The opportunities for training providers are HUGE and they’re only set to grow further. In a recent webinar, learning and training experts Georgie Cooke and Troy Michels discussed how those in the business of selling training products can exploit this opportunity and scale their portfolios efficiently to drive revenue. We’ve summarised their advice here.
Opportunity for online training products is on the up
The environment around us is changing continually and driving increased demand for online and blended training products to meet needs quickly.
One great example of evolving business needs is the increasingly legislated environment we are all operating in. New GDPR legislation in 2018 is a critical area for European businesses and is, therefore, driving a huge training demand to ensure compliance.
But training providers shouldn’t just think of businesses at the only buyers – there is huge opportunity to engage directly with individuals. Working practices have changed, people no longer stay in one company, let alone have one career for life, and there’s been a huge rise in what’s known as the gig economy. There’s much more appetite for self-directed learning, be it to build on education, to help pivot to a new career direction, or to learn for personal development.
What are buyers looking for?
Research from Towards Maturity and Bersin show that quality is the most important factor for people looking to purchase training products. They’re also looking for timely and relevant products with clear objectives, so they know what they’re getting when they make a purchase.
How can training providers tap into this opportunity?
These new demands and changing environments are opening doors for training providers – being able to shift and scale your business to meet these is the challenge. In the webinar, Georgie Cooke, from Elucidat, and Troy Michels, from Administrate share their advice and learnings from their clients’ success stories.
3 recommended strategies:
- Prioritise quality: Design compelling online training products that hook in learners and keep them coming back for more. The one hit wonder course is a thing of the past; instead, think about the whole learning journey. Consider how you can blend face to face instructor-led training with supporting digital learning content.
- Drive efficiencies: This is all about scaling up your offering and doing so in the most time and cost-effective way. Think about your processes for content production. For example, which data sources can you use to iterate and improve prototypes before scaling into a full product? Would templates save you time? And have you chosen the right learning technologies to streamline your processes?
- Smart distribution: Make sure you’re getting your products in front of the right people in an easy to use, repeatable format. The ‘land and expand’ approach is a powerful one with digital training, so think about how you could build in subscription models to drive recurring revenues.
Watch the webinar
Hear Georgie and Troy discuss these strategies, share examples of success and advice about what you can do to ensure success for your training business.