Pricing a webinar is not easy. But there are a couple questions you can ask yourself to find the right balance.
- Who is your audience?
- What is your content?
- Who are you?
- What webinar platform are you using?
Let’s go over them in more detail:
Who is your target audience? You wouldn’t charge a bunch of students the same price as a group of corporate tycoons. The rule of thumb is that the more affluent your audience, the higher the price of your webinar should be.
But even then, it’s a fine line to walk. You do not want to seem extortionist, but at the same time, you do not want to come off as a mediocre expert by setting the price too low. Here is where other factors come into play.
Even though big companies may have money to spend, you should still be realistic about the value of your content. Do market research in advance. Google what your competitors are doing and see if there is anything that sets you apart. Ask yourself: how unique is your business proposition in comparison?
Do you offer specialized knowledge that is otherwise hard to get? Do you have an original perspective or teaching methodology? Why is it that you can offer your audience something that they cannot Google themselves? Answer these questions before you can go about the pricing.
What kind of content will you offer to your audience? If you just want to advertise your product or service, then it wouldn’t be smart to charge for a webinar at all. It would only alienate your audience, and, as a result, you will not make any sales.
If you are making educational content, then you should evaluate it based on its depth and originality. There is plenty of information already available on the internet, so if you just paraphrase articles from Wikipedia, you won’t make much money or provide much value to your customer.
The rule here: the more specialized, authentic and rare your content, the higher you can charge.
Sometimes it is not about the content, but rather about a person. There are so many talented webinar creators out there who may not be the biggest experts on Earth, but they win people over with their unique personalities.
Do you think you can move the masses? Do you feel you have what it takes to make people trust you? Do you believe you can make your webinars truly interesting and interactive, even if the topic is quite oversaturated?
I would add that apart from personality, it also helps to have impressive credentials. Did you graduate from one of the best schools in your field? Did you get invaluable working experience that you are dying to share with others?
The more proven expertise you’ve got, the more you can charge for a webinar.
Another important thing to consider is the webinar software itself. Does your target audience have to purchase software to participate in your webinar? Do you have a limit on the number of webinar participants? A multitude of factors related to your platform can affect cost and pricing.
It also pays to be aware of fees that these software packages can put on you as the host. There can often be limits on data, storage, or upload and download speeds. Many of these limits are removed in higher-tiered versions of the software. Inaccurately pricing your webinar, you have to actively consider your hosting costs as well as the intricacies of your webinar platform.
Consider Pricing Strategies
There are three main pricing strategies: cost plus, market-based and value-oriented. You should consider all of them when determining the price of your webinar.
First of all, monitor carefully how much time you spent on a webinar. Of course, time does not equal quality, but if you did thorough research and found innovative approaches to teaching and presenting, it wouldn’t be fair to keep the price too low.
Secondly, take a look at how much the competitors are charging. It does not mean that you should just blindly adopt their prices. They may have a better or worse value proposition than you do, and in that case, the prices cannot be the same.
Finally and most importantly, know what value you bring to your audience. If your offer is truly one-of-a-kind, you will find your paying audience, even with a price a bit higher than on the market.