As a course creator, you’ve probably heard of Thinkific and maybe even tried it yourself. But what is Thinkific? Thinkific is an all-in-one platform that enables course creators to design, create and sell online courses to students worldwide. It’s easy to use, has many powerful features, and can help you build an engaged student community quickly and easily.
Pricing your online course is one of the most important decisions you will make as a course creator. You want your price to be competitive enough that people are willing to pay for it but not so low that you’re not making any money from your hard work creating the course. In this guide, I’ll go over everything you need to know about pricing your Thinkific Course so that you can make informed decisions about how much to charge for your offering.
I will cover topics such as understanding different pricing models, setting up discounts and coupons for promotions, using payment plans for larger purchases, and more!
How to Price Your Thinkific Course
Pricing your Thinkific course can be daunting, but it doesn’t have to be. In this section, I’ll go over a step-by-step guide on how to price your Thinkific course so that you can make informed decisions about what to charge.
Step 1: Understand Different Pricing Models
The first step in pricing your Thinkific course is understanding the pricing models available. You can choose from one-time payments, subscriptions, or payment plans. Each has its pros and cons, so it’s important to understand each model before deciding.
Step 2: Decide On A Price Point
Once you’ve chosen a pricing model for your Thinkific course, the next step is to decide on a price point. This will depend largely on the content of your course and how much value it provides for students.
Try researching other courses in the same topic area and see what prices they charge and any discounts they offer for insight into what people are willing to pay.
Step 3: Set Up Discounts & Coupons For Promotions
If you want to offer discounts or coupons for promotions of your Thinkific Course, then this needs to be set up in advance.
With Thinkific’s coupon settings, you can easily create unique codes with expiry dates and discount amounts that apply when someone purchases your course within the specified time frame.
Factors to Consider When Setting the Price for a Course
When deciding on the price for your Thinkific course, you must consider several factors. Here’s an overview of three important ones:
Demand for Course Material
The demand for your course material is key in setting the price. If you are interested in your course, it could be worth charging more. Similarly, if there isn’t much interest in the material, you can lower the price to attract more students.
Quality of Course Content & Delivery Methodology
Another factor to consider when pricing your Thinkific course is the quality of both your content and delivery methodology. Your content should be compelling and engaging enough for people to pay for it.
Additionally, make sure you’re using a delivery method that works well with the type of courses you offer, including videos, podcasts, webinars, or written materials.
Competition & Market Research
Market research can give you an idea of what other courses like yours are pricing and how they perform regarding sales and engagement. Doing some comparison shopping can indicate whether or not you need to adjust your pricing accordingly so that it stands out from the competition.
Common Pricing Strategies for Courses on Thinkific
When it comes to pricing your Thinkific course, you can use several different strategies. Here’s an overview of three popular ones:
Free or Low-Cost Courses
A free or low-cost course is a great way to get people interested in your material and build up your reputation as an instructor.
It’s also an excellent way to generate leads for more expensive courses. Plus, it allows you to test new content and get feedback before launching something bigger.
Tiered Pricing Structure
The tiered pricing structure is another popular approach for Thinkific Courses. With this strategy, you can offer different access levels at varying prices. This could include basic packages with limited features, mid-range tiers with more material and access to additional resources, and premium bundles with the most comprehensive content.
Pay What You Want (PWYW) Pricing Model
The Pay What You Want (PWYW) model is a unique approach that allows customers to decide how much they want to pay for the course – within certain parameters the instructor sets.
This pricing model works well when trying to reach a wide range of potential students who may not have the same financial resources but still want access to quality materials.
The Ultimate Guide to Pricing Your Thinkific Course: Conclusion
This guide has provided an overview of the different factors to consider when setting the price for your Thinkific course and various pricing strategies you can use.
We covered everything you need to know about pricing your Thinkific Course. We discussed topics such as understanding different pricing models, setting up discounts and coupons for promotions, using payment plans for larger purchases, and more!
Additionally, we reviewed the key factors to consider when setting the price for a course, such as demand for material, quality of content & delivery methodology, and competition & market research. Finally, we explored common pricing strategies such as free or low-cost courses, tiered pricing structure, and the pay-what-you-want (PWYW) model.
By following the advice in this guide, you should be better informed about how to set a fair price for your Thinkific Course that is both competitive and profitable. Now it’s time to implement this knowledge by launching your own course on Thinkific! Good luck!