Empowering Lifelong Learners: How E-Learning Businesses Shape the Future
- Knowledge Pursuit Evolution: Traditional education is changing as modern learners shift toward e-learning.
- E-Learning Embrace: Learners in the workforce increasingly prefer e-learning for its flexibility.
- Continuous Learning Trend: More employees (53%) are seeking specialised digital and technology training.
- Adapting to Digital Disruption: Recognising the importance of staying agile and relevant in an age of digital disruption.
This blog is a summary of an article written by Suhani JAIN, Content Manager at Finance4Learning's partner Chargebee, which was originally published by Chargebee on 08 August 2023. Here's the link to the original article.
In a rapidly changing world, the pursuit of knowledge has evolved significantly in recent years. The traditional approach to education leading to a degree is being redefined by a new wave of learners, especially in the modern workforce. They are breaking away from the old path and embracing e-learning, which offers flexibility and a dynamic learning environment.
This shift goes beyond mere convenience; it's about staying agile, and relevant, and gaining the confidence needed to stay competitive. A recent survey by PwC revealed that 53% of employees are now actively seeking specialised training in digital and technology skills from their employers, a significant increase from the previous year's 49%. This data underscores the growing recognition of the importance of continuous learning in an age defined by digital disruption.
Ready to Transform Online Learning?
Lifelong learning
Online learning platforms offer diverse courses, certifications, and experiences, fostering empowerment and ownership in your learning journey. Discover this digital haven from your workspace, home, or during commutes. HolonIQ predicts rapid growth in corporate training and Pre-K education until 2030.
Even before the pandemic, corporate education was gradually shifting towards online learning. However, in 2022, the World Economic Forum reported a significant change, with a five-fold increase in employer-provided online learning opportunities and a four-fold rise in individuals seeking online learning independently.
E-learning businesses are leveraging advanced technologies like machine learning, artificial intelligence, and NLP to personalise content and enhance adaptive learning. Moreover, they are investing in platforms that allow experimentation with pricing, course bundling, and delivery models.
A Cloud Guru (ACG), an Australian cloud training platform, exemplifies this shift. ACG has trained over a million individuals in cloud computing with giants like Amazon, Google, and Azure. Recognising the potential of a subscription model for growth and sustainability, ACG transitioned from a flat fee structure to a subscription model. This transition not only improved the customer experience for both B2C and B2B clients but also facilitated global expansion. George K. TSIGOUNIS, (Former) Product Manager at ACG, highlights the importance of an easy transition, automated subscription management, and onboarding. Thanks to Chargebee, ACG successfully launched its subscription model in under a month and achieved global scalability.
Building a successful e-learning platform is all about creating a well-structured course catalog. This approach is key to delivering value and realising revenue effectively. To truly stand out, consider these essential elements:
- 1.Construct a Meaningful Content Engine: Don't overwhelm your learners with excessive information. Instead, provide personalised content that aligns with their learning goals.
- 2.Target the Right Audience: Organise and categorise information to accommodate diverse learning styles. Customise your courses for different learner groups and include interactive elements like quizzes and assignments to boost engagement.
- 3.Optimise Revenue with Flexible Payment Options: Streamline your product catalog for scalability and efficiency. The right tech stack, featuring agility, low/no-code solutions, and operational efficiency, is vital for success."
Experiment at scale
Scaling rapidly requires meeting diverse customer expectations, including course variety and global payment options. Study.com offers 4500+ courses, serving over 30 million students and educators with expert-developed video content across various education levels.
Chargebee has helped us acquire a more diverse set of customers. This includes a significant amount of international users who were unable to previously access the site Voitek SOBIESZCZANSKI, VP of Finance, Study.com
With an automated revenue growth management platform that lets you experiment with pricing models at scale, you can break up the course into micro-units, offer trials, upgrade plans, and bundle courses.
Paul KAPSNER, Director of Finance at Superfoods Company, emphasises the importance of flexibility in pricing for long-term business growth. Their approach is to avoid prolonged pricing deliberations, instead, they implement an initial pricing strategy and use the Chargebee platform for quick A/B testing to determine the optimal price. Chargebee's capability to swiftly execute pricing experiments in just 30 minutes enables them to learn from their mistakes and find the perfect pricing strategy that resonates with their customer segments.
In a subscription-based model, upselling and cross-selling become more accessible due to the ongoing relationship with customers. Chargebee offers the ability to iterate with over 67 pricing models, allowing customers to move up the value chain when they are ready. Moreover, a robust subscription platform provides valuable insights to identify the right moments for upselling.
This platform also allows in-depth analysis of customer insights and revenue flow, from the effectiveness of different plans and locations to crucial metrics like MRR, Churn rate, lifetime value, and 25 more factors. Leveraging these revenue-backed insights is crucial as e-learning businesses scale and seize the immense opportunities in the market.
In your quest to acquire new customers, retaining existing ones is equally vital. Chargebee offers solutions to combat both involuntary churn by creating custom payment failure recovery programs for diverse customer segments and executing targeted campaigns to reduce voluntary churn. It enables you to transition from generic cancellation processes to intelligent cancellation experiences, designed to captivate customer interest through personalised layouts, messages, offers, and surveys.
Emily KEYSER, (Former) Director of eCommerce at Vital Proteins, highlights the effectiveness of Chargebee Retention in quickly enhancing neglected aspects of their workflow. Chargebee stands out as a tool that facilitates rapid testing of five distinct offers across all customer groups and allows precise targeting for optimisation.
Ready to take off?
In a rapidly changing landscape where up-skilling is crucial, online course providers must revolutionise their backend systems to meet evolving learner demands. To stand out, a comprehensive approach is essential, which includes creating a well-defined course catalog and a seamless product catalog. With Chargebee as your ally, you can:
- Innovate freely by quickly testing various packages, prices, and course bundles without complex IT involvement.
- Expand your global reach without worrying about billing and tax complexities.
- Streamline financial, sales, and reporting operations.
- Make informed decisions based on real-time revenue insights and retain customers.
The pivotal question remains: Are you ready to seize this remarkable opportunity?