How do we price courses on a learning management system of our own like Thinkific, Teachable or Uthena? How do we price our courses to get the most sales both organically and if we want to do any discounting or bundling?
I’ll tell you what I do on Uthena.com. Uthena is my self-hosting platform that is expanding into a marketplace where we currently have 295courses. We’re on our way to having 1,000s of courses. What we do is, we use the following pricing system for transparency and for fairness. Every single video course on Uthena is $27.81. Why $27.81 exactly? Because you’ve never seen that exact price somewhere else, which helps it stand out instead of being autopilot on someone’s mind. Also, $27.81 is an amount that people in many places in the world can easily pay. You’re not asking $200 for something $27 is very affordable. At the same time, it’s significantly higher than mass discounting sites where courses are $10. Thus, it’s low enough to consistently get organic sales at full price. It’s high enough where you can discount it down to $9 if you want to.
What you can do as we do with our prices is, we put our courses into bundles. For example We have these Hacking Courses and then we put them into Hacking Bundles. Thus, you can buy a bundle to essentially buy 2 courses instead of one and get a much better deal. So, $27.81 is very easy than to sell $50 bundles to get an upsell into a bundle instead of just into an individual course. Now, with this pricing strategy, you can then bundle a bunch of courses and offer a subscription or offer a big bundle with it. The nice thing about this subscription is also that, I’m consistently able to sell $9 coupons to give a meaning full discount on the courses.
I’ve tried pricing the courses higher at $199. The thing is, if the coupon doesn’t work on your own self hosted learning management system then you’re left with no one to buy the course. The coupons are unreliable sometimes. When I’d price the course at $199 then almost no one would buy at all and we never had even 1 full-price sale at $199. On Udemy, I’ve watched the pricing data over the years. Getting those full price sales is pretty rare. What people are willing to consistently pay is $10. However, if you want a full price that people will pay if they find it through organic search then, $27.81 is good.
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The nice thing is, I’ve got a little bit of data to show you in the picture above that this is actually really working. So, what you can do on Uthena is, you can click on the sales report and then you can see exactly what courses are selling on Uthena for the exact amount they’re actually selling for. This way you can see that we are really making sales. You could see exactly how much the sales are in real-time. You can also see that people are willing to buy courses for $27.81. Now note this, Uthena Scholars is a subscription. It’s nice when you price a course at $27.81. It also makes it easier to sell a $9/month subscription because that’s a really good deal.
The nice thing with subscriptions that are under $10 is mentally like, “Oh it’s like having a course every month”. That subscription can be worth 100’s of dollars over the course of a lifetime. It’s cheaper than most other similar subscription services. For example Skillshare is $15 a month or $96 a year, Netflix costs more than $10 a month. So does Hulu & HBO-GO. I know because I’ve all of them. As you may see in the Sales Report, the bundles are consistently selling also.
We actually do not use any coupons on Uthena. My question will answer this statement. How do you feel when you buy something at full price and then you find out someone else used a coupon & got it for 90% off? I remember dreading people on Udemy buying my courses for $199 and finding out that almost everyone else was buying them for $10. Thus, I know from what I’ve seen that couponing does work. I know that pricing high and giving a big discount does work. At the same time, I understand the value of just paying full price for stuff and not screwing around with coupons or discounts. Especially on Uthena, we show all the sales. How are we gonna show all the sales if one person’s buying something for one price and another person’s buying it for another price? I like the simplicity of having all the prices the exact same every single course. Especially for a marketplace having all the courses at the same price is really nice.
If you want to make some real money what you do is, offer services. You can do things like private label rights. On Uthena, you can offer private label rights alongside your courses. You can offer things like memberships. I have a $6543.21 group coaching Mentorship Program that I think is the best in the world for Udemy coaching and online teaching. I’m more able to offer that right alongside all my courses and bundles. Thus, this gives it a lot of proven established value. If you’ve got courses for $27.81 on your learning management system and about $40 or $50 for a bundle, then you’ve got your services and you’re in a really good chance for good earnings. People will buy across the board.
On Uthena, people are doing everything from subscribing for $9 a month, buying course bundles for $40 a month to buying individual courses. You see, this system is leading to sales across the board from top to bottom which is what we really want. I believe if you want to price your courses, you want to be able to price them in a way that you’re going to sell everything. You’ll sell the courses, sell the bundle, sell the subscription and sell the services. Only then you’re in full-time online business.
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