If you are feeling uncertain about how much to charge for cohort-based, online courses, you are not alone. Striking a balance between attracting students and remaining competitive can be challenging. Although pricing isn’t an exact science, we’ve identified key factors to help you price confidently. Online programs generally start at $500 for an 8-week program but can go all the way up to $10,000. With that said, as you work through pricing your next offer, here are five factors to consider.
Generally, the more access learners have to experts, alumni, and mentors, the more you can charge. One-on-one coaching sessions are typically offered at a higher price point as well.
How many weeks is your program? How many live sessions will you host? The length of your program matters because the longer the program and the more classes and resources you offer, the higher the price point.
How many years of experience are you bringing to the table? Learners are willing to pay more for online courses taught by instructors who have years of experience. Students want to learn from your mistakes. They want to replicate your success, and they want to get your step-by-step blueprint.
If you’ve invested in coaching programs, courses, memberships, read books, or attended conferences - you can pass down this knowledge to your students. Catering to a specific niche and learning by osmosis means you can charge more.
Will your online course have an application process where students have to apply to join? If so, the lower the acceptance rate (fewer students allowed in your cohort), the more you can charge. Exclusive or personalized programs are more valuable than pre-recorded courses.
How much are other course creators charging for similar online courses? Research different courses in your industry. Compare programs based on length, target audience (beginner, advanced, etc.), and the number of lessons.
Lastly, factor in how much it costs to launch, maintain and market your course. Determining total costs will help you figure out the least amount of money you need to charge to make a profit. Some of the most common expenses include equipment, software, hosting fees, marketing ads, and more. Some course creators compensate guest speakers and instructors. Don’t forget to factor in your time!
Virtually takes the hassle out of hosting a cohort-based online course, boot camp, accelerator, or coaching program. Schedule a call with our team today to learn more.
Danielle Desir is an author, freelance writer and the host of The Thought Card, an affordable-travel and personal finance podcast. (danielledesir.com) Follow on Twitter: @thethoughtcard