Why dynamic pricing?
Supposedly you have a course on Eliademy that normally costs €100. Sometimes it is a bit hard to get a massive early enrollment because of the price tag. Without a significant amount of early enrollment, your course will receive few feedbacks, which further affects its credibility. Limitation in credibility and early enrollment will subsequently reduce the possibility of massive future enrollment.
How does dynamic pricing work?
Instead of charging a static price, say €100, for your course, you could set the price for the first student who enrol to be, say €1 (Starting Price). From here on, the price will automatically increase by €1 (Price Step) after every new enrollment. That means, in this case,
- the first student will pay €1,
- the second student will pay €2,
- the third student will pay €3, so on and so forth...
The merit of dynamic pricing
It is our hope that the dynamic pricing could
- Lower the price for early subscribers, thus boosting the early enrolment.
- Encourage students to enrol as early as possible, since from the a student's perspective: the early I enrol, the better deal I will get.
- Encourage user sharing on social media and hopefully, positive course reviews as testimonials of the course quality.
- Mention that course has dynamic pricing in the course overview
- Set starting price (Course/Settings/Access)
- Increase the price every time you get a new enrollment (you get an automatic email each time someone buys the course)