Office Hours | Pricing (Part 2)
In In this episode, we discuss some of the differences in pricing online memberships vs. online courses.
For memberships, you’ll want to anchor your prices to your local economy. A monthly online yoga membership, for example, should cost roughly the same amount as a single drop-in class in your area. If your students are used to spending more for in-person classes, they’ll be comfortable spending a bit more for online programs, too.
Pricing for online courses vary widely in cost, much more so than memberships. Most of our clients price their offerings based on the following two factors:
- Amount of content: The more you offer, the higher the price tag can be.
- Demand: A highly specialized package might appeal to a smaller audience and require a lower price point. A more general (but still niched!) offering can skew a bit higher.
We recommend that all online courses be priced at least $97. Any product you offer is going to take some serious work to build and hone, and you’ll want to be in a position to recoup your investment! Additionally, selling fixed-price offerings in the $20 to $30 range forces you to scramble to sell more units and devalues your expertise.
Finally, we’ve got to circle back to the concept of undercharging. DO NOT undervalue yourself, your business, and your entire industry by offering inexpensive products, programs, or services. We can’t emphasize this strongly enough. Underpricing sets you up to be in a constant scramble to meet your financial goals, and creates a negative energetic relationship between you and your clients. Resentment is dangerous territory, folks. Please charge what you’re worth.