According to Markets and Research, "the global eLearning market is poised to grow at a CAGR of around 7.2% over the next decade to reach approximately $325billion by 2025." In addition, the online corporate training market is expected to grow by 13% per year, with 77% of U.S. companies offering online training to improve the development of their employees.
As you design your content strategy, remember the person you're selling to. The modern learner has expectations and requirements that are different from even a few years ago, before ubiquitous access to Wi-Fi, onset of the self-service mindset and a preference for small devices over laptops. As a famous infographic by Josh Bersin puts it, people today are "overwhelmed, distracted and impatient." In this article I offer three considerations to keep in mind as you plan and develop your online learning products to hook a learner's attention and keep it.
Whether delivering content and education to consumers who are trying to learn new hobbies and enrich their lives, or training and certifying professionals for career development and personal growth, online learning is applicable to audiences of all kinds and can be packaged and monetized in creative ways to encourage engagement.
Our clients ask us all the time for information on how to shoot high-quality video for online courses and learning experiences. Some organizations already have large internal video production teams, some have smaller operations, some outsource to production teams, and others are brand-spanking-new to the game and weighing out the pros and cons of the DIY approach.
Across the customer bases of our clients, we have seen a high correlation between learning and buying. When somebody wants to polish skills, reach new levels of professional advancement or complete a new credential, he or she also is more inclined to attain the materials required to achieve that goal. That tendency makes for excellent opportunities to upsell and cross-sell.
If your organization already has ample content on hand -- from whitepapers, webinars, the customer support knowledgebase, new product specifications and documentation and similar materials -- it could be time to consider converting those resources into a revenue stream. Whether your business focus or segment is B2B professional training, extended enterprise learning or direct to consumer, the online learning you deliver can be a powerful way to engage and expand your customer base while building a high-margin business with assets and expertise you already have.
There are currently over 650 LMS providers in the marketplace with more and more being added each year. With such a wide variety of options available it can be difficult for businesses in the market for new learning technology to decide which one fits their needs best. Oftentimes during the research process, this is where third party sites such as LMS.org come into play - in order to provide an outsider's perspective and make an assessment of which companies and use cases make the most sense in terms of picking a vendor.
Buying an online course is a big decision and never, ever an impulse buy at any price. Whether the learner is setting out to improve their understanding of a hobby or craft, or looking to develop their career, each and everyone who purchases an online course turns up with a preprogrammed list of immediate objections – yes objections.
Are your sales teams, distributors, retailers and channel partners maximizing their full revenue potential? When the obvious benefit and value proposition of commonly recognized goods and products is clear, your organization tends to focus more on positioning and branding. Even though the differentiation points and brand aesthetic are cultivated and disseminated by the home office, your teams on the ground need to clearly understand how to deliver the message.
At Thought Industries we are fortunate to work with a lot of successful organizations in the for-profit learning industry. Some are in the consumer learning business, selling online courses and programs in health, fitness, crafts and hobbies, and others are in the professional training and development business, providing industry certifications and career advancement to people all over the globe. Check out another article on key monetization strategies for online learning businesses.