How To Build A Business Case for Your LMS and Maximize Its Efficiency and ROI
In light of recent shifts to the market, organizations worldwide (particularly those in SaaS) must switch their focus away from growing at all costs to focus on efficiency and making investments that can be scaled across all areas of their operations.
If you've wanted to concentrate on growth and efficiency in your company, deciding on and installing an Learning Management System can be a major contributor to those improvements in efficiency, but only when it's managed and monitored in the right way.
Find out how to optimize the value and impact of your LMS for your company from our VP of Sales here at , Adam Jones:
1. Use your LMS to help you achieve multiple objectives across your organization
Based on your needs and objectives are for your company, you may utilize your LMS to support different goals within your company. As an example, you could use your LMS to:
- customer education
- Lead Generation
- Employee Education
- Partner Education
- and more...
In order to maximize the return on the investment you make in your LMS consider making online courses that support all the areas of focus mentioned above across your company.
Looking for a place to begin? Ask yourself what your company's goals might include: Reducing customer churn, increasing product adoption training your employees or more.
2. Increase customer retention with customer education
If you have built a profitable enterprise, creating the strategy of customer success around your products and services can help grow your business to the next level.
How? Your business can increase its revenue and accelerate its customer success with education for customers on a massive the scale of. Through using your LMS to create an online course that is focused on educational content for customers, you'll be able to increase the efficiency of your onboarding process as well as increase adoption of the product and reduce customers "churn" rates.
By utilizing online education online, you are able to help your customers' businesses through educating them about the current and upcoming offers to increase customer retention. create a pleasant customer experience and help to increase your customer's satisfaction as well as their products' adoption speed.
In 2019, Schudio launched its unique educational platform online called SchudioTV. Schudio TV was created for customer education and product education, offering a wide variety of online courses that feature specialized information to assist Schudio's customers successfully manage their school websites and meaningfully connect with their community online.
When they launched SchudioTV after SchudioTV's launch, the team realized the potential to provide more accessible online, top-of-the-line training via their LMS for educators and parents that support children with Autism as well as special needs and disabilities (SEND).
How do you know?
- Over 50,000+ enrollments
- 60+ online courses
- Reduced customer onboarding times and support requests
The example from Schudio illustrates how you can make use of your LMS to aid your business meet the needs of your customers and even go beyond to nurture them.
If you are looking to make use of your LMS's capabilities to provide customer education, these are good questions to consider to create your online course:
- What's the most important action in your customer journey which will bring success? And how will you be able to increase the number of clients who are able to access the goal via online education?
- Are customers leaving or outgrowing your business?
- Is there a course that you can create for your customers to be nurtured and take them "above and over"?
- A course online can be designed in your organization to reduce the churn of customers?
3. Make use of your LMS to create prospects for your company.
Differentiating your brand with educational content and courses that bring in new prospects is an excellent method to make use of your current LMS for lead generation and convert leads into brand advocates by giving high-quality training at every stage of the funnel.
In bringing her classroom on the web, Kate was able to reach more students, earn more money, and enjoy more location and time freedom in her role as instructor .
What are the results?
- 1 800+ Students
- 10-plus Courses
- Two Certification Tracks
If you are looking to make use of your LMS's capabilities to generate leads, these are good questions to consider to create the online course you want to offer:
- Who's considered to be as the top educator in your space What is the best way to make it be you?
- What issues are prospective customers facing? What can you do to help them solve them?
4. Accredit and educate Your Partners Using Your LMS
It is also possible to make use of your current LMS to drive sales for your company and make it easier for partners and resellers to develop and run online training courses to educate partners for goals.
The creation of online courses for partners will allow you to ensure that your resellers and partners are updated and well-informed when your company expands, ensuring compliance and quality of services, and offer opportunities for accreditation and certificates to partners if you choose to provide them with this.
The results?
- A reduction of 30% in the time taken to onboard a Partner
If you're planning to develop an online class for purpose of education for your partner, then be sure to ask yourself these questions:
- What type of information do you need to equip your business associates with in order to make sure they succeed?
- What can you do to leverage your LMS to assist your business partners?
- Are there any certifications or accreditation that you can offer to those who complete your online courses?
5. Train your employees, and you can save time and costs by using your LMS
You can support your team's growing, onboarding and development by offering them thoughtfully developed and brand-specific learning routes.
Offering engaging training for employees within your company can reduce employee turnover, help the employees of your company grow, develop, and create innovative ways to address your customer's needs.
If you already are using an LMS platform, you could further maximize its value through hosting your classes on it.
A further benefit is that creating employee-training online courses permits the provision of remote access to dynamic educational materials such as videos, questions, quizzes and surveys that provide a memorable learning experience, and that employees must stay engaged.
