Did you know that IBM saved approximately $200 million by switching to e-learning? Not only that, it also saw a rise in productivity, learning, and retention. 72% of companies today believe that e-learning gives them a competitive advantage.
So, it comes as no surprise that the global learning management system (LMS) market is expected to reach $43.6 billion in 2027, with many new players entering the market.
With over 1000 LMS vendors, it can be challenging to make your LMS stand out. It can be even more difficult if you are a startup. However, following a flexible and well-suited marketing strategy can tip the scales in your favour and help you soar to new heights.
In this blog, we will discuss the LMS marketing strategies that work.
Marketing Strategies for Your LMS
Know Your Market and Competitors
The first step to marketing, or even developing software, is to learn about its market. Who will use it? How will it help people? These are the questions you would’ve considered before beginning the process.
Market research is essential for choosing your target audience. You have to create and research your buyer persona and conduct market segmentation. So, if you are developing an LMS for the banking and finance sectors, research the industry to find out what customers need.
Additionally, you should also conduct a thorough competitor analysis. This will allow you to understand your competition and develop a product that can stand against it. Therefore, learn about their products, marketing strategy, and SWOT information.
Know Your Area of Specialization
Having a generic approach may seem like a good idea, but it won’t give you a unique selling proposition. Your LMS should be easy to use, affordable, and have all the essential features. But it should also have something that sets it apart from the rest.
Having a specialization will allow you to reach potential clients, build trust, and get word-of-mouth referrals. To figure out your specialization, conduct thorough market research, analyze feedback from present clients, and stay up-to-date with industry trends.
Build Your Brand Awareness
Now that you’ve figured out the basics, it’s time to build brand awareness. Create a consistent brand, and do not be afraid to share your brand values, mission, culture, and personality. This will help you foster a more personal bond with potential customers.
Further, create a marketing plan that works on several levels and leverages various content types, activities, and platforms. Use social media, newsletters, email and video marketing, customer reviews, and content marketing.
Ensure your website shows the best of you, and add informative and useful blogs, testimonials, and case studies. You can also host live events and provide free, informative ebooks to build awareness.
Measure and Adjust
The best marketing plans are the ones that can be adjusted to incorporate the feedback of the users and the market situation. In the beginning stages, you must have set some metrics, like website traffic, conversion rates, user engagement, lead generation, inbound calls, email engagement, and more, to measure your performance.
You can use these metrics and measurable goals to find areas for improvement. For example, suppose you have launched a LMS for banking and finance with the goal of a 20% increase in user sign-ups.
Metrics reveal that while website traffic increased, your conversion rates were not up to par. This can indicate that there was some issue with the registration process. With this information, you can promptly adjust your strategy.
Things to Remember Before Getting Started With LMS Marketing
While LMSs have been around for a while now, it is still possible to make mistakes in their marketing. So, here are some things you should remember during your LMS marketing.
Customers May Not Want Everything From You
There are an endless number of features you can add to your LMS. However, your expertise may not lie in each of them. Customers today aim to get the best of everything.
So, while they may choose your LMS, they may not necessarily want the entire stack from you. Therefore, aim to make your platform compatible with third-party integrations. This way, customers have the flexibility to curate a tech stack that best suits their requirements.
Invest in Your Development
To create the best learning management system and effectively market it, you need to learn and develop your skills constantly. Stay on top of the latest developments in your field through webinars, conferences, courses, and connecting with your peers.
Do Not Neglect Your SEO Position
Many companies make the mistake of oversaturating their content with keywords to rank higher in search engines. However, this often comes at the price of quality content. You can also lose the trust of your customers, as they might not find answers to their questions in your content.
Offer Diverse Content
Diverse content is the key to a successful content marketing strategy. Offer content that caters to different types of customers, including white papers, templates, blogs, newsletters, podcasts, videos, case studies, and demos. This will ensure your content reaches a wider audience.
Conclusion
Mastering effective marketing strategies is not just a matter of promoting your learning management system but ensuring it becomes an indispensable solution in a competitive landscape. By understanding your audience, designing a compelling USP, and using multiple content strategies, you lay the foundation for success.
Ultimately, remember that the marketing journey doesn’t end with customer acquisition; rather, it extends into customer support, feedback, and a commitment to improvement.
