to do some calculations and figure out what works best.
4. Industry specifications
Keep in mind that online training certification courses generally target professionals who want to seek and / or receive a promotion. They are investing in the online training certification course because they know it will advance their careers. This means that the industry, the pay scale and other industry-specific factors play a role. For example, the healthcare sector generally pays better than retail. On the other hand, it all depends on the rank, experience and position of the target group.
5. Be realistic about all costs
There are two problematic approaches to pricing online training certification courses. The first is to evaluate your time and effort sufficiently to drive yourself out of the market. The second is to undervalue yourself so that you can no longer make a profit. You need to be able to account for all of the costs you incurred in creating the online training certification course, including software, time, and human resources. Be realistic. It is true, you may have spent countless hours devising topics and researching the subject. However, this does not mean that you should put an exorbitant price tag on your online training certification course.
Deciding on the cost of your online training certification course is challenging. This difficulty extends to all forms of intellectual property. Some people just hit any number while others use a trial-and-error approach. Explore the market to see what your peers and competitors are asking for. Play with promos, pre-orders, and A / B testing. Before you start, do surveys to get an idea of what your prospects are willing to pay. Dip a toe in the water to measure demand, then use it to evaluate your supply. Always collect effective metrics and don’t forget to analyze them. They will help you price future products.
Now that you’ve found the right price, it’s time to market your course. Publish an Article on the eLearning Industry to Reach Hundreds of Thousands of Readers and Grow Enthusiasm for your Certification Course. Not to mention establishing yourself as an expert in your niche and improving your online presence.
Make the job easier. Running a small business has never been so difficult. Homebase helps with free tools to keep track of time and manage your team.