This is particularly great news for teachers and experts who know a lot of information about a particular subject that the world wants to learn more about. Let’s say, for example, that you’re an expert in “Photoshop.” Well, why not put a great online course together about that topic?
YOU’VE PUT YOUR COURSE TOGETHER. BUT NOW WHAT?
Once you’ve put your program together for the world to learn from, you’ll be faced with the challenge of pricing your online course. What is a fair price for an eCourse?
You’ve just spent a long time getting your Learning Management System (LMS) up and running and you’ve probably invested a good chunk of money in the creation of your eCourse content. But, at the same time, you also don’t want your students to be burdened with high enrolment fees. So what do you do? Well, we’ve worked with a lot of eCourse clients, and our advice to you is…”don’t be the cheapest”.
LOW ENROLMENT FEES CAN JEOPARDIZE YOUR COURSE VALUE
Too low of an enrolment fee may jeopardize the value of your course. Low fees mean fewer resources for creating high-end content. Fewer resources for paying online teachers. Fewer opportunities for students to get one-on-one time with teaching staff. Possibly a less reliable course framework. And less money for investing in important educational ad-ons in the future.
Not only that, but you run the risk of educational burn out. If there are interactive elements to your online course that require you to grade student assignments, you’ll run the risk of not being fairly compensated for your teaching duties. We’ve seen this happen to a couple of our clients in the past, who created an arbitrary course enrolment fee that wasn’t realistic and didn’t take into consideration how much time would be required to maintain all of their amazing educational features. Feeling underpaid for your work can cause you to become resentful and hate the idea of ever starting an eCourse in the first place.
So low fees aren’t always a good thing (for students or teachers). So how can you strike a balance in the eCourse pricing game?
eCourse prices vary greatly between educational products. However, there is often a direct link between the scope, quality and depth of the content and the price of the course. eCourse publishers need to be realistic about pricing their course. Generally speaking, the price of a course increases when there are more interactive elements or 1 on 1 (or group) learning opportunities with teachers in real-time. Teachers aren’t cheap after all!
INVESTING IN YOUR E-COURSE IS AN INVESTMENT IN YOUR FUTURE
We recommend that our clients spend a considerable amount of time in their online course development and design stage. We’re not joking when we say it could be one of the single biggest investments you could make in your financial future. Investing in your online course and your online learning software will increase student satisfaction levels and will enable you to set higher price points for your online program.
BY BEING THE BEST YOU DON’T HAVE TO BE THE CHEAPEST
The person who’s the best usually doesn’t need to be the cheapest. This is the philosophy we use with our clients. We would rather our clients spend the time developing their online courses so they can set higher price points for their programs. Most of our clients offer their courses for between $75 – $500. That being said, some charge less and some charge more. But that’s about our average.
SO WHAT ABOUT YOU? TAKE THE POLL!
Now we’d like to ask what you offer your online course for?