Podia Project: Price Your Online Course With Confidence Using These Seven Strategies – A Case Study

Podia Project: Price Your Online Course With Confidence Using These Seven Strategies – A Case Study

Podia Project: Price Your Online Course With Confidence Using These Seven Strategies – A Case Study

Thank you for the opportunity to work on this project with you! Below is the finished product, and my process for various pieces of the project.

Outline, Rough Drafts, and sketches

Sometimes I just think better on paper and this was one of those times. I started by working through the keywords and phrases and doing some research. From what I was able to gather, I wrote an outline and then typed the rough draft. Once I felt pretty good about the different concepts and ideas I was communicating, I sketched out some graphic concepts that I would later use for the video.

Graphic design elements

For the graphic elements, I tried to keep the designs simple and effective. I chose to use Podia branded colors and rotate through them throughout the video. One of these didn’t make the cut, but I like that I now have some image assets I might be able to use for something else in the future.

Shooting

My filming setup was relatively simple. A single camera, shotgun mic, three point lighting, a tel-a-prompter, and a cat (who just hung out on the bed and reminded me to breathe). I shot in 4K so I could scale down and pop-in on the shot if I wanted to.

It’s actually been a while since I used a script and I had to run through a few times before I felt I could be more natural. When I went to edit the footage, I was really glad I didn’t try to go off the cuff (there would have been so much editing).

 

Title

For the title, these were some of the top considerations: Has to pitch the value, has to include the keywords, should include some other compelling words like numbers, emotions, or words that convey a sense of intrigue.

I decided to focus on the following keywords: Pricing, Online Course, Strategy

I also wanted to make the title compelling and focused on the value. I think what most people experience when trying to price their online course is a mix of imposter syndrome, hesitancy, and fear. I think what people want to feel when they choose their price is confidence. I decided to make the goal of feeling confident the focus of the title.

Here are some of the choices (underlined was final choice):

  • Price Your Online Course With Confidence Using These Seven Strategies
  • Strategies for Pricing Your Online Course With Confidence
  • How to Price Your Online Course With Confidence. Seven Strategies
  • Pricing Your Online Course With Confidence. Seven Strategies.
  • Seven Strategies for Pricing Your Online Course With Confidence

Some of the other choices sound more natural or catchy, but it’s always a balance between how people search (or YouTube’s interpretation of how people search) and what words or phrases will catch someone’s attention. The one I chose is front-loaded with the keywords (“Price Your Online Course”)  and then uses emotion (“With Confidence”) and intrigue (“Using These Seven Strategies”).

Tags

For the tags, I used a combination of words in the provided list, words that other popular YouTube videos on the same topic were using, and words that showed up in auto-fill. A few best practices when it comes to keywords are to lead with the focus keyword, followed by another one or two words or phrases that match words in the title and main description. The next few words should be larger categories related to the main topic, and then the last few words can add some specificity.

Here are the tags I chose:

PRICE YOUR ONLINE COURSE | PRICING COURSES | PRICING STRATEGY
ONLINE COURSES | PRICING | COSTS
PRICING CALCULATION | COURSE VALUE | PRICE ANCHORING | TIERED PRICING

Description

For the description, I want to use as much of the available space as possible, but also make it useful for the viewer. A two paragraph description containing keywords is plenty, along with a Table of Contents with Time Stamps, an outline of the video contents, and links to resources mentioned in the video. 

Here’s the description:

Pricing your online course correctly plays a huge role in whether or not your launch will be a success. So it makes sense if you feel hesitant and uncertain about this big decision. When you choose a price, you want to feel confident and excited about launching your course.

In this video, we offer seven strategies for determining pricing for your online course. These strategies can be used individually or they can build on one another. The goal is not to give you the perfect formula, but to help you find a strategy that will help you feel confident in the price you’ve chosen.

