Are you tired of being just a cost center to the organization? Do you want to increase customer education revenue so that you can grow your program and achieve more?
According to Thought Industries' recent report, "The State of External Enterprise Learning 2023," 60% of companies currently charge for training, and industry experts anticipate this figure to soar beyond 75% in the coming year.
Monetizing customer education is a growing trend and should be an integral part of your 2024 business strategy. Yes, it may feel tricky at first to put a price tag on your training programs, but without it, you will be missing out on a valuable stream of revenue.
If you're ready to make it happen, the best place to start is with a live training offering. It's how most people prefer to learn and are accustomed to paying for it. Paid live training can often range from $100, for a short webinar, to over $15,000 for immersive, in-person private training that spans over a few days.
How to create a highly profitable live course?
Now consider which kind of training will both appeal to customers (and incentivize them to pay) and also be highly profitable for your company. The key here is to create an education program that drives high customer satisfaction and is also scalable.
Using Virtual Instructor-Led Training (VILT), you can offer premium, hands-on product training at a competitive cost that customers would feel provides high value for money. Why? Because the value they’re getting is immediate and tangible, including:
- Engaging and personalized training
- Faster product adoption and utilization
- Highly skilled employees who contribute more to the company
Knowledge is power. When customers are given high-quality training, their experience with the product skyrockets. They are happier users and feel that you are investing in their well-being. These are all key elements of building user satisfaction.
As for scalability, choosing the right customer education solution will enable you to deliver high-quality training to all of your customers worldwide, whether in small or large groups, in-person or hybrid.
To see how it’s done, take a look at this case study with Mediaocean. By implementing hands-on virtual training at scale, they experienced a remarkable increase of 20% in customer satisfaction and were able to scale up class sizes by 50%. This also made their training program more desirable, leading to increased course demand.
The proof is in the profitability
An interactive virtual classroom, meticulously designed from the ground up for product training, allows learners to engage with instructors in real-time, practicing on the software and receiving personalized coaching—all within the same platform. Instructors gain a granular view of learners' activities, ensuring high-quality engagement and timely assistance.
With such an offering, you can feel confident that you are giving your customers amazing value for money. You have literally handed them, on a silver platter, the assistance they need to get the most out of your product.
Not only can your customer education offering be profitable, it can also serve as a competitive differentiator and support your sales process to enhance your overall marketing position and help attract new customers.
The trajectory of customer education in 2024 clearly points towards monetization. With the right partner, you can deliver a profitable training product that elevates customer satisfaction, boosts engagement, and unlocks your growth trajectory.
To learn more about Strigo's customer education solutions, and get a demo and free trial, click here.