We live in a time of Pandemic, COVID, and ever-evolving technology. Safe to say the decade is not the same anymore. There are new experiences and new things to learn every day. Every learner is now online.
Not just school and college students but learners of all kinds including fitness lovers, working professionals, and hobbyists all have turned to e-learning solutions in the current time. Pandemic has taught all of us that you cannot only be dependent on the physical presence, virtual existence and presence are equally important.
Institutes are rapidly introducing learning management systems to improve student experience but also to manage better and streamline courses. Subscription Management for e-learning is known for its easy use, sustainability and accessibility.
Statistics have shown over 85% of users are using LMS (web-based). Subsequently, there has been a significant increase in subscription-based learning.
Why Go For Subscription Management Software?
As your or any other company grows and you start adding more integrations and tools to your product, more payment cycles are added to the already existing piles of invoices and billing. Any new tool and integration have a different parent company meaning different online payment gateways are required to handle all your payments. Most of the time, even with a finance team at work, managing payments can become quite taxing and require a ridiculous amount of time.
But now, it is possible to get out of this difficult and frustrating situation with the help of the right subscription management software.
Over the last few years or so, so many subscription management software have been launched, each with better tools to offer.
Pros of Subscription-based E-Learning
Every new technology has its pros/ advantages that make it worthwhile. New techniques and programming are embedded in the software to make them more approachable and adaptable to today’s world.
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A New Learning Experience
With new technologies comes new exciting avenues to be explored. With new e-learning platforms, the heads of old educational institutes have been turned completely. Students and educators are taking this new learning experience in stride and learning via tablets, e-books, computers, laptops, and even smartwatches.
It’s a 2 billion population of e-learning which is increasing rapidly. This is the best time for creating more online content and attachment with digital education. You need to get an intuitive and the right system that is going to further change the education game.
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Pricing
To create new learning opportunities, you offer new learning materials directly to the student community or go through educators before going to the students. You need to test the pricing models and delivery models. With subscription software, you’ll be able to do just that. You’ll be able to offer multiple payment tiers, subscriptions, and even freemium if you want to.
This will allow the students to simply log in, select the pricing model and get running to the learning material
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Maximizing Recurring Revenue
The best use of a subscription billing model is to get a boost in revenue. Subscription Management Software for Educational Institutes does just that. It streamlines the business and learning process and evidently the cash flow. Revenue is processed smoothly with maximized cash collections.
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Analytics and Reporting
Subscription software also offers you the unique opportunity to get an analysis report of all your data. Meaning you can see what content is being accessed by students, which courses are doing well, what is the time duration being spent. These insights are highly beneficial in understanding the inner workings of the curriculum and what students want to see more of.
You can thus, offer more packages suiting to the educational needs of the students without wasting time on manual analytics and reporting.
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Metrics
Since you get real insights and analytical reports, you can accommodate your financial metrics according to the reports as well. You’ll be able to manage your accounts and summarize all transactions and also reconcile said transactions.
To Conclude…
You need to get on the right track to squeeze maximum potential out of your business. To facilitate your business better and maximize the revenue flow, get started on a subscription management platform that suits your business needs today!