While you may not be able to make a direct comparison between your masterclass and other options, you should be able to get an idea of what the market will sustain. There’s a good chance you will find a wide range of classes and prices in your market, especially if you’re teaching in a popular field. Your goal is to offer value that is clearly different – usually higher – and for which you will therefore charge differently – and usually more. That doesn’t mean that you need to price at the same level or try to beat the competition on price – in most cases, either of those approaches is a bad idea – but you do need to understand the pricing points of reference your prospects are likely to have in mind, and you need to understand what value is being offered at those price points. If there are easy-to-find substitutes, then you will have to take into account how they are priced. It takes into account other options that are available to your prospective learners, including not only courses that might directly compete with your masterclass (substitutes), but also other paths they may take to achieving their goals (alternatives). Your market is the general environment into which you will introduce your masterclass. Know Your MarketĮffective pricing emerges at the intersection of three variables: your market, your audience, and the value you offer. Here’s how to find your pricing sweet spot for a successful masterclass on any subject. Understanding how to maximize revenue without alienating learners is a skill that all edupreneurs should learn. Too low and you risk devaluing your teaching, or even losing money. Price too high and you’ll place yourself out of the market. There are many factors to consider when planning a masterclass, but pricing is one of the most important.
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