So much of the world’s processes have had to slow down due to current events keeping people homebound, but education and access to information should not be one to decline. Thanks to knowledge commerce and the use of learning management systems, distance learning is more possible and profitable than ever.
What is Knowledge Commerce?
Knowledge Commerce refers to the act of organizing and developing learning resources around important information, then acquiring and charging subscribers to access and absorb the information covered. There are several mediums that knowledge commerce can take the form of, from e-books to online courses and membership sites.
This practice can also be referred to as providing online and distance education or e-learning coursework. It’s becoming more and more popular in today’s social distancing world.
You might be wondering what knowledge commerce has to do with business ownership or how you as a business owner could stand to profit from the use of knowledge commerce. Fortunately, the answer is relatively simple and straightforward.
Safety Benefits of Knowledge Commerce
Due to the fact that responsible human beings are doing their best to honor safety concerns by practicing social distancing, it’s uncommon to see businesses holding in-person workshops, seminars, or other large gatherings. Despite this, knowledge is more desirable than ever, partly because people are stuck in their homes with little mental stimulation available to them.
The current situation presents an excellent opportunity for business professionals who feel that they’re knowledgeable about certain topics and would like to not only benefit other people but make a profit doing so.
It’s more reasonable than ever before to take part in knowledge commerce. There are more active internet users now than there were at this point only a year ago, and as such, the market is in an ideal place to introduce an e-learning course or set of courses.
As a business owner, you no longer have to rely on the limitations of physical locations to spread your knowledge to others. It’s now possible to present your information to a larger audience than ever before, all while keeping people safe in their homes. The turnout could end up being much greater than what was expected during in-person events because people across the country or even the globe can take part in online coursework on their own time.
Making a Profit on Knowledge Commerce
There are several ways to make a profit when offering information to interested parties online. Most business professionals choose to set up a learning management system (LMS) to organize their e-books or online courses, monitor subscriber progress, and offer completion certificates. A learning management system is perhaps the easiest way to keep track of everything from the coursework itself to the recurring subscription payments, memberships, and learning analytics.
For example, let’s say that a communications company decides to offer business-centric language courses for other professionals whose companies are partnering with other corporations overseas. The company’s owner might choose to set up a series of courses that will teach subscribers a new language from the perspective of working professionals. Users can take the time needed to learn enough of a given language to be able to communicate in a professional capacity, which works just as well as (if not better than) attending in-person language courses.
The possibilities are endless, and businesses can choose to teach a massive variety of subjects. By charging fees for information, business owners can actively educate an audience as well as make money for their hard work.
Subscriptions or Single Fees
There are a couple of ways to structure payment processes when using an LMS. Course content creators can choose to have users pay a monthly sum in exchange for access to all of the available courses on the learning platform, which is referred to as a subscription.
For learning management systems that offer a wide variety of subject coverage, owners can also decide to charge fees on a per-course basis. This way, users can pick and choose what courses they’re interested in and only pay for the classes that are going to benefit their professional growth.
It’s all a matter of preference, business structure, and LMS content.
Despite the fact that large gatherings have become a far-off memory in the face of the pandemic that has swept over the planet, business owners can still find ways to provide information to interested parties. On top of the fact that learning management systems help keep up with safety concerns, business owners can expand their reach to users that would typically be too far outside a given locality to attend in-person classes.
If you’re a business owner with a wealth of knowledge about a given topic, and you’d like to develop your own knowledge commerce plan, book a free call with us. Our team can help you develop, organize, and market your learning platform so that you can continue to expand your business and offer your knowledge to people who would benefit from it.
