When 2021 started, people thought that life will return to normal but Omnicron has some other plans for us. In this situation, the education of children was forecasted to be affected the most. Simultaneously, the world has seen a huge skill gap among employees, and the proposed solution in the form of ‘recruiting new employees’ was not the long-term solution. This left everyone from parents to business owners with one solution to adapt to online learning. However, managing an LMS and aiming to scale globally is not enough when you don’t have Subscription Management Software to proactively manage billing, payment, and certification. Moreover, it is found that the employee training program results in a 42% revenue increase, and eLearning has helped businesses save over $200 billion. This has created many challenges for every educational institute and business that is working either on a regional or global level. Some of the significant challenges faced by eLearning include course optimizations, instructor curation, and certification management.
To address the concerns raised by the pandemic, in this article we have discussed in detail how SaaS Subscription Management Software can help eLearning business with LMS custom and manage everything from billing to payment from one platform.
What is an eLearning Business Model?
An eLearning business model provides an approach to aid your business in generating cash flow. It can guide your business plan and can help you see the future value of your company. Different kinds of business models for eLearning are used by companies however we have collected the most effective and tested business models to help you to use.
1. Billing & Payment Collection
Managing an online learning business becomes difficult when you don’t have the right tools to generate accurate invoices and collect payment on time. Since eLearning widens enrollment globally, it enhances the need for having an optimized payment system that automatically optimizes its interface, language, tax, and currency to empower students to pay in their local currency. In this regard, subscription management is proven to provide efficient subscription billing solutions. The most important and noteworthy feature of this is, it brings eLearning data on students, instructors, and partners to a single platform. Moreover, the system allows the executive to create a custom workflow so that automatically creates an invoice with proration, tracks its status, and follow-up with the enrolled student. It reduces the need for manual efforts.
2. CRM Integration
Another feature that subscription management offers to eLearning businesses is its integration of CRM with the LMS. This helps the marketing, sales, and support team in deepening the relationship with the student. Since everything ranging from data on students is recorded in the system, this helps the marketing team in creating efficient marketing, the sales team in personalizing communication for targeted lead nurturing. Lastly, CRM data helps the support team in providing timely and customized services.
3. CMS & LMS
The core thing that determines the success of an eLearning business is its course content and updated information. This becomes difficult for many when they have multiple instructors to teach one course. Hence to ensure consistency, subscription management system integration with HubSpot provides a system where one can manage the course, content, and student progress with utmost ease. Moreover, it empowers the instructor to create their course, manage content, upload a variety of content ranging from visuals, graphs, demo, and polls to make online learning interactive.
4. Global Scaling
Last but not least, the eLearning industry is one of those markets that can scale globally with utmost ease. Since every business, organization, companies, are even student are sharing similar technological adaptation and market growth, thus having a system can help in scaling. But the best thing that subscription billing and payment management software offers to businesses is it helps them optimize their website, invoice, and communication language and experience to match the customers’ region. Moreover, the detailed reporting feature offered by subscription businesses is, they provide factual data that eLearning businesses can use to scale in a global market with the potential of growth. Besides, the data helps businesses in optimizing their billing and payment methods accordingly to the market, this lowers the risk of failure.
The world is changing at such a great speed that keeping up with it is becoming difficult for everyone. Besides, technological evolution requires constant learning, relearning, and skill upgrading. In this regard, the eLearning business plays a significant role. However, the success is subjected to the software one is using. So, if you think that managing student data manually is taking time, similarly invoice payment, or the course that you are offering is outdated and you want to include courses that are trending or have more potential of enrollment, then subscription software can help you efficiently.