Are you putting off launching your coaching course because you have no idea how to price it? You are not alone. This is a struggle most coaches and online business owners face – and one that sometimes prevents them from ever launching their courses.
When I created my first course, second course, and probably even my third course, I was lost when it came to how much to charge. I did a lot of looking around at others to see what they were charging, and I even tried a few of their strategies. Unfortunately, without a full understanding of what should be considered when pricing your courses, I ran into brick walls and had low sales.
If you’re stuck in this place I want to give you some pricing strategies that will help you get off the starting line and launch your course with confidence.
Let’s start with, how much do you want to earn?
Here’s the most basic idea: how much money do you want to make on your course sales? Take into consideration:
- Your time investment: How many hours did you spend planning and creating your course?
- Your monetary investment: Did you pay writers, editors, developers or others to create your course?
- The cost of sales: What percentage of each sale will go to pay your payment processor, affiliates and JV partners?
- Projected sales: How many individual units can you reasonably expect to sell?
With all that in mind, it’s easier to calculate the cost of your course.
Next, let’s consider what is the return on investment?
Beyond how much you expect to earn from course sales, it’s important to consider how much your buyer stands to earn from her access to it. For example, if your students routinely increase their income by $2,000 every month thanks to your training, then it’s more than reasonable to charge $4,000 or more for your course. After all, action takers will earn back many times their investment.
Then, you must assess how committed are your buyers?
Or more accurately, how committed do you want them to be? Generally speaking, the higher the price point, the more invested a buyer will be in:
- Seeing the course through to the end
- Taking action on the material
This means that they’re also more likely to realize the results you promise, which leads to a better return on their investment. If you have the value and the case studies to prove a solid return, it’s reasonable to price your course higher to encourage commitment on your buyers’ part.
Don’t make the mistake of thinking that if you price it lower than others it will bring in more sales. The exact opposite will happen because your audience may think that the low price means low value and no return on investment for them.
Finally, look at how exclusive is the content?
You might think that there is nothing you can teach that hasn’t already been done before—many, many times.
But there’s plenty that can make your course stand out from the crowd:
- Present the content in an unexpected way
- Use design elements such as cover art, charts, and other graphics
- Include worksheets, checklists, and other step-by-step help
In the end though, deciding on a price for your course might come down to simply following your intuition. After all, you know your audience—and your content—best. Don’t overthink it, and don’t use pricing as an excuse not to launch. Decide on a price and move forward, you can always tweak it if the first launch doesn’t go well. But keep in mind, a launch that doesn’t go well is not always because of pricing, there are many other elements to consider.
Here’s to Designing Your Victory!
Do you need help with your pricing? If so, join me in our Female Heart-Conscious Coaches community on Facebook and feel free to ask any questions you have regarding this and any topics related to your coaching business. Every month I provide free training and live Q & A sessions in the community. Join us now at bit.ly/heartcoaches. I look forward to welcoming you to the community.
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