Using Rewards-Based Educational Tools to Effectively Grow Your Business

Posted by verb on Jan 28, 2020 8:00:00 AM

In Business, Tips and Tricks, Video, Technology, Marketing, Client Success

Part 1: What an LMS Can Do for You

You have an incredible product. Your leadership is fired up. Your sales team is armed with an incredible marketing strategy and dozens of supportive assets. And yet, your sales are still considerably lower than projected. So, what’s the missing “it” factor? It could be an LMS.

Back in 2017, it was estimated that around 67 percent of all organizations offered some form of a mobile learning platform[1], and it’s likely that that number has only grown since then. The idea of an LMS isn’t a new one, but the key to its effectiveness lies in its development and implementation. You don’t just need an LMS. You need a system of rewards-based educational tools that will help you get everyone in your organization—from leadership to the customer—on the same page.

Over the next few weeks, we’ll be diving into the benefits your organization can gain from utilizing this concept in a three-part blog post series. So, before we get started…

Check out this re-cap video of Verb's Learn application below.

 

 


 

What is an LMS?

LMS stands for Learning Management System and, simply put, it’s a platform or feature that allows your company to create and distribute educational materials, both internally and externally. Typically, an LMS is a compilation of interactive educational modules that feature a variety of multimedia assets to convey messages about products, processes or organizations. Often, these modules conclude with a brief quiz, used to assess the user’s understanding of the material.

 

It’s no secret that this form of mobile educational tools is trending throughout the tech-centered business world. However, as mentioned above, just having an LMS isn’t enough. If you want it to be used effectively, you’ll need to implement a rewards-based system that will motivate your target audience to actively participate.

 

What can an LMS do for you?

  • Provide product education to customers
  • Introduce company lifestyle and perks to potential prospects
  • Train employees or distributors on internal processes and product benefits
  • Allows processes to be easily duplicable
  • Encourage sales
  • Collect data on strengths and weaknesses in your marketing strategy

 

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When it comes to social network marketing, retention is key. In fact, did you know that according to the Harvard Business Review, increasing customer retention by 5% can increase profits up to 95%? Likewise, selling something new to an existing customer is 40% more likely than acquiring a new customer.

 

One of the best ways to increase retention is by providing valuable education and in-depth training to your customer base. In addition to boosting retention, you can use an LMS to improve customer experience, provide an engaging environment for prospects, and make sure everyone has access to information about your products and opportunity that will encourage greater sales.

 

And that’s just the customer experience—having an LMS can help you educate, reward and eventually retain the vital members of your organization, too. Providing uniform training to your distributors and employees is a great way to ensure that processes are followed and easily duplicated, and that information being passed down is compliant. And since most LMS’s are integrated with some form of knowledge-testing feature, the data your system collects can be a goldmine of insights into how effectively your information is being translated.

 

A Compelling Social Strategy

One key component of an effective LMS is the ability to integrate social sharing. If your lessons can be shared with the tap of a screen, they’ll be more easily disseminated throughout your organization. Additionally, allowing users to tout their accomplishments and share their knowledge on their social channels is a great way to get them excited. This is especially useful when using a customer based LMS, as customers and distributors alike can utilize their social following to draw in potential prospects.

 

A Rewarding Experience

One of the most challenging parts of implementing an LMS is getting enough users to make it worth the investment. This can be particularly difficult when attempting to recruit customers—after all, you can make completing modules a requirement for rank advancement or continued employment for distributors and employees. That’s where rewards come in. By utilizing an LMS that features some sort of prize or award for completing lessons, you’re sure to see an increase in widespread adoption.

 

We’ll build on this concept more in next week’s post, which will focus on the benefits of gamification in educational platforms, so stay tuned!

 

- verb