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LITE 2018 – Pricing Your Course Profitably and Strategically [Siobhain Murdoch]

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LITE 2018 – Pricing Your Course Profitably and Strategically [Siobhain Murdoch]

  1. 1. Pricing Your Course Profitably and Strategically Administrate Siobhain Murdoch
  2. 2. Introductions Siobhain Murdoch Account Manager with Team Eagle
  3. 3. Agenda: • Making the right decision • Product Lifecyle • Depicting your costs • Versioning • Group Pricing • Profit • Keepan eye on prices, customers & market
  4. 4. Making the right decision Variable participant costs Important elements are key to making the rightdecision when it comes to pricing Competitors pricing Fixed course costs Variable participant costs
  5. 5. Making the right decision…stepsto follow 1. IdentifyProductPositioning in thelifecycle (maturity,growth,etc.) 2. Ensure youhave theideal customer profiledefined 3. Consolidatecompetitors’pricingpoints percourseforyourreview 4. Project yourcosts percourse andestablish a breakeven pointforeach course yourun 5. Mapyourpricingmethodologytocustomer groupsif applicable 6. Monitor,analyseanditerateto ensure yourpricingstrategyis alwaysdynamic
  6. 6. Product Life Cylce Pricing youcanrealisticallychargemayvary. Compareagainstsimilar coursetopicsin mature markets,differenttime ofthe year,in anothercity oroverseas.This will help when makingdecisions aboutwhatpricing is realisticandwhatfuture potentialexists
  7. 7. Depicting your costs Resources Instructors Students Materials Sales& Marketing Discounts
  8. 8. Here comesthe sciencebit – Concentrate… You’re running a course on 18th October at your training centre in a room which can fit 10 people FIXED COSTS + (VARIABLE COSTS X 10) = TOTAL COSTS Assuming 20% profit the average price at full capacity is: (TOTAL COST X 1.2)/10 = PRICE PER STUDENT
  9. 9. Versioning
  10. 10. Group Pricing Concessions (+65yrs, Students) Book 3+ Courses Group Bookings upto 25Attendees Group Bookings upto 50Attendees Price discrimination – delivering the product to both low price preference people and those who areprepared to paya premium
  11. 11. Profit Definean expectedprofit margin & workbackwards
  12. 12. Keep an eye on prices,customers & market
  13. 13. Wrap Up!

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