TIME STAMPS:
Gather Online Course Data – 0:47
Research Courses In Your Industry – 2:30
Determine Your Costs and Net Profit – 3:00
The Product Demand Matrix – 4:59
Imagine Your Perfect Customer’s Return on Investment – 6:19
Understand Your Relationship With Your Audience – 7:55
Use Price Anchoring and Tiers – 9:46

SUMMARIES:

Strategy 1 – Gather Online Course Data:
Visit online course marketplaces and either ask for course sales data or collect your own. Take the median price of the data and create a range based on 15% of the data points on either side. Self hosted courses and courses hosted on Podia can typically sell for more than marketplace courses.

Strategy 2 – Research Courses In Your Industry:
Using the same online course marketplaces, narrow your search to courses that are most similar to yours and then use the same calculation method from the previous strategy.

Strategy 3 – Determine Your Costs and Net Profit:
Factor in all of the costs of creating, maintaining, and marketing your course. Use that number to determine how many sales you would need and at what price point, before turning a profit.

Strategy 4 – The Product Demand Matrix
Would your course appeal to a narrow market, or a wide market? Would people pay a little money or a lot of money? Knowing where you are on the Product Demand Matrix can help you understand where to price your course.

Strategy 5 – Imagine Your Perfect Customer’s Return on Investment:
Think about what your course could do for your perfect customer. How much would it be worth to them? Thinking about your course this way helps you to see it and talk about it as an investment, which will help you feel more confident asking a fair price.

Strategy 6 – Understand Your Relationship With Your Audience:
Rate yourself on a scale from 1-10 on the following questions: How engaged is your audience with you? How much affinity does your audience have for you? How relevant is your course material to the needs of your audience? The higher your score, the more confident you can feel pricing on the higher end of the range.

Strategy 7 – Use Price Anchoring and Tiers:
If you offer your full course at full price, but also offer additional value in higher, more expensive tiers, the full version of your course will seem like a deal. This is the basic idea behind using price anchoring and tiers. The price of your course doesn’t change, but the perception of the price does.

RESOURCES:

How Averages Work: https://www.skillsyouneed.com/num/averages.html  
Online Course Marketplace: https://www.udemy.com/ 
Product Demand Matrix: https://entrepreneurbydesign.wordpress.com/2015/01/21/the-product-demand-matrix/ 
More Information on Pricing Tiers: https://openviewpartners.com/blog/tiered-pricing-optimization/#.XTrAgRNKjjB  

Thumbnails

The thumbnail has to attract attention. Some of my techniques are using large, easy-to-read text, colorful imagery, and contrast. I ultimately chose to go with the 2nd option because the face is featured more prominently. Our eyes are naturally drawn to faces, especially if there is some kind of strong emotion being shown.

For this thumbnail I used the Podia logo and color (could be changed out with other brand colors), a large, bold font for the main title, and a screenshot of myself from the video. I also went in and added some saturation to the picture. This wouldn’t normally look right in the video, but as a still it helps the image attract more attention.

Additional Details

The content from the video was written out as a script and has been added to the video for the main captions. This has lots of benefits, but the most significant one related to SEO is the accuracy of the words and phrases throughout the video and how they match up with words in the title, description, and tags. Also, the script can easily be repurposed as a blog post.

I realized as I was working through the description that I made a mistake and referred to the “Product Demand Matrix” as the “Pricing Demand Matrix.” I must have had pricing in my head or something. For future projects I would get some extra eyes on my drafts before they’re finalized to avoid mistakes like that. I would also do reshoots and fix titles when necessary.

As I filmed, I tried to remember to put some of my personality into the video. Sometimes the most important thing a person remembers after watching a video is that something made them laugh, or smile, or feel a little more connected to another person. That’s a step toward trusting us a little more, and makes it more likely that they’ll look to us the next time they have questions.

Again, thank you for giving me a chance to share my work. I really enjoyed this project and I hope we get a chance to work more together!

