How to Sell More Training Solutions
This article deals with the ways that can be adopted by e-learning companies to sell more of their products, and generate greater revenue. It discusses four business models to this effect.
There are various training companies serving their wares. Some of these companies work for profit, and some work in a non-profit model. However, most of these companies face the problem of irregularities in their revenue, because they offer only one-time paid training solutions. Customers avail of these solutions only once, and do not return to avail of the company’s service.
An ideal solution to this conundrum is to promote continuous learning. Such a method of imparting training solutions does not need a set date of completion. The learner receives his/her desired information continuously. The companies are also assured of recurring and sure-shot revenue.
Following are four highly effective business models, which when followed can ensure an increase in product sales.
The ideal to follow in this type of model is that of the online streaming giant Netflix. Why is Netflix so popular, and how is it gaining more subscribers at such an accelerated rate? The answer lies in two of its most loved characteristics.
Number one, sticky features. This is how companies ensure that their subscribers keep coming back to them for more of their services. And each time they use the product, the users’ attention is held for a longer period of time. This is how websites build a community of loyal users, who will keep returning to their preferred website over all others.
Number two, focusing on curated content. The user has to be provided the feeling that this particular website has been curated by a professional. He must feel that this content is specifically tailored for his perusal.
Apart from Netflix, almost all successful subscription-based services follow these two rules. Learning companies can take a leaf out of their book as well. Learning companies have to realize that merely a digital re-packaging of physical textbooks will not guarantee more subscribers. They have to curate and present the content with a professional touch.
Customized Content Curation
Most learning companies have a highly efficient team of Learning and Development staff. However, it is not possible for these executives to create the superior and customized training pathways that users want.
The Human Resources departments of most learning companies are waking up to this reality. This is why there is an increased demand for third party training providers. These training providers can ensure a smooth purchase of one-time courses. Not only that, they can also be employed to initiate and improve the process of continuous learning.
If continuous learning packages are integrated with full-service courses, then the learning company can ensure a smooth, seamless user experience for corporate clients.
The use of microlearning modules in continuous learning products can be a great advantage to learning companies. Why? Because these modules provide companies with the desired opportunity to reduce development costs.
According to Ray Jimenez, one of the pioneers of eLearning, microlearning can be a very useful tool for learning companies. He says that microlearning can reduce development costs by fifty percent. It also has the ability to increase the speed of development by three hundred percent.
This can only be described as a win-win scenario for learning companies. Development costs reduced by half and a three hundred fold increase in speed of development provides the companies with better agility and flexibility. Learning companies can pivot with ease to meet the needs for all their subscribers, from individual members to big business clients.
Learning companies usually work on two models — business to business (B2B) and business to client (B2C). However, both these training providers can gain great advantages by delving into market research.
The steps are not difficult. The learning companies need, first and foremost, to focus on their existing clients. What are the interests of a particular client? What are their weaknesses? These should be the two main areas of focus.
Once the client’s habits are tracked and an insight is gained into their minds, high level data is generated. There is a high potential of market research in this high level data.
For example, this high level data can be used by learning companies to market already existing products to their clients. Alternatively, the data can be an invaluable tool to develop new products which will target the client’s needs.
By following this model, existing products and clients can be harnessed to generate more revenue. In fact, most subscription-based companies follow this model. They upsell their existing products to create revenue, and also upsell to existing clients.
In conclusion, it can be stated that learning companies can reap increased revenues if these business models are followed meticulously. They can also be adapted as and when necessary, to suit the specific needs of a company or as a means to a specific end.