Profiting from Online Continuing Education
How to Recession-Proof Your Association
In an increasingly competitive world, the ability for associations to distance themselves from their competition is becoming more and more difficult.
Associations everywhere are looking for new ways to increase profits, attract more members, and retain them for longer. Thankfully, continuing education–particularly of the online variety!–has proven to be the most effective method of meeting all three demands.
For members, the need for continuing education is only growing stronger, regardless of field. Additionally, industries are evolving faster than ever before, meaning both knowledge and experience become outdated quickly.
In this ever-changing world, those who stay up-to-date with industry knowledge and trends through continuing education are the ones who thrive–and the associations that offer this education are poised to reap the profits!
When it comes to associations offering continuing education, increased profits come in several different sizes and shapes.
The first, and perhaps most important, is the revenue stream that online continuing education opens for associations. For career-driven members, the cost of education is more than justified by the value of the return. Moreover, continuing education presents a variety of benefits, including generating new leads, bringing in new members, enhancing member engagement, and even positioning your association as an industry leader.
1. Continuing Education as a Revenue Stream
For today’s workforce, the ability to stay ahead of the curve (or even just to stay competitive) within a given industry depends on the skills and education one can acquire–as well as how up-to-date both are.
In the past, experience went a lot further than it does now; today, current knowledge is a necessity, and it requires proof, typically displayed through degrees, diplomas, and certifications. Consequently, associations that offer members the chance to stay up-to-date on industry trends and educational requirements provide not only a highly in-demand service, but one that is crucial in almost every industry!
For the association with an established continuing education platform, they now have a constantly evolving and replenishing revenue stream in place. The more options and opportunities an association makes available to its members, the more potential revenue continuing education offers the provider! Everybody wins.
Additionally, as industries evolve and require new certificates or skills, associations gain equal opportunities for new revenue streams. The cycle of revitalization that new and changing industry certificates and educational requirements provide an association is a blessing in disguise. While you do have to create the courses that match trending topics and new requirements, the demand will easily lead to a great return on investment for any association that participates.
Industry trends aren’t the only factor affecting continuing education, though; ever-increasing globalization taps continuing education in to provide international knowledge and education. E-learning means that your association’s reach can expand far beyond geographical boundaries, as well. Consider: you could be bringing new members in from across the globe, sharing your education with people from everywhere!
2. Continuing Education for Lead Generation
Another great benefit for associations offering online continuing education is that it can bring an increase in both new and potential members.
Take, for example, the offer of a free course. This can be used to attract potential members to an association’s website in exchange for their contact information. From here, the association can target this new and qualified lead in the future with association information, other course offerings, and advertising.
Don’t want to go the free course route? You can instead use continuing education as a point of approach for potential new members. You’re providing something of value to discuss with and offer your candidates.
If nothing else, continuing education gives an association yet another benefit to tempt members interested in registering, while also positioning your association above any competitors who lack educational opportunities.
3. Continuing Education for Member Engagement
One of the most important and most overlooked elements of an association is the matter of member engagement.
It stands to reason that the more engaged in an association members are, the more invested and willing to renew they will be. By offering continuing education, associations establish a system that keeps members involved, simply by keeping them up-to-date on current industry trends, demands, and opportunities.
But, it’s also more than that!
Continuing education encourages members to participate and advance in their fields by keeping them educated and informed. An informed member is a valuable asset, not just to an association, but to the industries they belong to! There’s no better way to help advance careers (and industries!) than by cultivating a member base filled with skilled, knowledgeable professionals.
At the end of the day, continuing education is a service that members are better for receiving and they, in turn, reward their associations with their loyalty year after year.
4. Continuing Education for Industry Positioning
Part consequence, part intent, offering continuing education to members also establishes the providing association as a thought leader within the industry.
Those who keep members engaged and informed in their industries and those who provide industry education tend to become a hub for industry discussion and involvement. For most associations, this is a very welcome and profitable side effect to offering continuing education!
Members seek out associations that represent their needs and provide them with a voice, so what better choice than one that seeks to better its members in return? The potential opportunities that result from this are plentiful for associations, including a more significant and visible presence within the industry, as well as the option to expand into other educational content (such as with tutorials, webinars, and conferences).
From this new industry position, associations will typically see increased interest, memberships, renewals, and–most importantly–profit!
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Conclusion
In conclusion, offering online continuing education can be a great way for associations to increase profits, attract new members, and retain existing ones. With the need for lifelong learning only increasing, the provision of quality continuing education not only becomes a valuable asset for any association looking to differentiate itself from its competition–but a crucial one!
Overall, the benefits of offering online continuing education to members are clear, and associations that prioritize this service will be well-positioned to thrive in the competitive landscape of today’s environment!