 

-Ben Toalson

Nobody Sees, Nobody Knows

The Blah, Blah, Ice Cream

I recently enjoyed an episode of one of my favorite podcasts, Back to Work, where Merlin Mann, one of its hosts, described with unbelievable accuracy a scenario I’ve experienced often with my children. When we’ve set aside a day to do something fun for one of my children’s birthdays, we’ll often ask the question, “What do you want to do?” Because you can’t ask a child an open ended question like that, we usually throw out a few options. “We could go to the zoo, we could go to the park, we could go for a nature walk, we could go get some ice cream, etc.” What they hear is, “Blah, blah, blah, ice cream.” Turns out, this doesn’t necessarily get better with age. Generally speaking, we listen for important information, but if it sounds like stuff we already know or don’t really care about, we tend to gloss over it. This happens not only in conversation, but with written articles, radio commercials, and even video. This is why there is such thing as visual hierarchy, and why the voice over person for the car commercial repeats the phone number of the dealership 10 times. As a person who’s worked with video, I’ve benefited from this phenomenon. People see what they expect to see. That’s why, when pointing out a small mistake I’ve covered up or some kind of visual trick, I hear, “Wow, I wouldn’t have seen that had you not pointed it out to me.”

Not As Close

I often forget when communicating to another human being, that they don’t care about what I’m saying as much as I do. They aren’t thinking about what I’m saying the way I am. They don’t have nearly as much context for what’s coming out of my mouth as I do. Details I think are important, they may brush aside. Hidden meanings I am afraid might be coming out, don’t even occur to the listener. No one is as close to what you’re saying or thinking as you are.

Lazy or Efficient?

You may chalk up our lack of attention to detail as laziness, but the truth is that our brains work this way out of efficiency. There’s WAY too much data to process were we to take in the full detail of every moment. Our brains would literally melt. So it takes shortcuts where it can so that it can give the most processing power to the really important information. Not long ago, relatively speaking, this processing power was reserved primarily for managing threats and securing our livelihood. In more recent history, there are fewer threats in our environment and food is more abundant, but our minds will still give priority to things having to do with basic survival before sharing resources with higher thinking. Breaking into human attention is an art that has been practiced and honed into a science over the past hundred or so years. Methods have changed over the years, but if you’re paying attention (see what I did there) you may notice a pattern. A “new” type of attention grabbing stimulus is introduced. People respond to this stimulus. Other marketers notice and employ the same tactic. People notice the overuse of said stimulus. It decreases in effectiveness until it fades into a category called white noise. This happens over and over and over again.

Under-Sharing

So you’ve recognized a rising marketing trend and you want to use it to your advantage to share your message with people, but you don’t want to be overbearing, so you make an announcement. Or you post a status. Or you share a video. Is that enough? Effective as that marketing method may be, unless people really care about you, they will likely miss your single share. It will pass through their feed (if at all) faster than a walrus covered in olive oil sliding down a water chute.

Over-Sharing

So is there really such thing as over-sharing when people seem to be paying such little attention? This is where it gets tricky. People may not be paying close enough attention to see your single announcement or post, but they are paying attention enough to know when someone or something is polluting their environment with noise. While this is a form of attention, this is not the kind of attention you really want. Noise, after-all, gets in the way of our ability to process important information.

Consistent, New, and Valuable

This approach trumps all tactics, and transcends all trends: Be consistent. Consistency gives you the “top-of-mind” position you’re looking for. Be new. Don’t say the same thing over and over. Actually, say the same thing, but offer a new angle every time you say it. Offer value. A majority of communication is focused on taking. Not only is giving a form of novelty, but it also has a somewhat irresistible quality. It’s the reason why I stop by the sushi counter at the grocery store every single time I go shopping. I will suffer through the sales pitch because I love free sushi samples. How consistent should you be? Remember, people don’t see or hear nearly as much as you think they do. I would start with weekly and work your way up from there. If you can share something new and valuable and do that consistently, you are well on your way to getting people to see, to hear, to know your message.

One Concept Approach

You had a few questions about the logo design process, so I thought I’d go ahead and outline that here for you.

First of all, the short answer to your question is that I do not provide options, nor do I show concepts along the way. This seems unconventional because there are many designers who do, but I believe they do so to the detriment of the project, and I’ll explain why.

