We recently discussed how an LMS can help you increase operational efficiency. In this post, we’ll outline how to use your LMS to grow revenue with lifetime customers. Whether you want to improve retention and reduce churn, or make training a revenue generator on its own, there are multiple ways you can drive revenue through training.
Continue reading to learn more:
1. Growing revenue through customer retention and churn reduction
- Create custom learning paths to make a personalized learner experience. Remember, there may be several ways your customers interact with and benefit from your product. Create customized learning paths for different user types, and include the ‘why,’ as well as the ‘how,’ so the true value of your product becomes ingrained in how they use it and talk about it.
- Create an improved relationship with your customers through strategy-led conversations, instead of product tutorials. Begin onboarding with a review of success metrics, goals, timelines, and requirements, rather than a pre-canned walk-through of your platform. New users are coming off the adrenaline high of getting the product they need - keep that momentum going by being their consultant and guide.
- Measure the impact of training on retention and churn. Integrate training data into your CRM or data warehouse to connect learner activity to your current health metrics as they relate to retention and churn. For example, compare training activity to: reduced support contacts, decreased onboarding time, improved NPS score, expanded accounts, renewal rates, and so on. One of our customers even found up to 85% of customers who took training renewed.
- Improve adoption through great product education content combined with marketing emails to keep customers engaged.
- Land and expand your accounts by helping customers perceive the value of your product, and explain why more people in their company should use it.
- Offer subscriptions to private training available only to select customers. Tier out your offering in conjunction with customer tiers (i.e. hide or show courses based on their contract/product purchase). You could also limit access based on the number of learners or time frame in which they can get into training. This enables your sales team to promote training, as it can be a line item in the contract and be considered recurring revenue.
- Offer a la carte pricing for individual courses. This is becoming a larger trend in the industry, especially for live or virtual trainings. Most companies begin offering webinars, classroom trainings, and virtual instructor-led trainings as a one-to-many model when 1:1 training becomes unscalable. Try mixing your on-demand free content with priced instructor-led content; your customers will value that time, and you have a blended offering that can fit any learner’s needs.
- Utilize e-commerce to remove unnecessary paperwork and empower your learners to access the content they need and want. Skilljar supports Stripe, PayPal, CyberSource, and other payment processors to help our own customers to get paid trainings up and running quickly.
- Empower teams to promote and sell training using trackable promo codes and discounts. Make it easy for customers to access a priced course at a discount, so they see the valuable content you’ve created and will consume more.
Want to learn about more customer training value drivers? Stay tuned for the next post in our blog series!