5 Insanely Effective Pricing Strategies For Your eLearning Store
Have an awesome online offering in your eStore?
Have you figured out how to create demand and charge for it?
Not yet? Well, then do that first.
Pricing is the first criteria in the buying decision of more than 60% of customers. Getting your pricing right will help your business thrive.
Let’s face it! Deciding a perfect price for an eLearning service is a challenging task. Pricing the online offerings too high will shut customers out in turn affecting sales while pricing it too low may question the value you’re providing.
So, buckle up!
Below are 5 failproof monetizing strategies that will help you to price better and sell more. Pick what may work best for you and apply it to your eLearning store.
1. Redefine your prices:
In the initial stages, you can opt for minimal margin pricing. Charging significantly less than your competitors will attract more customers.
However with time, based on factors such as customer preference, demand, brand awareness, and ratings gained, you can gradually increase your price. But, be transparent about it to retain credibility.
Periodic refining of the price will make sure that you don’t leave any money on the table in the long run.
2. Promote upgraded versions:
Most of the time alienating customers works better when there is a price increase. Offering a perception to the customers that they are getting something better than what was before, is an easy way to leverage the prices.
The improvization may be simple like edits in presentation, background, using new teaching tools or it can involve some major changes such as altering or adding new content to the course.
3. Sell in combos:
Grouping 2 or more courses and selling them at one price will accelerate your sales to a greater extent. Usually, such bundled courses are sold at a discounted rate than the sum of their prices. This way customers are intrigued to buy more than what they need.
For instance, if you have two courses, each at $20, you can bundle them together for $30. Because of this, users who aimed to buy 1 course tend to spend $10 more. This leads to increased sales with customer satisfaction.
4. Proffer Additional services:
Adding a new or complementary service to the existing one will make up for the altered price. Offering additional services like Q/A sessions with the regular course, providing notes, and adding frequent updates will encourage customers to pay some additional dollars to your service. This will also help in minimizing the resistance within customers when your price is higher and act as a differentiator in the market.
5. Install pricing software:
If still not sure how much to price your eLearning courses then try installing pricing software. These software help in handle pricing with ease as they are automated to alter the prices based on various factors – competitor’s price, market price, product demand, and more.
They keep track of consumers’ behavior on your site and charge accordingly. When you’re selling many products on your site, pricing software makes life easy.
In short, remember 90% of customers are investing time hunting for the best deals. Thus, smart pricing can get you ground-breaking sales.