Last week, John Leh and Barry Kelly paired up to present a webinar, “Paving the Way to a Profitable Learning Business: 5 Successful Strategies.” Leh is the CEO and Lead Analyst at Talented Learning, a learning technology research and consulting organization, and Kelly is the CEO and co-founder of Thought Industries.
In part one of this webinar recap, we address monetization and business models. In part two of our webinar recap, we’ll cover their presentation on content creation, distribution and technology.
Content creation: Leveraging expertise
In a poll, most webinar attendees flagged “lack of staff” as their biggest hurdle in creating content (36%). The runner up was cost (23%). “It’s not just about the revenue coming in from the sale of content, it’s about the expenses going out,” said Leh. “Money and people time are -- in this poll, and in real life -- the things that impact content creation.”
According to Leh and Kelly, there are a number of things to consider when creating learning experiences:
Instructional design: Who is creating the courseware and training?
Content scalability: Can you create, update and distribute content at the velocity you need?
Content differentiation: Are you creating exceptional learning experiences? Enticing people to come back?
Distribution: Scaling delivery
You created your content and established a go-to-market strategy, and now you need to deliver it. How do you want learner to access your content? Below are options and different aspects of each:
Be a learning destination: Deliver courses right on your destination learning site. Monetize course offerings and integrate commerce to sell merchandise. “This is a model that every organization has in some shape or form,” explained Kelly, “An online site where they are presenting the courseware and information they have.”
Create a multi-tenant platform: Launch a multi-tenant platform with custom landing pages and controlled access for different course offerings or clients. In this instance, you can manage a large client base on one portal using license management. Another use case is departmental distribution within your organization.
Build custom portals for clients: Create dedicated stand-alone domain for clients. Brand customized learning portals.
Interoperable delivery: Deliver courseware files to organizations in SCORM/xAPI formats.
Technology: Choosing the right platform
Helping people choose the right technology is Talented Learning’s specialty. According to Leh, there are 700+ platforms in the global learning market today that span dozens of different use cases. During the webinar, Leh and Kelly give an overview of different kinds of buyers:
Launching or moving online: These organizations are looking to scale in-person or event-based learning operations to capture online market. According to Kelly, lots of commercial training companies are moving online. These buyers are in the process of capturing the online audience, without losing the value of their instructors or quality of in-person courses.
Migrating from homegrown technology: Homegrown technology is costly to support and doesn’t always provide growth options. Plus, it’s tough work to build learning platform. Many organizations who have painted themselves in the corner with homegrown stuff are looking to buy new stuff.
Moving away from restrictive technology: If the buyer’s existing LMS is short on features and lacking monetization options, they might be shopping for something new.
In addition to considering the tech and functionality, Leh suggests that buyers look for an option that provides the amount of support they are going to need. For example, if the organization is going to need to migrate a lot of content or video, they will want support for that.
To listen to the webinar, visit this page. Read part one of our webinar recap to learn what Leh and Kelly had to say about monetization and business models.
When companies start to evaluate new technologies to implement, depending on the complexity, many will ask the question, “Should we build or buy the technology we need to succeed?” During the proof-of-concept phase, it might make sense to build technology to save money. But, as a business grows and scales, homegrown technologies can quickly become unmanageable and expensive to maintain.
Moving Online: Learning Business Opportunity to Boost Revenue
Does your business run in-person or event-based learning operations? Are you thinking about moving some of those operations online? If not, maybe you should. Adding online courses to your catalog of learning content adds a whole new revenue channel to your business.
9 Ways to Monetize Your Learning Business and Maximize Assets
In a webinar with Talented Learning’s CEO and lead analyst John Leh, our CEO and co-founder Barry Kelly addressed different ways to monetize your learning business. The pair broke things down into three separate categories -- or what they call stacked monetization: selling direct, bulk seat discounting and licensing.
Headquartered in Boston, Massachusetts, Thought Industries is one of the world’s fastest-growing online learning companies, and is helping everyone from small businesses to Fortune 500’s change how they build, deploy and grow profitable and scalable online learning businesses. Today, more than 100+ customers and brands are using the Thought Industries’ Learning Business Platform to transform the way they reach, teach, and engage audiences.