August 22 2019

eCommerce Integrated LMS: Turning eLearning into a Revenue Stream

Written by Lambda Solutions

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- 4 MIN READ - 

 

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, 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 more.

 

WATCH our on-demand webinar, Everything You Need to Build Your eLearning Business! Join the tour of our latest product, Lambda Suite, as we examine all the features and functionality included to overcome the eLearning revenue challenge!

 

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.

 

eLearning → eCommerce 

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.

It’s important to think about the design of your storefront, especially in terms of user experience (UX). A seamless browsing experience allows users to begin and end their transaction, from browsing to purchasing, along one single pathway and can be a simple method of ensuring a better sales conversion rate.

READ: 5 Factors to Consider When Selling Courses Online

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.

 

Gamification

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.

READ: 4 Ways to Use Gamification to Measure Engagement

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:

WATCH: Gamification 101 - What It Is and How to Get Started?

 

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!

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Published August 22, 2019, updated on September 9, 2019.

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