4 Easy Ways to Improve the ROI of Your Association’s LMS
You bought a learning management system (LMS) to store all of your association’s educational products.
But have you leveraged your LMS fully to receive the maximum ROI?
The right LMS can create new revenue streams, nurture lifelong members, build communities of practice, and scale your association.
But, it won’t be easy.
In fact, you’ll need to play the long game if you want to see an amazing ROI from your LMS. Online training can help an association move to a subscription membership model or sell a must-have certificate in the B2B space, but it takes time and commitment.
In this blog, we will provide 4 ways to help improve the ROI of your association's learning management system.
1. Create New Revenue Streams
Do you host webinars or podcasts?
If so, you’re probably already building a great community of practice for your members. And, you probably didn’t even know that you’re sitting on a goldmine—your custom content.
You can easily repurpose webinar or podcast content into online courses.
With a learning content management system, you can turn informational webinars into interactive courses. This method allows you to sell participants a course on the same material. They’ll buy it because a course promises mastery, while a webinar is just information.
Alternatively, you can use the content in a microlearning platform like BenchPrep Engage. This platform keeps learners up-to-date by sending them a daily question. Then, you charge your members a small subscription fee for access to your custom content.
2. Nurture Lifelong Members
Associations lose money every time they lose members. Unfortunately, members leave after attending one conference or passing the credentialing exam.
How can you turn these fairweather members into lifelong ones? With an LMS.
Professionals need their associations to provide them with new learning material because everyone requires continuous upskilling. Associations can use their unique position as industry experts to sell new educational products to these fairweather members. New educational products represent new revenue and a better return on your LMS.
However, instructing practicing professionals requires different methods than studying for high-stakes testing. Your LMS should offer bite-sized pieces of learning to fit into general practitioners’ busy schedules. If possible, make it mobile-friendly so your members can study anywhere. BenchPrep offers microlearning modules to fit the needs of the busy general practitioner.
3. Build Communities of Practice
People belong to associations to feel part of a community.
Online learning often leaves learners adrift, but it doesn’t have to.
The right LMS will create a community of practice to keep learners engaged. This community of practice could be peer-to-peer, or it could include expert moderators. By running communities of practice through your LMS discussion boards, you’ll receive a better ROI.
You also have access to advanced data analytics with your LMS. You’ll be able to see if active discussion members buy more courses. Or, you’ll be able to test if inviting younger members to be expert moderators improves member retention. This data can inform how you market your programs.
In fact, data analytics can help you build the community of practice your members desire—a place where they can come to network and find the best-curated content available for their industry.
4. Scale Your Association
A robust online platform allows associations to scale. Your association can become the go-to source for industry news and training globally.
This investment in training will add value to your membership. Soon, you’ll have recurring revenue from life-long members. As an added bonus, these lifelong members will also grow your brand by promoting it to others.
What’s Holding You Back?
Online courses represent a huge investment. Even more intimidatingly, it’s a long-term investment.
None of these ROIs will be seen immediately.
Try starting with just one. Pick just one way to change how you use your online learning platform this quarter or even this year.
You could focus on repurposing webinar content for interactive courses. Or, you could build a new training program for current practitioners. Maybe you’ll put some resources into building a supportive community of practice.
The silver lining—you’ll continue to see ROI on new training courses for many years to come.
Want to learn how to leverage engagement to boost revenue, impact, and long-term success? Download on our on-demand webinar to learn more.