Not long ago, e-learning was in its inception, but distance learning has had a presence since the 1800s when Sir Isaac Pitman ran correspondence courses focused on a shorthand system that he had created. Since then, the advancement of technology, along with the introduction of the World Wide Web, has provided organizations with the opportunity to teach learners in new, groundbreaking ways.
According to MarketsandMarkets, the learning management software (LMS) market will grow from $5.2 billion to $15.72 billion by 2021, as an ever-increasing number of companies switch over to online learning solutions.
There is additional incentive for associations to add an LMS to their tech stacks, as this provides an opportunity to increase non-dues revenue while also increasing the value of membership. Bringing in more revenue, enhancing the member journey and acting as a thought leader for members make utilizing an LMS a wise investment for small- to mid-size clients, as this has an immense impact on the value that members associate with clients’ organizations.
Increasing non-dues revenue.
According to ASAE, membership dues compose the largest chunk of revenue for associations, however as the years go on, their dominance in overall revenue of an association has vastly decreased. With this, the need for new streams of revenue has risen and will continue to do so into the future.
Events, webinars, ads on sites … these are all new strategies that have emerged with the rise of technology, but while all of these are quick hits and do add to the bottom line, implementation of an LMS still provides a different, more persistent stream of revenue than any other offering.
By providing opportunities for members to develop and hone skills needed within their association’s field, clients can create a lasting value for members that will continue to pay off throughout the member journey.
Increasing membership value.
Much in the same vein as an AMC providing council and enabling development of clients, an association can provide industry knowledge and opportunities for progression to its members through the use of an LMS.
In 2018, 65% of US millennials said they chose their jobs because of personal and professional development opportunities. If the employee, or in a client’s case, member feels that the association is invested in their development and can provide them with access to courses that will help them progress in their field, the member is more likely to renew their membership when the time comes to do so.
Educational content pertinent to members’ professional development goals combined with certifications that members can carry with them in their day-to-day lives, job-to-job makes the value of membership with an association increase greatly. This, in turn, creates new benefits to membership, leading to increase in net new memberships and higher member retention rates.
Finding the means to generate new revenue while maintaining and even increasing the value of membership are at the core of creating an environment in which clients can really flourish and achieve their organizational goals.
Community Brands is the largest provider of association software; trusted by 200+ AMCs, we specialize in providing tech that increases efficiency for growth, drives non-dues revenue and streamlines operations for you and your clients.
Schedule time with Blakley Echeverry to learn more!