You’ve been energetically creating content and building your audience, and now it’s time to launch your first course. But how much should you charge?
Pricing your products can be tricky to get right, and in fact, many people leave money on the table because they undercharge for an excellent product.
“People are usually far more willing to pay high prices than you think.”
The three price points of language courses
In the language industry there tend to be three models for pricing.
Language App pricing — generally about $10 per month.
The middle-ground $60-$90 courses.
Top-end courses from the big providers — around $300 per course.
The important thing you need to decide is how much is your product worth?
To determine the ideal price, you need to decide where your course comes on the language pricing ladder.
“Pricing, at the end of the day, is what you make of it and there are no rules about it.”
Make some course comparisons
Start by looking at the competition and see which courses look most like yours.
Check out their price tags and price accordingly.
A word of warning, though.
If you plan to price high, then you need to have proof that your methods work. So, before you can launch your course, you need to get great feedback from your customers onto your website. Testimonials can be powerful proof when people are deciding whether to buy from you or not.
“The stronger the relationship that you have with your audience, the more you can do creative things with pricing.”
You also need to deliver what you’ve promised and more, so your product needs to be high quality and have persuasive copywriting on the sales page to attract customers in.
Should you consider A-B testing two different prices?
Generally speaking, it’s better to leave A-B testing to the big companies with thousands of subscribers because you need big data before you can say with certainty that one price is better than another.
“Testing pricing is very difficult to do because you need to have enough sales volume going through to get accurate results.”
You can take advantage of the big companies’ results though because if a big company charges a specific price, you can guarantee that they’ve figured out the optimal pricing for that kind of course.
Decide on the right format
“If you take the same information and present it in different ways people are willing to pay a lot more.”
You can, of course, charge different amounts for your knowledge in another format. A course, for example, is worth more than an ebook, but the information is the same.
Often, people will pay more attention to a product if they’ve invested more money into it because they want to get their money’s worth. That means they are more likely to put the work into something they’ve paid $1000 for than into a $35 book.
In a nutshell
If you’re not sure how to charge for your courses, then look at what the competition is doing. What is working in the market?
Especially pay attention to what the big companies are doing because they spend a lot of money on testing.
Take their pricing as your benchmark and start from there.
Get a FREE copy of our quick guide:
’7 Mistakes that will Kill your Language Business and How to Avoid Them’