If your product is designed for the wrong audience, the customer problem you’re trying to solve is unclear, or the price doesn’t represent value to the learner, you may have a challenge with garnering the type of profit your organization is seeking.
And lastly, but possibly most importantly, authenticity is key in both your product and in your marketing. Everything you do should represent your brand. If your customers think your online learning product is not up to your brand standards, they will take their money—and friends—elsewhere.
To combat this, Michael Daecher, CMO at ArtistWorks Inc., offers four distinct pointers to help you control the cost of learning content:
1) Establish an “owner”
Make sure you have a learning content or learning experience “owner” in-house. With any new product or feature release, your organization needs someone to “herd cats” and stay on budget.
2) Think before investing in video
Video content can get expensive. Before investing in video as your choice delivery message, be sure it’s a visual topic and that the video adds real value. Remember: Featuring a ‘talking head’ is usually not a good customer experience. Instead consider mixing a talking head with other visuals, narrating over a slideshow presentation, investing in animations, or recording a product demo with close-up images of the product.
3) Repurpose content
If you decide to re-purpose existing content, curate that content first, and then increase its value internally. Your organization can add value to learning content by adding visuals, reformatting text to improve readability, or changing the delivery method entirely while keeping the context the same. Daecher suggests adding value to repurposed content or you could “lose your customers’ trust.”
Plan on testing a few different types of courses—and a few different price points—to see what your customer base is willing to pay for on a recurring basis. Experiment short courses, long courses, a mix of learning content types, etc. In the research stage of your learning content development process, gather intel on what your competitors charge for their offerings. Let that inspire your pricing model and help you find the sweet spot for your customers.