Design, at its core, is problem solving. The designer’s role is to take the content (i.e., name of the organization/business) and goals (i.e., capture the attention of the target audience and move them to seek more information through an effective visual representation of our organization/business) provided by the client and, through objective decision making, craft a solution tailored to meet the client’s goals. So a professional designer doesn’t ask questions like, ‘which solution will the client like best,’ or ‘which solution do I like best,’ but instead asks, ‘which solution is the most effective at helping the client reach their goals?’ The reason the professional designer is able to make objective decisions is because he/she understands in great detail how color, imagery, space, shapes, type, proportion, balance, etc. all work together to speak most effectively to the intended audience.

So for designers who are making subjective design decisions, basing their solution on the stylistic preferences of the well meaning, but non-design-educated client, or even on their own personal stylistic preferences, the design may be very pleasing to the client, but will fall short when it comes to accomplishing real goals.

In logo design, if the client happens to represent the target audience, then it is likely that they will also find the design appealing, but the sole purpose of the design should be to meet the client’s goals.

As I said before, this approach is a deviation from what I believe to be a very unhealthy convention in the design industry where the professional is subjecting their clients to design decisions they themselves are capable of and responsible for making. In other words, if I come to you with more than one design, I haven’t completed my job as a professional. If I ask for your input during the concept phase, I am putting my responsibility off on someone else. When I come to you with a completed design I should be able to (and I will) walk you through my design process and demonstrate for you how each decision I made along the way was made with your stated goals in mind. By the end of my presentation, regardless of whether or not the logo matches your stylistic preferences, I should have you convinced that the design I created is the best solution for meeting your goals.

So, in a nutshell, here is my process:
1. Gather information from client: I collect info about content, goals, existing branding requirements, etc.
2. Research: I learn more about target audience, the history of business/organization, and whatever else I need to make informed decisions during the design process. Here I learn what stylistic direction will be most effective in meeting the goals of the client.
3. Gather inspiration: Once a style or set of styles is found to be most effective, I immerse myself in that style, so I can refresh my mental store to effectively design in that style or style set).
4. Sleep on it: I allow the gathered inspiration to sink into my subconscious. This is vital for unlocking unique ideas and creative approaches to styles.
5. Conceptualize: Here I do a quick sketch of several ideas, not putting pressure on myself to be perfect, just letting the ideas flow onto the paper.
6. Identify Solutions: I look through the concepts and identify the strongest solutions. If I don’t feel I’ve yet created any effective solutions, I will continue to conceptualize until I do.
7. Narrow Down: If I have more than one concept, I take a little time to refine the concepts so I can make a better decision about which will be the most effective solution. Sometimes this entails combinations of the best parts of each idea.
8. Hand Draw the Design: Rather than jump right into the digital world to create the final design, I find it absolutely necessary to create a version of the design by hand. This slows me down enough to see the little nuances that I can bring out to really make the design shine. It also gives me another run through so that by the time I sit down with the design on the computer, I’ve already drawn it out several times.
9. Digital rendering: Here I have the design in the digital realm and make the minute adjustments necessary to make the design perfect. I also dial in the color.
10. Once the design is complete, I save the file in a universal format that can be used by almost any designer for almost any medium, and deliver it to you with the final invoice.

The reason many clients like having options is that they are afraid they will not get an effective solution from the designer. They believe that the more involved they are in the process, the more likely they are to get a solution that they like. Unfortunately, this shifts the focus away from meeting actual goals. There are many designers out there who are making good designs, but are not providing good design solutions that actually accomplish their client’s goals, so it makes sense that there would be hesitancy when it comes to entrusting a designer with such a large task.

I stand by my work. I am confident that I will be able to demonstrate for you how my design will effectively meet your goals and reach your intended audience. I want you to do this project with me only if you feel can trust me completely with this process. I’m excited at the possibility of working on this for you, and I understand your decision either way.

