Thanks to the rise of cloud-based technology, modern professional development and training have changed significantly, and for the better. Continuing education made a giant leap forward by moving online but the early efforts left much to be desired.
When new industries and business models begin to emerge, companies have to make do with home-grown software to run their businesses because the technology platforms and applications they need don’t yet exist. Over time, robust commercial systems and platforms come to market, but companies who have written a custom application are sometimes slow to recognize the benefits of a commercial platform over a home-grown system. Eventually, the logjam breaks and the most successful and profitable companies adopt new systems that are specifically built for their industry or use case.
Here at Thought Industries we continue to see a growing variety of business models in action for continuing education and for-profit training organizations. Many of these companies are adopting multiple revenue models which result in varied and unique requirements for learning management systems (LMS). Not only that, but they demand sophisticated supporting systems such as commerce, licensing management, white-labeling, and comprehensive reporting features. What makes this even more complex is that most of these organizations are deploying multiple concurrent models for complementary revenue streams. These monetization approaches apply different demands on their extended business delivery ecosystem and they need powerful technology to manage and most importantly scale.
Barry Kelly, CEO of Thought Industries, recently gave an interview at the Connectiv Executive Summit in Austin, Texas and discussed why it’s important to validate the market before engaging in an online learning strategy. He also outlined some of the challenges organizations face when it comes to building out and scaling an online learning framework, and why the end user experience should be the primary focus of any learning endeavor.
Thought Industries' CEO Barry Kelly recently participated in a 60-minute webinar to discuss topics ranging from online learning revenue models to best practices around successful marketing and promotions for online learning. He also provided additional commentary on the current state of the eLearning market and how technology is driving innovation in new industries stating, "with learning technology moving to the cloud, you now have the ability to launch and pilot learning programs quickly and efficiently, and at low cost." This sort of transformation in online learning is creating new opportunities for organizations to both generate revenue streams and engage with their audiences.
Our CEO, Barry Kelly was recently joined by Chad Phelps, Chief Digital Officer at F+W to speak to the world’s largest B2C and B2B publishing leaders about leveraging their content and subject-matter expertise to build high-margin learning businesses.
If you have experience selling digital or physical products, you are familiar with an enormously critical metric – Customer Lifetime Value (CLV). Whether you are operating a recurring subscription business or selling individual widgets, this valuable metric helps keep the entire lifecycle of your customer acquisition and retention rates in perspective. It informs not only how much you can afford to spend to acquire a new customer but also how successful you are in keeping and expanding your relationship with them.
In order to scale any learning business, your content has to be organized, accessible and able to be distributed across your properties with relative ease. F+W, a media and eCommerce company, recently faced the challenge of having various learning businesses and their related materials spread across multiple platforms, making it difficult to get to market quickly and really grow their online presence with consistency.
In 2013, Craft Beer & Brewing was looking to expand their product offerings with online learning and began an evaluation process of multiple learning vendors. The main criteria in making their decision was based on cost, flexibility and reporting, as well as knowing the platform was customizable to fit their business needs and mobile friendly to fit the needs of their users.
With the explosion of online learning over the last decade more and more non-traditional organizations are building profitable learning businesses. From consumer brands to training institutes, everyone is taking their learning online. For those starting out, or for learning businesses looking to scale, staffing is an important consideration for success.