LearnDash Course Pricing Strategies
Easy Pricing Strategies to Determine Your Rates
It might just be the most stressful decision you ever have to make: what to charge?
Youāve got the competition to consider, your own skill set, what you perceive to be your skills (yes, this is different from the former for most of us), what your market will pay, your location, and a host of other variables. Working it out can feel like a hurdle you canāt quite get past.
Of course, there are some strategies you can employ. One popular method is to use a calculator such as the one found on Melissa Ingoldās Time Freedom Business. These will quite quickly tell you what you need to be charging to reach your income goals, and theyāre a great place to start.
But what about all those other questions? Creating a solid pricing structure requires you to do a little more digging. So with your starting number in line, take a look at:
Your Competition. This might take a little detective work, since a lot of coaches and service providers donāt publish rates. But if you pay attention to their websites and social media, ask a few discreet questions, and get on their mailing list, you can figure it out.
Be realistic about who, exactly, your competition is, though. Donāt undervalue or over-sell yourself. In other words, make sure youāre comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.
Your Skills. In some fields, this is easy. There are certifications and educational programs that allow youāby virtue of having achieved themāto charge a certain rate. If youāve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.
Look, too, at your track record. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)? Have your former clients moved on to bigger and better coaches after working with you? (Thatās a good thing!) These are all reasons to maybe consider a higher price range than you might have first thought.
Your Market. In the game of setting rates, itās your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.
If your goal is to give newbies a helping hand and lead them down the path to success, that unfortunately means you can look forward to low paying gigs. Thatās not a bad thingāeveryone has to begin somewhereābut it does need to be acknowledged. If, on the other hand, youāre target market is more established and economically stable, then a higher fee isnāt just warrantedāitās a must. They will expect a higher price, and will not find value in the lowest-cost provider of anything, whether itās coffee beans or business coaching.
Finally, donāt forget that pricing is never set in stone. Itās flexible. If you find youāre attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.
Itās your business. You get to call the shots.