You’ve worked long and hard to create an online course that you know will provide tremendous value to your students. But is it worth offering a discount on your course? Let’s look at the pros and cons of giving discounts to make the best decision for your business.
The Pros
1. There are a few reasons you might offer a discount on your course
The most obvious reason is that more people will sign up for your course if it is less expensive. It can be a great way to increase the number of students in your course. Additionally, offering a discount can also show that you are confident in the quality of your course. It is a way of telling potential students that your course is worth the investment and by taking it, they will get their money’s value. Finally, discounting can also help build goodwill with potential students. If they see that you are willing to give them a break on the price of your course, they may be more likely to recommend it to others or take one of your courses in the future. As you can see, providing a discount on your course has a number of advantages. With so many reasons to offer a discount, there’s no reason not to!
2. A discount can be a powerful marketing tool for increasing interest in your course
By offering a reduced price, you can generate buzz and attract new students who might not have considered taking your course otherwise. This can be especially helpful when launching a new course, as it can help to build momentum and momentum. Of course, discounts are not the only way to increase interest in your course. You can also promote your course through social media, word-of-mouth marketing, or by reaching out to influencers in your field. However, offering a discount is worth considering if you are looking for a quick way to boost interest in your course. If you’re trying to generate buzz around your course or if you are launching a new course, this might be useful.
3. You may improve the sum of money you make from each student by adding an upsell at the end of the course.
For example, you could offer a discounted price for the first month of access to your course and then charge the full fee afterward. Or, you could offer a discounted price for lifetime access to your content. You can increase your revenue by offering an upsell without raising your prices. Additionally, you can offer a discount for customers who purchase multiple products from you. For example, if someone buys your course and decides to buy an additional product, you could offer them a discount on the second product. Offering discounts can encourage customers to buy more from you, increasing revenue.
4. You can build goodwill with your audience
Offering a discount on online courses can help you build goodwill with your audience. This is advantageous if you wish to build a loyal following of customers who are more inclined to make future purchases from you or recommend your products or services to others.
5. You can get feedback on your courses earlier than usual
If you offer discounts for early access to your courses, you can get feedback from students about the quality of your content before releasing it to the general public. This can help ensure that your courses are high quality and meet the needs of students.
The Cons
1. As an online course creator, you want to ensure that your courses are valuable and worth your price.
If you constantly offer discounts on your courses, you may devalue them in the eyes of potential students. They may begin to see them as not worth the total price and wait for another sale instead of enrolling at the current price. Not only can this hurt your bottom line, but it can also damage your reputation as a quality course provider. In addition, offering discounts can also lead to students requesting refunds more often, which can be time-consuming and costly to process. It would be preferable if you take into account all these factors before offering a discount on your online course.
2. Offering discounts on your online courses could lead to you losing money in the long run.
If you offer deep discounts, few students will take advantage of the offer, and you will lose out on revenue. Course creators must decide whether they’re in it for the long haul or want to make a quick buck. If you want to earn some money from your course, it’s best not to offer any discounts. Instead, market your course well and price it affordably and let students know that the quality of your course is worth the price. Studies have shown that people value something more when they pay total cost for it, so discounting your courses could backfire and lead to fewer sales.
3. You may attract deal seekers instead of serious students
If you offer too many discounts, you may attract deal seekers who are only interested in getting a good deal and not necessarily interested in taking advantage of all your courses offer. As a result, you can find fewer serious students who complete their courses and get results.
4. Setting up discounts requires time and work
Setting up deals can take time and step away from other aspects of promoting and selling your courses. If done incorrectly, it could even discourage sales instead of boosting them. Although it might appeal to your customer, you must consider other options.
Discounts can be a terrific way to attract your customer’s interest and encourage sign-ups for your online courses. Still, it would be best if you also considered potential drawbacks before implementing them as part of your strategy for pricing an online course you’re offering. Always weigh these options’ advantages and disadvantages to determine which will benefit you the most. This is true not only for discounts, but for all decisions you make.
