Ideas are worth nothing unless they can generate revenue. If you thought of a revolutionary innovation in education technology, let’s go over your monetization options before you go broke. First, let’s answer the question “What is monetization?”
How To Monetize A Web App To Unlock The EdTech Potential?
After years of being overlooked by the startups and the IT giants alike, EdTech has gained traction. We’ve already covered the basics of the current EdTech revolution being spurred on by the companies wishing to cash in on the trillion-dollar potential of the industry while getting lifelong clients and fans. From our previous article you can learn about the benefits of EdTech premium and free apps for end users and common development trends, and today we’ll discuss the monetization options.
Monetization is the process of transforming assets into money or other forms of legal tender. Monetization strategy should be among the top priorities of every EdTech startup. Without a clear plan of getting a return on investment, you are unlikely to attract investors’ attention. The right content monetization approach will attract more users among learners and trainers, as well as provide you with revenue for further improvements and upgrades.
The Best Ways To Monetize Your eLearning App
As technology evolves, new ways emerge to create money earning websites and monetize links, apps, and content. We have chosen the most promising strategies for the EdTech industry that have already proved themselves successful for world-renowned projects.
- Revenue from subscription. The core features of your eLearning project can be free, while the subscription model offers extra features or discounts for a more extended plan. Premium plans might provide a range of incentives:
- Course discounts;
- Lower fees for course owners;
- Top ranking among the courses on the homepage;
- Installment payments for VIP customers, etc.
- Single course purchase. You can sell individual courses through an online eLearning platform to learners. Users can purchase the course indefinitely or pay for a limited time use. The former option allows users to review the material as long as your app operates, the latter cuts off the access after the subscription time runs out.
- Extra features upsales. Free and premium subscription plan users can purchase specific features to improve their learning experience. Customers might pay for direct feedback from the trainer on assignments or alternative formats of the learning material (audio or text instead of video).
- Selling advertising space. Identify specific zones for ads and banners without sacrificing user experience. Spamming clients with advertisements will turn them away and render this monetization strategy null instead of increasing your revenue.
- Author commission charges. Retain a commission for hosting coaches’ premium courses at your platform. The rates might differ depending on the course’s popularity, price, subject, etc.
- Pay per download. Allow users to buy online courses at a minimum price and offer premium plans for downloads in preferred formats: PDF, PPTX, DOCX or others. Allow premium users to save learning materials to Google Drive.
- White label features for organizations and authors. Provide professional coaches with a chance to develop white label products through the platform and remove its logo for a fee. With white label services, authors can use your course-development tools and market them independently.
- Sell subscriptions for the analytical tool-set for coaches. Let the trainers that are developing premium courses generate and download a variety of reports on user interactions to improve engagement and experience and attract more customers.
The subscription business models and other monetization features can be successfully implemented for well-known eLearning apps and platforms, like Coursera, Udemy, Skillshare. Depending on the project’s specifics, its target audience, and niche, the features can be transformed and customized. However, without effective promotion, none of the monetization options will be viable.
If you enjoyed our short foray into eLearning monetization strategies, check out our previous articles and subscribe to get FreshCode updates with our latest blog entries. Share the post on social media if you found it useful. And if you are tired of strategizing and ready to develop your eLearning MVP, contact the FreshCode team. We’ll make your ideas happen!
Original article Must-have features to monetize your elearning applications published at freshcodeit.com.