In the month of March, 2020 as an overwhelming majority of the world shifted to a digital environment, Co-Founder Dr. Nancy Dome and her team offered online education through Plus with no lag. This change had a significant impact on the business and allowed Epoch Education to deliver more engaging content to a broader audience in record time.
The results?
- 19,000+ Enrollments
- 50+ Courses
- 2-3 New courses each month
If you are looking to make use of your current LMS to provide employee training you should ask these questions:
- What is the current education of your employees be in line with your brand?
- Are you supplying employees with all of the education and information they need to succeed?
- Exist any existing training or onboarding processes that you could make available online in order to decrease the amount of time required and cost?
- Do you have any training workshops or other training materials that your employees, or employees from other companies could gain from? Do you have any ideas to offer online in order to improve accessibility?
You're probably contemplating: there are so many choices available to me on how I can leverage my LMS to help me achieve my company's goals... How do I begin?
Ask yourself what acceleration route would work best for your business and what the most urgent need in your business is and get started there.
From Cost to Profit Making the Most of Your LMS for Maximal Profit
There's an excellent possibility for businesses to achieve higher levels of achievement through the internet and online education by positioning yourself as an experienced professional in your field.
If you maximize the benefits of your LMS, offering online courses will help turn into a profit center instead of a cost to a profit centre. The platform will pay for itself and help you generate additional revenue for your business/organization, and can even grow to become your primary revenue stream if you invest time and dedication in your online academy.
When the global spread of COVID-19 began to take into account in-person events as well as traveling by air, Joelle Hushen, Executive Director of NICP recognized that the agency needed to quickly diversify its traditional revenue stream and training model to offer an online education option.
How do you know?
- 6 courses
- 8 Countries served
- A diverse income stream
NCIP's example goes to show the power of leveraging your experience and expertise, you can make a huge source of revenue for your business by hosting online courses on your LMS.
If you're looking to develop online courses for your LMS to earn revenue you should ask yourself these questions:
- What's your business's biggest pain point right now?
- How do you make use of the power of online education to prepare your customers/partners for success?
- What can you do to leverage your knowledge and skills of your business?
Exhibiting Success: Linking your LMS to a Business' Objectives and the Key Performance
To demonstrate a measurable Return on Investment It can be difficult to connect your Customer Education, Lead Generation and Education efforts for partners to your existing LMS. A way to create a strong an economic case for your LMS and prove its effectiveness in the long run is to clearly define your goals in each course that you create along with the measures that show their performance such as:
- Percentage of increase in adoption of the product
- Percentage of reduction in the time required to get onboarded
- Enrollment number
- The rate of completion of courses
- Percentage of revenue increase
- Certificate number given
Monitoring these numbers will enable you to connect your investment and efforts within your current LMS in relation to money and adjust your strategy in line with the results.
Reusing and recycling digital content in order to get greater value from your LMS
One sure way that you'll get more value from your LMS is by reusing and recycling online learning materials across multiple aspects of your business. This will allow you to create online courses.
For example:
This is a framework created that was created by Ayeda Solis Ayeda Solis, an SEO expert who will help you figure out what you have to do in order to repurpose that existing content.
- If you've got an item of content, you must first figure out the extent to which it could be expanded on - this might be a case study, successful social media posts, or any other content that is bite-sized. If it's been sufficiently expanded, consider if it's possible to transform something, i.e. a blog post in a form of video or a book in multiple chapters or lesson plans.
- Then, if you don't have anything that is able to be transformed or curated, consider curating it in conjunction with other content, for instance, if you have a one-off video on YouTube which could be used in an educational program, perhaps incorporate it into a lead magnet workbook or a notepad from your coaching program to make it more robust.
- If all else fails If all else fails, try to find content that appeals to a different audience that can be tailored to the students you teach here. This might be from an event you held to train internal employees and could benefit customers too, or if you work in multiple industries you can refocus your content to one industry on the industry the course is designed for.
- In the last option, you can jump into creating from the ground up. This takes the most time, and in the interest of getting your course up within a single day, I recommend the above choices prior to making the leap.
After you have taken stock of your existing material, you are able to begin creating your course and choosing the format of each lesson and assistance with learning!
Now that you have discovered a variety of ways you can make the most of an LMS and create a compelling business case consider the following questions:
- Do you require other options for different types of educational and business objectives?
- Are you getting all the benefit out of your LMS at the moment?
- It's time to boost the benefits of your current LMS by introducing new online classes, academies or courses or making the switch to a more effective platform?
Get the most value out of your LMS and move to Plus today.
With Plus, you'll be able to host multiple learning environments and create scalable online courses that your customers, employees and business partners will appreciate: all in one place. or with our team to test it out today.