Should You Offer an Online Course Payment Plan to Sell Your Program?
When it comes to offering payment plans for your online course, finding the right balance between affordability for your learners and sustainable revenue for your business is essential. In this blog post, we'll break down three effective ways to set up payment plans for your online course.
3 Best Practices for Setting Up an Online Course Payment Plan
#1. Offer Multiple Pricing Tiers
One effective approach to offering an online course payment plan is to provide two to three pricing tiers for your course, with one of them offering a payment plan option. This strategy allows you to cater to a broader range of learners, each with different budget constraints and preferences.
For example, you can offer:
- Tier 1: $500 (One-time payment)
- Tier 2: $97 per month for six months
By providing a payment plan, you make your course more accessible to those who might prefer smaller, regular payments.
#2. Keep Payment Plan Durations Short
When implementing payment plans, it's crucial to limit the duration to either three or six months.
These shorter timeframes strike a balance between spreading out the cost for your learners and ensuring that you receive payments promptly.
Avoid offering extended payment plans, as they may lead to delayed revenue and added administrative complexity. Stick to three or six-month options to maintain financial stability.
#3. Slightly Increase Total Payment for Longer Plans
If you choose to offer payment plans, consider making the total cost slightly higher than the one-time payment option. This strategy encourages learners to opt for the upfront payment, which is advantageous for both parties. For example, if your course costs $300, you might offer the following payment options:
- Option 1: $300 (One-time payment)
- Option 2: $325 ($108 per month for three months)
- Option 3: $340 ($57 per month for six months)
By making the one-time payment more attractive financially, you incentivize learners to commit to it, ensuring quicker access to funds and potentially higher overall revenue.
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Setting up payment plans for your online course can be a win-win for both you and your learners. It makes your course more accessible and affordable while also ensuring a steady revenue flow for your business. The key is to strike the right balance between payment plan duration and pricing to create a compelling offer. Remember, shorter plans (three to six months) and slightly higher total costs for longer plans can be effective strategies.
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