When pricing your association’s training offerings, it is important to assess their value, and then price accordingly.
Many associations are guilty of devaluing online learning courses and webinars as there is typically less administration overhead and no hard costs associated with things like booking a room or organizing lunch, so the event is perceived as creating less of an impact. However this is not the case! It’s important that you put aside assumptions and consider the qualities and features your members are likely to value when it comes to training.
Online learning that is engaging and delivers important educational messages is every bit as powerful and effective as attending a classroom training event, so don’t be afraid to charge good money for it. There are also significant benefits - members can take the training at a time and place that suits their own schedule and there are no costs associated with travel expenses.
A good starting point for determining the cost of an online course or program may be to consider the comparable charge for attending a face-to-face version of the course, and then price the online session at a percentage.You will also need to factor in any fees and charges associated with content development, as you need to ensure that at a minimum, your costs are covered.
Finding the right price point for courses is not an easy task and the bottom line is that if uptake is poor, it’s clear that you’ve either got the price wrong or that for whatever reason, the course is not of interest to your members. Assuming the former, it’s important that you revise and re-set course pricing on a regular basis particularly at the start of a new venture into online learning.
This can be done by reducing a particular course fee, or you might consider offering a discount coupon that is emailed to potential attendees. Sending out a coupon also helps to market the course and increase awareness. Through an iterative process it’s important that you find the right price point so that costs are covered and you are making an adequate financial return.
For this and more great tips on how to generate revenue from your association training programs, download our free report, "Getting More Bang for Your Buck! 8 Quick Tips to boost eLearning Revenue"