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Over the last decade, the eLearning market has been steadily growing. Reports from 2017 predicted global E-Learning revenue will reach over 275 billion dollars by 2022, which means there’s still plenty of time to monetize your online training programs (such as using eCommerce integrated LMS to sell your eLearning content), if you haven’t already. The flexibility of LMS capabilities, mobile technologies, diverse markets, and ease of moving eLearning from a cost centre to a profit centre, are all great reasons to consider using your training to develop revenue for your organization. Even if the expected profit is not huge, selling your eLearning content can also be a highly effective digital marketing strategy, which demonstrates your industry expertise.
If you’re interested in developing a revenue stream through your organization’s current eLearning program, read on to find out the four insights.
Watch our short video below for an introduction on the Lambda Suite--the eLearning revenue solution for selling your online courses or training programs:
1. Cost-centre → Revenue-centre
A key insight behind monetizing eLearning is the idea of transforming one of an organization’s cost-centres into a profitable aspect of a business. Instead of heavily investing in new services or product areas, eLearning revenue derives from tried-and-tested knowledge areas, with products that may have already proven their value through internal use.
Profiting from the content and expertise most familiar to your business is a fantastic way to stand out from the crowd and create USP. eLearning content can be thought of as producing educational capital, a by-product of your investment in training, which can be leveraged to help users across other industries build their skills.
2. eLearning → eCommerce LMS
The task of actually transforming your current eLearning offerings into an eCommerce-ready platform is arguably one of the easiest aspects of developing eLearning revenue. An eCommerce integrated LMS is required, which allows customers to access your content and provides standard storefront capabilities, such as browsing features, payment gateways, and a shopping cart.
3. Marketing Your eLearning
Alongside UX considerations should be a sales funnel, which guides potential users through finding, understanding, purchasing, and becoming loyal to your eLearning platform. Part of the design of your funnel is likely to involve an in-depth survey of both your user-demographic and your value proposition or USP. Identifying what differentiates your eLearning content from other providers will give your marketing plan a clear message and focus.
With so many digital marketing avenues available, it’s possible to develop a bespoke and highly personalized marketing strategy for your organization. For eLearning content, popular marketing models often include reviews, testimonials, and free previews or limited access. For example, you may choose to offer a certain course for free, for a certain period of time, which then leads users to related courses behind a paywall. Webinars are another great way of showcasing the most impressive aspects of your eLearning programs.
A popular marketing strategy for increasing user engagement pre- and post-sale is gamification. Gamification has already proven its effectiveness in motivating learners by appealing to their competitiveness, giving increased feelings of accomplishment. Incorporating gamified aspects into LMS modules allows educators to make productive use of these instincts, directing them towards relevant content.
The same principle can also be applied to potential users, making gamification a powerful marketing tool for an organization's eLearning. Common examples include site promotions, such as competitions or free giveaways of subscriptions and individual products. Often, gamification allows companies to capture valuable information, such as their interests, customer profile, and contact information. With an email list of potential customers, new options for future marketing are opened up, especially in terms of creating long-term brand visibility for potential users.
Learn how to implement gamification in your LMS and reap the rewards of an engaging learning experience with our free on-demand webinar:
The Lambda Suite is a convenient, seamlessly integrated eCommerce, eLearning, and analytics reporting solution that was specifically designed to help organizations transform their eLearning from a cost-centre to a revenue-generator. Discover all the benefits that this all-in-one eLearning revenue solution can offer your organization.
Whether you need a revenue solution for your LMS, are looking to optimize your LMS and eLearning programs with learning analytics, or need any other eLearning solutions, we have the expertise to help you reach your goals.
Contact us today. We’d love to help you create a better way to learn!
Other resources you might be interested in:
- Blog Post: How To Get The Most From Your Budget While Increasing ROI of eLearning
- Blog Post: The eCommerce and LMS Solution for Nonprofits
- Infographic: Making Money with Moodle: The Business Case for Online Learning
- Webinar: How to Reduce Disengagement with Gamification
Originally published on August 22, 2020. Last updated on May 11, 2020.