Get the Most Out of Your LMS With Our Tips
Seth Rozee – a Senior Account Executive with over 10 years of experience selling into the courseware and training industry joins our blog this week with his guest post on his tips for monetizing your Learning Management System.
Are you considering providing training through a Learning Management System?
Or, are you already providing training with the use of an LMS?
Either way, it is a significant investment.
But with our tips and tricks, you can optimize your LMS and quickly start to make a profit.
Below are our top 5 ways to monetize your LMS.
Consider a Subscription Model
Think bigger with your training business by strategizing your business model. Are you selling your workshops in a one off, pay per course model? It might be time to rethink that, especially in today’s market.
Did you ever notice how a company like Netflix doesn’t charge per movie/show? They charge a small fee per month for access to their entire catalog.
Consider how this strategy could translate to your training business by selling your LMS access with a subscription model. If you are paying $195 per month for a fully occupied 100 user LMS, each client would only have to pay a small fee for you to recapture your sunk costs.
This model allows your clients to better explore all of your training offerings, and build long term rapport with your business. Not to mention charging $20 per month is much more compelling to your customers than charging $300 for one course. It also allows you to make residual passive income; meaning you optimize your monetization with minimal effort.
You have options for how you structure this. You could have one consistent, all or nothing subscription model. Or you could offer levels, where people can decide how many benefits they would like to have.
Add on exclusive content or additional services you offer on higher priced subscription models. This allows your customers to feel like they are getting the best deal for exactly what they want.
By consistently incorporating and promoting new courses, learners that are subscribed to your LMS will always have something new to learn.
Use Our Shopify Plugin Feature
If you are freshly starting your LMS business, you may have a lot of questions about how to monetize. Such as ‘’how do I charge my clients?” or “How do I list my products for sale?”
These are crucial, and perhaps intimidating questions, especially when you are starting out.
Ideally, you want to have your eCommerce integrate seamlessly with your LMS.
Luckily, we (or I should say, Shopify) have done most of the grunt work for you. By building your website through Shopify, you can connect it to our LMS.
This will allow you to automate many of the financial aspects of your training business. You can clearly post your product offerings on your Shopify website and it will walk your customers through the payment process with ease.
Our Shopify Plugin feature is an additional fee, but is well worth the headache of figuring out payment methods for your clients, especially as you grow your customer base. The best part is you have our support team behind you to assist you with anything pertaining to your Shopify Plugin, and even your LMS as a whole.
Market Most Notable Course Subjects
With our LMS, you have a head start by being able to offer over 140 Soft Skills courses.
That’s not even including your own courses you may be uploading to the LMS to offer.
No matter what content you’re offering, you need to have an idea of what your clients will be most interested in learning through your LMS.
Consider your own niche, and how it aligns with the needs of your market. What aspect of your LMS courses is going to draw them in? That is what you should be focusing on when marketing. Because without demand, you won’t sell.
Take some time to highlight the courses (whether they are yours or our pre-loaded ones), and consider focusing on those with your marketing. Ask yourself, “What do my clients want?”
Let this guide you when developing your social media strategy, marketing emails/newsletters, and any other promotional content you are developing.
Offer a Strong Product
You can market until the cows come home, but if you’re offering a poor product, then you won’t get far in monetizing your LMS. And that starts with trusted software. Our LMS is trusted by trainers all over the world for reliable online learning.
By showing the undeniable benefits of training with your learning management system, you demonstrate clear buyer value to your clients. Our LMS starts you off with a solid selection of pre-loaded courses, and your additions make it all the better for your catalog of learning assets.
Find opportunities to demonstrate value on your website, marketing, and even course descriptions. Use these areas as opportunities to show how you stand out.
Seek out Sponsorships
It’s not uncommon to see organizations sell sponsorships for conferences or events. You can do this with online learning too! Consider collaborating with other organizations to allow them to be promoted on courses that are relevant to their industry. You can also work with their subject matter experts to create an online class and then offer it to their employees for free through your LMS while still charging the rest of your learners.
Another way to incorporate sponsorships into your selling space for sponsor logos on your slides, or working with a subject matter expert to develop a relevant course.
You work hard to host your LMS, it’s time to let your LMS work for you. Our LMS gives you everything you need to start an online training business with minimal start-up costs, so you can start gaining your ROI quicker.
Looking to get started with a Learning Management System? See what our LMS can do for you today!
Posted by Seth Rozee on