Last week Talented Learning and Thought Industries joined forces to present a webinar, “Paving the Way to a Profitable Learning Business: 5 Successful Strategies.”
Talented Learning was represented by their CEO and Lead Analyst, John Leh. Talented Learning is a learning technology research and consulting organization helping buyers buy better by providing hourly guidance, vendor directory listings, blog posts, premium content and more. Thought Industries was represented by CEO and co-founder Barry Kelly.
During the webinar, the duo touched on the following topics:
In this part of our two-part roundup, we are going to cover business model and monetization strategies.
According to a poll at the start of the webinar, 47% of attendees reported that they are focused on selling online content to individuals and 61% are focused on selling online content organizations. There was some overlap, since 44% of attendees said they were focused on selling to both. “Thats a lot of organizational selling,” says Leh, “Which is interesting because that’s the challenging piece.”
Leh and Kelly wasted no time jumping right into monetization strategies. In order to ensure that your organization maximizes revenue, you must maximize your assets. Kelly shared what Thought Industries calls a stacked monetization model:
Leh sent a message of warning to sellers of learning content looking for technology platforms. “It’s easy to get confused today because it looks like everybody has the ability to add a shopping cart or a checkout to their LMS,” he said, “But, it’s more than that. It’s about being able to support those different streams of monetization simultaneously to get the most value -- and to hedge against risk.”
As an LMS selection consultant, Leh is constantly speaking with companies who are trying to sell content. “What content you choose to build and execute on is truly critical,” he said. When Leh offers advice, he always tries to slow them down and get them to do market research first in order to create a solid business model.
Leh and Kelly suggest asking the following questions when thinking about a business model: