BenchPrep Team June 17th, 2019
3 Pillars for an Effective Learning Program (Part 3): Organizational Revenue
Your learning programs aim to help professionals increase their earning power over the course of their careers. But are they doing the same for your organization?
For many training companies, associations, and credentialing bodies, revenue is the missing ingredient from their learning program strategy. Without the right approach, these programs can require heavy investments in staff and materials while only delivering minimal ROI. As lifelong learning becomes the standard across nearly every industry, organizations that unlock the hidden potential of their greatest asset – their learners – can transform their programs from cost centers to revenue generators.
As the third pillar of an effective learning program, organizational revenue is key for ensuring your program is financially viable and can continue to meet customer needs over time. For organizations, increasing revenue requires mastering the other two learning pillars – learner engagement and learner experience. Here’s how organizations can build programs that drive success for their learners while generating maximum ROI.
Capturing the revenue opportunity
Learning new skills tops the priority list for today’s professionals, and both workers and their companies are prepared to invest to achieve that goal. According to the 2018 Training Industry Report, organizational spending on outside training products and services jumped 47% year-over-year, rising from $7.5 billion to $11 billion. As digital transformation in the workplace and a changing approach to education continue to drive an uptick in professional learning, organizations that are prepared to serve these needs can realize huge financial benefits.
For many companies, though, outdated training approaches are holding them back. For example, instructor-led programs can be difficult to scale and often can’t reach learners in remote areas efficiently. Paper-based books and training materials can be costly and time-consuming to update, making it challenging for organizations to address the latest certification requirements or best practices. Even for those organizations using an LMS, limited configurations can prevent organizations from expanding their learning offerings while failing to deliver an optimal experience to existing users.
Driving revenue through personalized digital learning
The solution? A one-size-fits-one approach to learning that prioritizes learner and organizational needs, resulting in learner success and business ROI. The most effective programs combine digital learning with a personalized approach to help organizations meet each learner’s unique needs, scale seamlessly across programs, and reach new audiences.
With the digital learning industry expected to reach $38 billion by 2020, nearly half of organizations using digital learning techniques say they’ve already seen a corresponding boost in income. CompTIA, the global leader in IT training, is among those success stories. Since unveiling its online certification renewal program, CertMaster CE, the nonprofit has seen a 20% increase in revenue – twice what it had anticipated.
By investing in a program that meets each learner where they are and gives them the tools they need to succeed, organizations can reap the rewards of:
- Greater program reach. Digital learning solutions can help organizations boost top-line revenue by expanding their portfolio of learning programs, improving accessibility for users and allowing companies to connect with markets where in-person training isn’t an option.
- Greater retention. With many professionals taking a year or more to complete the certification process, a program that keeps them engaged can make them more likely to reach the finish line. This helps to reduce dropout rates, a prime source of revenue loss for learning organizations. In turn, training organizations can drive long-term revenue by continuing to serve those learners throughout their careers.
- Greater efficiency. Driving ROI isn’t just about bringing in more revenue, but also making the most of every dollar. An online learning solution streamlines the process of creating, delivering and updating courses, freeing up staff to focus on other tasks. Reporting and analytics capabilities can also help organizations boost their bottom lines by providing actionable insight into what’s working and what’s not across their programs.
Find out how BenchPrep’s platform helped CompTIA administer 15,000 certification renewals in a single year, driving more revenue while empowering more IT professionals to excel in the workplace.
Now that you know learner engagement, learner experience and organizational revenue are the three pillars of an effective learning program, how do you put them to work at your own organization? Watch for our next post to learn how to implement a program that meets all three objectives.