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If you’re in the process of scaling your business, there’s a good chance you’ve already considered selling your courses online. With the market for quality eLearning content steadily growing, some reports have suggested that revenue from online courses will reach over $275 billion by 2022. Using your current LMS to transform your training program into a profit centre is an insightful strategy. Here are five tips to help maximize productivity and turnover.
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Know what you offer the market
If you’re ready to sell courses online, then your LMS is likely to contain a wealth quality eLearning content. That content, carefully developed and tested by your team, is your business’s educational capital - the product of all your investments and expertise, and the thing you’ll leverage when looking to create and sell online courses. So get to know your current LMS offerings. What is it about your learning content that makes it valuable to potential clients and customers? Why is your content successful in its current capacity? Working out the most marketable features of your eLearning catalogue is a foundational step in turning profit from your LMS.
Once you have a clear focus in terms of your selling points, it’s important to pitch your material appropriately. The knowledge base of your potential customers may differ in some way from those currently enrolled in your LMS programs. It’s therefore a good idea to spend time considering what level of education your target learners are likely to have, and where they currently sit in the subject field.
Make your storefront an effective tool
A storefront that ticks all the boxes in terms of usability is a vital part of any strategy to sell online training courses. The best storefront applications offer tonnes of settings, including the ability to sell various types of courses, from single programs to group packages. Your storefront may also allow you to create bespoke pricing models for different clients, ensuring your organization remains responsive to the market.
Whatever storefront you create to help sell courses online, the more seamless the buying process is, the more likely your customers will make purchases through your LMS. Think of each click or scroll on the journey from browsing to buying content as a possible turn-off for users. The fewer stages in that process, the better. The Lambda Suite is a convenient, seamless eLearning business solution complete with an integrated storefront that minimizes user interruptions that can also easily integrate with your organization’s LMS.
EXPLORE: Lambda Suite is an integrated solution that allows you to sell, market, manage, and scale your eLearning--all in one place!
Ace your marketing campaign
Today’s digital marketing environment is multifaceted, and can be daunting. But don’t let the sheer number of marketing possibilities available cloud your vision of how to create and sell online courses. By sticking to what makes your online courses unique, it’s possible to develop an effective, bespoke marketing strategy for your LMS products. Whether that’s achieved through free previews or a social media campaign, make sure all marketing channels are telling the same brand story.
One popular marketing strategy for selling online courses is webinars. Webinars are a great way of showcasing your organization’s strengths, as well as the most impressive aspects of your eLearning catalogue. It’s also an efficient method of developing a pool of potential customers.
Minimize your outgoing costs
When developing a plan to make money from your LMS, don’t forget the value of managing costs. While perhaps not the most exciting aspect of designing and selling training courses online, increasing the cost-efficiency of your LMS is an easy way to help your profit centre grow.
An open source LMS is a noteworthy option for businesses looking to manage costs, as it removes monthly or annual license fees, subscriptions, and maintenance costs. Open Source LMS are freely distributed and developed, allowing users to customize and grow their learning platform as their training programs become more complex.
Overcome your eLearning cost concerns by solving the biggest eLearning challenges to get the most from your budget and increase your ROI.
Provide your learners with unparalleled value
Beyond the strategies for creating, marketing, and selling your courses online, perhaps the most effective way of making money from your LMS is to make sure you’re offering the best possible value for your customers. Here, learner analytics are a vital resource in helping educators find where training is having the most impact, and where improvements might be made. This webinar will show you exactly how to Capture Data to Improve the eLearning Experience with Analytics.
Value for learners is also a consideration in pricing your courses. Setting the right price for eLearning content is not easy, as you need to reflect the expertise on offer, while at the same time not pricing yourself out of the market. Looking at competitor pricing structures is often a useful resource. Don’t only think about what you are offering, but also who your potential clients are, and what their resources are likely to be.
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Whether you need a true eLearning revenue solution, a new Learning Management System, 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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