Have you ever thought about how easy it would be to change your pricing strategy to make more money? Think about it. By setting up one or more pricing tiers for the courses you offer, it’s simple to get more money from your current customers without putting in much effort.
How exactly does this work and why is it so effective? Let’s first take a look at your audience to find out.
Setting up multiple prices for your content gives your audience options. And when it comes to money, having options is huge. Think about your audience for a moment and what they may be experiencing financially. Not everyone has a disposable income and a $200 course could easily break someone’s bank. When you give them different options to pay, they’ll be thankful to save a buck or two and be more likely to continue with their subscription.
Everyone values their time differently. When it comes down to it, there are many people that would pay good money to have more time. There are also people that would put in a lot of time to have more money.
When there are different price options available, those that value their time may purchase something more expensive that doesn’t require them to continually renew their subscription to your courses. Offering a year or lifetime membership to people for more money would be the obvious choice here, rather than having a monthly renewal as their only option.
On the other hand, people that want to save money by putting in more time may opt for a lower payment option that allows them to save. While this may entail them renewing or purchasing new training content on a monthly basis, they’ll be able to save by paying a lower price even if it means renewing their subscription more often.
Business or Pleasure
If someone is purchasing your course for a business, there is usually much less issue with price than if someone is purchasing for pleasure. Offering different prices will allow you to sell the same content for a variety of different people. A business for example, may want to purchase multiple copies of your course and look toward a bulk package that lets them do this. An individual will more than likely only want one copy of your course and look toward pricing options that fit their individual needs.
Everyone has different needs, and simply offering one price across the board is not always going to be the best option for you to make more money. Presenting three different pricing options is the way to go. When there are only two options, you can be sure your customers are always going to take the cheaper option. When there are three options, that middle price all of a sudden becomes pretty enticing. When you apply your options right, this middle tier often becomes the most sought after choice. You’ve also got those other two that are still going to make you money.
How to do this? What can you offer your customers that will allow you to set out different pricing options? Try incorporating some of the following methods into your pricing strategy, and you’ll soon see a dramatic increase in the amount of money you’re taking in each month. It’s not only easy, but it works like a champ.
Offer Personalized Assistance
There’s no doubt that self-paced online courses have become a popular choice. There is something to be said however about getting a bit of personalized support. Do you know how many different ways you could go if you were to add the pricing option of personalized help? Let’s take a look at three different basic tiers to give you a better idea.
Here you’ve started with you basic course for $99. But by adding personalized assistance you more than double your income by offering personalized assistance. Sure you’ll work a little harder, but it’s a pretty significant increase in the money you’re brining in.
Offer Multiple Quantities of Your Course
Are you selling courses to businesses that need to purchase more than one copy of your course to various customers or employees? If so, offering multiple quantities of your course is something you should jump on immediately. Not only will it make you more money, but it will make it easy for your clients to quickly choose an option that fits their needs without having to contact you for more information. Here’s how it works:
*This includes 10 copies of the course and something else that makes the offer sound enticing. It could be as simple as a free 2-month subscription to your site or a short, free bonus course.
This “deluxe edition” would include 50 copies of your course and added freebie, save your client $500, and make you $1500 more in the process.
It’s easy to create two new pricing plans and market this to your customers without doing much anything else. Businesses love having options like this, and when you decide to implement it into your pricing options, you’ll love the amount of extra money it brings.
Sell Different Subscriptions
If you’re selling a course that can be easily offered as a subscription, by all means jump on it. Subscriptions obviously will work best for those who are regularly adding new content, and adding different subscription options will help you dramatically increase your income without doing any extra work whatsoever. Here’s how it works:
Creating this three tiered pricing plan for different subscriptions not only makes you more money upfront, but saves your customers money in the long run. This is something they’ll greatly appreciate, especially if their prone to subscribing each month.
Creating Your Perfect Price Plans
With each business being inherently unique, these ideas are merely the beginning of the many ways you can choose to set up multiple price options for your online courses. No one knows your business better than you and being creative with the tactics you know will work for you is an excellent way to leverage more money for your business.