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Nail Your Online Course Pricing | 7 Pricing Strategies

One of the most asked questions I get from clients is “How much should I charge for my online course?” 

 

So if you’re wondering the same thing, keep on reading because today’s blog is all about how to nail your online course pricing so that it feels authentic to you, and is a no brainer for your future students! 

  

Pricing your online course is a little bit different than pricing out a 1:1 coaching program or a group program.  There are a couple different factors involved in choosing your price point.  You’ll want to think about:

  • The amount of value that’s included
  • If it’s 100% DIY or if you’re including any group or 1:1 with it
  • How much time, research, and sanity you’re saving your students by helping them achieve your course’s results

 

There’s a lot to think about, and I’m here to help you find the right price for your online courses!

 

Before we get into the pricing process, it’s important for you to know that there are three main pricing tiers for online courses.  

 

  • Tier 1
    • The first tier, is considered the low ticket tier. These are your courses that are generally $97 and under, and they include a lot of done for you content like email templates, done for you calendars, swipe files, and checklists… basically the things your students know they need but avoid creating.  AND don’t let the small price point fool you, my mentor made 100K in 100 days with a $37 tiny offer!
  • Tier 2
    • Then there is tier 2, the middle ticket tier. This is what a majority of DIY ONLY online courses are priced at. Mid tier prices are usually from the $197-$497 price points (and sometimes up to $997). These courses are complete with everything your student will need to get results without you physically being there. So that will typically be things like trainings or masterclasses, workbooks, done for you content, resources, bonuses and more.
  • Tier 3
    • Then Tier 3 is your high ticket course, generally priced above $1,000. These courses tend to be a hybrid between an online course and coaching (whether it be group or 1:1).  So your students get all the value of the other two tiers, AND they get you in some form or fashion.

 

Now, this is where we get into YOUR pricing… I’m going to share what’s called the “Result Tools,” of your online course. 

 

What you may not realize is that, there are 6 different tools you use to support your online course students in getting results … and I’m going to walk you through each of these tools throughout this blog so you can price your online courses appropriately. 

 

Okay, let’s get after it. Here are the 6 result tools in my pricing strategy for building out your online course price point.

 

 

Online Course Result Tool #1: Duration 

First things first, determine how much of a time commitment you’re asking people to make when they purchase your course. 

 

Will your students get results in a matter of minutes? Or hours? Or days? Or weeks? Or months? 

 

Think about how long it will take your students to go through the content, process and implement.

 

It’s important to mention that more isn’t always better. 

 

People pay for convenience, so if they're looking at two online courses to purchase that have relatively similar content and one can be completed in a weekend while the other drips content for six weeks they’ll most likely buy the one that they can get results quicker. 

 

So if you’re selling a DIY only course, you may want to add up the time included in your trainings, and let your audience know that they can go through the content in a few hours, or in a weekend, or they can finish the whole course in a week!

Online Course Result Tool #2: Directives 

Directives refers to the training aspect of your online course.  Directives include the system, or formula, or step by step that you’re guiding your students through in order to get results.

 

These are the things they must know and do to experience the overall transformation.

 

A big goal to adopt in your coaching business is to personalize every single aspect of your brand so that people know it’s YOUR system.

 

In saying that, you’ll want to give a trademark name to your tips, tools, strategies, and techniques because these are your unique pieces of content that you’ve put together through research, experiences, time, and testing them out. 

 

When you do that, you’re able to quantify the value of the outcome you help your students achieve, AND you can position the price of your course as a no-brainer. So the sales come easy friend!

 

Online Course Result Tool #3: Implementation Materials

Implementation materials are meant to support your students in taking action on the course’s content without you needing to be there.

 

And, the better your implementation materials, the more likely your students will follow through and achieve the end result you’re promising.

 

Implementation materials are a combination of:

  • workbooks
  • printable PDFs
  • downloadable templates
  • outlines for scripts
  • swipe files
  • done for you calendars
  • Asana & Trello Boards
  • planners
  • journal prompts

... and so much more!

 

Anything that has helped YOU accomplish whatever it is that you’re helping THEM to accomplish, can usually be transformed into some sort of implementation material.  

 

Remember, you’re not just sharing information, you’re helping your students get results. So create something that will help them take action!

 

Online Course Result Tool #4: Bonuses 

Bonuses are free gifts from you, that your students receive when they purchase one of your online courses.

 

They’re typically pieces of content that complement your online course but aren’t necessary to achieve the result you’re promising.

 

Bonuses can be audio trainings, masterclasses, eBooks, other courses, tutorials, or recorded coaching calls. 

 

It’s not only a way to make them feel extra special, but it’s even more support in helping them to go BEYOND reaching their final goal.

 

Online Course Result Tool #5: Additional Time With You 

Sharing time with your students is the most valuable thing you can do. 

 

Some of the ways you can increase the value of your online course is to add live coaching sessions. 

 

You can do this on a Facebook LIVE, through a private FB group, via email support, on a chat forum like Voxer, Whats App, or Slack, or in an online forum.  

 

Remember, there’s nothing more valuable than your time, so if you’re offering this with your online course, be sure to increase your prices substantially.

  

Online Course Result Tool #6: Course Value Ladder

Now it’s time to also take a look at the value included in your online course.

 

Will it just be a collection of information and tips, or are you holding their hand doing it with them & transforming their life?

  

  • The first level of value is Information
    • While your future students can find anything for free, People buy speed and convenience. So, if your course gives them the information they need in a structured way that’s what they care about. 
  • The second level of value is Implementation 
    • This is when you go beyond information, and support your students in taking action on simple, practical steps to get them quick results.  This is done with done for you content, as well as with prompts, templates, and other implementation opportunities.
  • The third level of value is Transformation 
    • Some online courses are quick and simple while others are more in-depth and offer a transformation.  So, if you’re promising that your students will make more money, have 20 extra hours per week, live a happier life, or something along these lines then you’ll want to talk about this value, and price the transformation accordingly.  
  • The fourth level of value is Done with You 
    • These are your group coaching programs or masterminds with the VIP experience, where your students are working alongside you and walk away from your course with the results already achieved.

 

Okay, so now that you know the six result tools, here’s what you’re going to do with them.  You’re going to take each result tool and price separately. 

 

So, I want you to price out the duration, which is basically the time you’re saving them.  How much is that time worth?

 

Next, you’re going to price out your directives. And what I like to do is price out each module separately.  So if I were to sell module 1 as a stand alone masterclass what would I charge for it? Do that with all your modules and add them up!

 

Then you’re going to price out your implementation materials.  When thinking about how much they’re worth, I like to make them their own bundle. So, on my sales page I might say something like You receive 68 pages of templates, scripts, done for you launch calendars, and Asana boards… a $197 value.

Then you’ll do that for the rest of your online course result tools,  add up all the numbers and slash it to a number that feels authentic and a no brainer to your ideal students.

 

And also know that there’s no shame is testing out price points to see what works best! Sometimes you just need to put a number out there to see the amount of traction it gets!

 

So, now you know the 6 Online Course Result Tools to help you deliver all the valuable information you have to your signature students at the right price.

 

And as promised I wanted to share a resource that I created called Signature Program That Sells

 

 

This is going to walk you through not only mapping out and building your online course from scratch using your signature program, but also the process you need to SELL it ...whether that’s in one product, course or service, or by creating multiple streams of income with digital products.  So, go ahead and click here to learn more and get that now!

 

Lastly, if this blog was just what you needed in your coaching business, please let me know by sharing it with your coach friends!

  

Until next time, keep building your empire!

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