BenchPrep Team June 16th, 2020
How to Turn Learning Science Concepts into Profitable eLearning Products Webinar Recap
It’s a common misconception that learning ends when we finish a course or university or an e-course. The truth is education never ends. Modern learners want to continue learning and organizations are eager to provide those resources for them.
Many organizations know what learning sciences are needed to create a successful and impactful learning program, however, many are unsure how to turn these learning sciences concepts into eLearning products that are profitable.
In a recent webinar, we covered three learning science concepts, trends we are seeing in the digital learning market, and how to capitalize on these trends by using learning sciences to create profitable eLearning products. Here are the key takeaways from the webinar:
During our webinar, we focused on three learning science concepts: the forgetting curve, spaced repetition, and confidence-based learning. First, let’s talk about the infamous forgetting curve.
Today’s modern learners are distracted, overwhelmed, and empowered. And, by no fault of their own, they are also very forgetful. In 30 days, learners tend to forget 79% of knowledge. But as mentioned, the learner is not to blame for this issue. The fault lies on what is known as the forgetting curve.
The forgetting curve is the reason why you forget the knowledge that was presented to you a few days ago. It’s the idea that, without reinforcement, human memory of content deteriorates rapidly.
This means that when learners navigate through a course, it’s assumed that their proficiency is increasing and leveling out at a high level upon completion. However, after completing that course or lesson, much of that gained information is lost, especially knowledge that isn’t immediately put into practice.
That window of time to get your learning to stick is low, but with the help of learning techniques like spaced repetition and confidence based learning, your learners will be able to digest their content easier and remember it at a greater rate.
Spaced repetition is a learning technique for efficient memorization that by repeating and continuously exposing ourselves in spaced intervals of time, we are significantly more likely to retain that content and commit to it long terms. This concept is what makes flashcards so powerful when it comes to learning.
This strategy has proven to improve knowledge retention by up 170%. By reintroducing learning content in small intervals over time, can not only slow down the forgetting curve but also significantly increase the chances of knowledge being committed to long term memory.
Learning is not linear or one-dimensional - it’s not as simple as “right vs wrong”. Just passing a course won’t improve performance, you can only improve performance through mastery.
Confidence-based learning is a recognition that knowledge isn’t linear, but confidence should be considered when determining the success or demonstrated understanding of learning. This type of learning gives learners tangible feedback about their performance and gives them an understanding of their proficiency.
Using these learning concepts can create learning solutions that give real, tangible value and long-term results.
Trends in the Market
Now that we’ve covered three different learning science concepts, let’s dig into trends we are seeing in the current eLearning market. These are important to understand whether you have currently had a digital learning program and want to expand or if you are brand new to the digital learning space. Here are the four trends to look out for:
Trend #1: Learning is lifelong and unbundled
The traditional method of learn, do, retire is no longer a future-proofed approach. With the rise of certifications, employers are now eager to bring them into the workplace. And, on the opposite side, a college degree doesn’t provide the same return as it used to. There are now faster and cheaper alternatives to the college route.
Trend #2: Learner retention is paramount
Retaining learners is a major incentive to keep learners captive in your own learning ecosystem. It’s been shown that by increasing customer retention rates by 5%, you can see an increase in profits by 25% to 95%. It’s imperative that you not only educate your learners but you keep them coming back for more.
Trend #3: The modern learner loves convenience
It’s time for learning companies to adapt to modern standards. Modern learners want accessible, on-demand, bite-sized learning. Employees only have 24 minutes a week to focus on training and development, so it is important that the learning they do receive is digestible and available anytime anyplace.
Trend #4: You have an opportunity right now
Right now is your chance to capitalize on the market. This is your golden opportunity. By capitalizing on these trends and using subscription-based learning products, you can grow your learning program’s revenue significantly. A subscription-based learning program elevates learners from a one-time purchaser into a repeat client, which results in a greater level of engagement of training and recurring revenue for your organization.
How Does it All Come Together?
What are the next steps? How do we turn learning science concepts into profitable eLearning products, and not just buzzwords?
During our webinar, we covered several use-cases and shared specific examples of how you can use learning science concepts to capitalize on current market trends to ultimately drive recurring revenue. Watch our webinar to figure out how it comes together for your organization’s specific business case.