Businesses today are fast-paced and competitive. Whether it’s looking to attract the best talent, retain workers, or give teams access to unparalleled knowledge of LMS systems; organizations face various challenges every day. Generating revenue and diversifying revenue streams. And there are a number of ways to diversify revenue that go well beyond typical membership fees. Here are a few ways to use your LMS to generate additional income.
Selling Courses
E-commerce capabilities in an LMS enable organizations to sell courses, memberships, and other products, directly contributing to non-dues revenue. By selling individual courses or tailored courses to specific companies, you can earn a bit of additional revenue for your company. Customizable price models allow you to offer different pricing tiers based on what a company needs. Through market segmentation and catering to different needs, you can create a comprehensive library of courses to be sold at different prices. That way, you can provide something of value that’s both suitable and personalized enough to make a difference for that company. Creating quality content and selling it for real and prices not only boosts your non-dues revenue but also helps build loyalty on your customer base which can go a long way toward helping you be more successful long-term.
Webinars
Another somewhat non-traditional way of making some extra money is to sell webinars. Webinars are a great way to get people interested and engaged with a particular learning topic. For a small fee, customers can buy access to the webinar to learn a new tool or subject. Webinars can be live via Zoom or pre-recorded, giving you more leeway in regards to pricing them and making them accessible. You can also charge a small fee for access to an archive of various webinars and sell it in the same tier levels in which you sell courses or lessons. Offering this via your LMS is a great way to keep all of your content in one place and allow your customers to have easy access to it. Additionally, offering webinars can also help you grow your email list and generate potential leads. But remember, your content must be well researched and worthwhile, otherwise customers won’t engage with it and your efforts will be in vain.
Sponsorships
If you’re looking for an uncouth and unique way of generating non-dues revenue through your LMS, consider a sponsorship deal. Sponsorships are a partnership between an association and another organization that benefits both of them. Sponsors provide monetary backing and exchange for visibility of their brand. You can promote their brand to your members by putting some space for a sponsorship in your learning materials or LMS. Sponsorship inside an LMS looks more like an advertisement than a traditional sponsorship. But that doesn’t mean it can’t generate a decent amount of revenue for your organization. A well executed sponsorship that does not interfere with learning or your customers ability to engage with the LMS is the key to a successful sponsorship and creating value for everyone involved.
Host Live Learning Events
Although one of the advantages of an LMS is remote and at your own pace learning, live learning events and seminars or conferences are great ways to generate non-dues revenue. Consider that live running events create opportunities for networking. That’s a big deal at any association. At these events, people can learn from industry experts and attract a large audience. This in and of itself increases revenue. Attendees will often be willing to pay for access to the conference and will purchase stuff while there. Using your LMS to set up the conference, supply additional goodies, and incorporate it into other courses on the system itself, you can earn some additional revenue while creating more value for your team.
Partnerships
When choosing an LMS platform for non-dues revenue generation, organizations should consider factors such as their target audience, budget, and technical requirements. But you can also consider partnerships with other organizations to sell specialized learning content or to cross promote courses.
Start by identifying organizations that have complementary products or services to your LMS. For example, if your LMS focuses on employee training, you may want to partner with a company that provides HR software. Partnerships can expand your reach and bring in new revenue streams. Moreover, they can also help your organization establish itself as a thought leader in your industry. Communication and collaboration are critical to successful partnerships, ultimately mutually benefiting both parties. With the right partnerships strategy, you can boost your revenue and provide better learning activities for your audience. It all starts by leveraging your LMS to accomplish that goal. By following these steps, you can leverage your LMS to establish strategic partnerships that benefit your organization and enhance the learning experiences of your audience.
