3 Ways for Your LMS to Make You Money

In this article, we explore and demonstrate how you can commercialise your LMS and turn that idle time into profitability.

Many organisations under-utilise their LMS and don’t realise that what they actually have at their fingertips is a profit-making center. Open LMS WORK has built-in ecommerce where, via PayPal or Stripe, organisations can have prices associated with courses, materials, or any other services. One of our customers, who owns a company that provides training in radiation hazard awareness, has had outstanding success, and operates their business on a “money while you sleep” model, waking up every morning to see how many enrolments they’ve had overnight. Those enrolments turn into payments.

So how does it work, and why would I want to commercialise my LMS?

1) It Allows You to Commercialise Your Expertise

Most LMSs are subscription based, be it annually or monthly. It’s great to have a way, at an absolute minimum, to offset those fees. If you don’t sell online learning courses for example, think of what you can do to make subscribers want to buy from you. It may be that your customers pay a monthly fee for unlimited access to resourses specific to your industry that aren’t available through regular web channels.

2) It’s Always On

It’s the worker that never sleeps. An LMS can be a serious profit centre. Additionally, it’s available 24×7, so people, on a global scale, can seek out your content and services at any time, from any place. The result? You reach a wider customer base. Many people these days too, prefer to learn online and after hours.

3) It’s Digital First

The education revolution is moving digital. More and more people are choosing to complete their studies online, especially post-pandemic as we now know it’s possible to do so. If your business is just paper based, and lends itself to an online mode, consider making that move – sooner rather than later. Take a look around at businesses similar to yourself. What are they doing? Are you being left behind?

Getting the Most Out of Your LMS

Remember to think of your LMS like an employee – would you let them show up only to perform one hour of work a day? Make the most of its idle time and let this fabulous system contribute towards the success of your business.