How Can I Benefit From Dynamic Pricing As A Tutor?
How much do you think is the right price for 10th-grade physics? And can you charge the same for a university student? If you're new to tutoring, questions like these would really confuse you, and you might as well go ahead with a random price. For experienced tutors, such thoughts might seem irrelevant until they spot a decline in bookings.
But the real question is about finding the sweet spot of pricing, how it is justified, and what are the deciding factors involved in this decision making?
Setting the right price for the subjects you teach is such a crucial factor in tutoring, and serves as one of the main deciding factors amongst the students while making a booking. So let's not underestimate the power of pricing in tutoring. No matter how humble we picture ourselves, deep within we all value our decisions to be of the highest worth, at least the majority of us do that in real life. The same goes while deciding a fair price for the tutoring sessions we offer. But this pricing strategy doesn't really work if you're trying to build a strong student and tutor network or say, you just want a good number of bookings. And vice versa, pricing the lowest among your peers can also bring down the booking rate as the students start to undermine the quality of classes with the price. So the price factor can actually decrease tutor bookings if done carelessly and increase remarkably if done right.
Oh, let's not forget the locality factor here. A fair price in your locality might not be a fair price in a neighboring one. For instance, the majority of students in Doha and Wakra pay quite a different sum for the same level maths.
Hence setting a fair price should be done smartly, and not hastily.
What is Dynamic Pricing?
Dynamic Pricing is a new feature exclusive to Modaris, with which the tutors can now know how much a student pays in an area and set a fair price effortlessly for different subjects. And yes, this feature is one of a kind in the world.
How can a tutor benefit from Dynamic Pricing?
As a tutor, you can certainly up your game with Dynamic Pricing.
Here is how,
Dynamic Pricing lets you see how much a student pays for a subject in an area, and this alone can help you set a fair price. The price shown is based on parameters like popularity, difficulty level, accessibility, and student's willingness to pay that amount.
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Say you teach 7th-grade math as well as engineering math, and let's just say that your price for math is $70 per hour. $70 per hour for engineering math is a fair deal. But for 7th graders, not really. Perhaps, for a 7th grader, $35 would be a fair price, and this itself could affect your booking rate. With Dynamic Pricing, you can easily solve this issue by setting different prices to the same subject at different levels. Sounds cool?
If you think about it, this is math, pure math.
Your tutoring sessions, subjects, prices, and popularity is directly proportional to the booking rate in tutoring, and yes, we can definitely help you crack the pricing game here. In most cases, that's all it takes to up your game among peers.
The price you assign for a subject is, of course, based on your self-evaluation and worth, as discussed above. That's totally cool, but here we are competing against thousands of tutors in the market, so let's do things smartly here.
The Dynamic Pricing service is based on factors like subject popularity, locality, number of tutors, accessibility, and how much a student is paying and willing to pay in an area. So you no longer need to rely on endless guesses and recommendations.
How can a student benefit from Dynamic Pricing?
As a student, you get the best value for the price you pay.
Fair, reasonable prices
As a sensible social being, everyone wants to be treated fairly here, and most of us do feel offended if someone is being unfair to us. It's the same when we pay for our classes, we care about the value we get for the price we pay. But how do we justify the fairness factor here?
Only when the pricing is, credible, sensible and something that’s acceptable.
Dynamic Pricing solves just that :)
Reduction in price discrepancy
When tutors set a fair price, the disparity between the wide price ranges gets minimized to an extent, and the student basically gets the best classes for the price they pay.
Oh yeah, let the quality classes march in!!!!
Inspires higher levels of trust
Dynamic Pricing gives more credibility to the tutors in fixing a fair price to go with, and such a simple assurance in Pricing can indeed strengthen the trust network between a student and a tutor.
What do you think about your pricing strategy on Modaris? And have you experimented with the prices for your subjects?
Comment below and let us know about your thoughts.