Focus On Where You Are Today to Make Meaningful Progress Toward Your Future

Focus On Where You Are Today to Make Meaningful Progress Toward Your Future

Some of you know that I co-host a bi-weekly podcast with Sean McCabe, and you may also know that he is one of my mentors. I’ve learned a great deal from him about creativity and business, not only from the things he and I talk about, but also from his example. I’m inspired by the things he is making and aspire to have the same level of quality and production, and yet, it would be foolish of me to try doing some of the things he is doing right now.

10 Steps Ahead

Sean puts a lot of work into the podcast and, in addition to that, he also posts videos, blogs, is developing features in his community, is writing a book, sending out newsletters and the list goes on. If I’m not looking at it from the right angle, I can look at all of the things Sean is doing and feel like it’s necessary to “keep up” with him. The problem is, I’m simply not in the same place right now. There were many steps that Sean took to get where he is today, and I am just not that far down the road. The things he was doing 5 steps ago are still (at least) 10 steps ahead of where I am, and that’s okay.

Know Where You Are

Knowing where you are is a powerful thing. Not in a way that is falsely humble or self deprecating, but in a way that places you objectively in the reality of the position you are currently in, so you know what you’ve got to work with and what steps you should take next. It’s certainly okay to have aspirations, and to have someone to look up to, but if we try to base our activity on a vision that we have of a distant future and not on the reality of where we are today in our path to get there, we will not be able to gain the traction we need to move forward.

Building a House Is Hard

Imagine you are building a house from scratch. You are the one who has to unload the lumber, lay the foundation, set up the frame… everything. Across the street, one of your neighbors has already finished building his house. Each morning you get up early and begin your work. After a few hours of hard labor, already tired and sweaty, your neighbor appears at his front door looking fresh and well-rested. He waves hello, hops into his car and drives off to enjoy his day. You think with envy about the nicely finished house and how carefree your neighbor seems to be. You feel like it shouldn’t be this much work… after all, your neighbor doesn’t look very stressed out. Maybe he figured out a way to do it that doesn’t require as much work and effort as you’re doing now. Maybe you don’t need to look at the blueprints, but you can just look at the outside of your neighbor’s house and try to make it look like that.

Obviously a professional builder would never skip the blueprints and construct a building based only on what they could see on the outside. The problem is, unless our neighbor gives us a tour of the house and tells us in detail all of the steps he took to build it, we have a grossly incomplete picture of what it takes to build our own house by just looking at the outside. Even with the tour and the details, we still lack a lot of the context necessary for us to base our actions on our limited perspective on what someone else has accomplished. We can’t look at someone who is that far down the road from us and make accurate assumptions about what they did or didn’t do to get there.

Bursting At the Seams

A personal example of this idea that I’m currently dealing with is my desire to do a podcast and video blog for In the Boat With Ben. Sometimes I feel like I’m bursting at the seams to start communicating in those mediums. It doesn’t help that I actually participate with Sean in a podcast twice a week, and as a part of his community, get to experience the videos that he puts out. The more I see of that the more easily I can lie to myself and say, “Sean can do it, why can’t I?” I keep having to fight the urge because the truth is that if I did start adding even one of those things, I would not be able to maintain the quality and output frequency that I believe would make it worthwhile. It’s better not to launch something at all then to launch something that is going to give someone a negative experience with your brand.

For this reason I want to encourage you to shift your focus towards where you are today. The more real you are about the circumstances you are currently dealing with, the easier it will be to identify the steps you can take to move forward. Not only is this a great benefit to you, but if you are sharing or communicating your journey with others, you are able to offer more value to those who are a few steps behind you by talking about the real stuff you’re experiencing now.

Ask yourself: What am I really capable of doing today and can I do that well? What are the real problems I am dealing with today and what are some practical solutions? What are the tasks I need to complete to make it, not to the next 10 steps, but to the next 2 steps?

It’s okay to look ahead every once in a while and dream about the future. It’s funny though, how the future that inspires us to move forward is often not the one that actually unfolds for us. Hold your dreams loosely. Don’t let them mesmerize you into a stand-still, but let them fuel your ability to put your head down and focus on where you are now so that you can keep move forward.