Udemy has just changed the game for professional training and development. Today Udemy made an announcement that has shaken up the online learning world and caused us to re-evaluate the nature of the online learning marketplace. It will require every other online platform (Lynda, Teachable, etc.) to rethink their pricing strategy. This is great news for consumers of professional learning.
Beginning April 4th all courses on Udemy will be priced no higher than $50 and no less than $20 (regardless of size or quality) and discount coupons may not exceed 50% of the listed price. This ends a flood of $9 coupons for $200 courses and stabilizes pricing. But, how will potential customers view the value of courses priced at these prices?
My two comprehensive courses (Team Leadership and Agile Strategy Execution) each took a good six months of work to construct and represent my learning and experience over many years. They are each 16 to 18 hours of lecture with several books worth of written material included. Honestly, I thought the previous $299 price of each was cheap! So, my initial reaction was a bit of shock.
For those of you who may not be aware, Udemy is becoming the market leader, the YouTube, Amazon or Facebook, of online learning. This year alone the number of enrolled Udemy students have increased from five million to ten million. They are shooting for 50 million students worldwide. They have more than 30,000 course covering everything from meditation to corporate strategy.
As we authors discussed the pricing strategy in the Faculty Lounge (a Facebook page) I became more comfortable with the idea and accepting of their research that led to their decision. They know the price points at which students buy and they know that there was too much discounting, too many “offers”, and too much confusion. Now it will be much simpler. I have gone ahead and changed my prices to the new pricing standards.
What does this mean for you as a corporate change agent? It means you can much more easily make use of courses like mine, for a larger number of people, with less strain on the budget, and integrate them as a component or resource to more traditional training models. There is no reason why my Team Leadership course, that is a comprehensive course on lean and leadership skills, cannot be made available to all team leaders in your organization.
As of today, I have almost two thousand students from 103 different countries. I would love to see enrollment in my courses grow significantly at these lower prices, and particularly in the less developed world where the access to professional development is more limited.
See my Online Learning page that describes each of my courses and the new pricing and please let me know if you have any questions.