In our last article, we showed you how associations can use a Learning Management System (LMS) as an online resource center to add value to their members’ experience. Giving members a better experience makes it easier to retain and attract new members. And that means a healthier stream of dues-based revenue. But this is only one advantage of using an LMS for associations.
Do you know your LMS can also significantly impact the business side of your association? For example, an LMS, custom designed for the unique needs of an association, has potential to be an innovative source of non-dues revenue. So if your LMS doesn’t already offer this opportunity, or if you’d like to know what makes an LMS profitable for associations, keep calm and read on!
It shouldn’t come as a surprise that there are people with a fear of commitment - to membership. That means your source of members - and your source of dues-based revenue - is limited. On the other hand, your source of potential customers could be endless. Take a look at your potential audience:
Here’s the catch. If you focus only on generating revenue from membership dues, your association is missing out on opportunities to reach new markets interested in purchasing from you. Plus, the interest of these customers in what you have to offer makes them qualified leads for new membership.
How to open the door to new revenue with eLearning.
Step 1: Choose the right technology platform.
At Roundtable, our LMS for associations is designed to integrate seamlessly with popular eCommerce platforms and Association Management Software. It also features the ability to assign user categories, which makes it possible to offer varying price points, discounts, or custom content to select audiences. Other LMS platforms for associations may offer similar functionality, so check with your provider for details.
Step 2: Add value to membership.
After you’ve chosen a platform for your online resource library, be sure to deliver the value your members expect. Afterall, an LMS would be nothing without resources to enrich the lives of your members.
Step 3: Adopt a suitable business model.
Once your LMS is configured and chock full of valuable content, you’ll want to set up an appropriate pricing structure. Members need to see the value in renewing their memberships, but you don’t want to turn off potential customers - or members - before they even think about engaging with you. Work with your educational consultants to create a business model that makes sense for your association, your members and your customers.
Monetizing your association’s content is just one way to generate non-dues revenue with an LMS. Now it’s time to up the ante.
Your association is investing serious resources to build and maintain the membership it has today. As a result, you are a trusted, respected authority who not only influences members, but your industry as a whole. This is why many educational and topic experts will pay a premium to feature their content, courses, resources and branding on your LMS.
Everyone wins in this scenario. Content providers gain exposure to a highly engaged audience (your members). Your association generates more non-dues revenue by advocating for content providers. And your members receive the value promised in your mission statement.
And, content providers aren’t the only willing investors. Businesses are often willing to sponsor relevant, authoritative resources and initiatives in exchange for the co-branding exposure to your member base alone. Just make sure you choose your partners wisely so as to not tarnish your association’s reputation.
Finally, let’s explore the multitenancy functionality of our LMS. The Roundtable LMS for associations is uniquely developed so that we can clone “copies” of it. These copies become white-labeled instances of your LMS, including all of your hosted content. They are completely brandable and mobile responsive making instances easily marketable to organizations, “tenants”, who share similar objectives and audiences. This makes it easy for your association to generate non-dues revenue under a single license… Your license.
So, how it works is that for a small “rental” fee, your tenants reap all the benefits of everything your LMS has to offer - delivery, accessibility and tracking of content, professional development and other resources. Best of all, they’re free to uniquely brand their LMS and even host their own content.
For even more revenue opportunities, contact us to learn how your LMS, content providers and sponsors can help you build a profitable business model for your association.
So there you have it. We’ve shown you three ways to generate non-dues revenue using the same learning technology you already use to give members a great experience.
1. Sell content and other resources to non-members.
2. Sell lead generation opportunities to content providers and sponsors.
3. Extend your LMS and content investments to like-minded organizations, for a fee.
The technology that powers your LMS, and your relationship with your learning consultant, are both essential for revenue-generating techniques like these to work. But, you also need a solid business strategy that brings everything into focus to support a common goal – the continued growth and success of your association.
At Roundtable, we take pride in the capabilities of our LMS for associations, and our experience with developing strategies that make our association partners successful. See how we’ve helped other associations then let’s talk. We’re here to help on the technical side, or as consultants on the strategy side.