To do this, software company needs to look at how they plan to deliver online training to their end-user customers. They will want to make sure that end-user customers can track and manage online training portion of their sessions, whether it is self-paced custom e-Learning content or real-time online trainer/student collaboration. Selecting this delivery platform can be difficult but it should include following basic functions:

1.Student Knowledge Assessments 2.Student Success and Progress Tracking 3.Real-Time Interactivity 4.Self-Paced Learning Delivery

By selecting a delivery platform that addresses all four of these facets of end-user customer training, mid-sized software company can not only decrease their own costs but enhance their client/vendor relationship by delivering more than what is normally expected or experienced in today’s software market. What’s bottom line? The customer is pleased with their user’s performance and value they received from software company.

Step 2: Creating Revenue Using Custom e-Learning Content

Now that we have lowered our costs, company needs to look at how they can use their new learning technology to generate new revenue streams for their organization.

Take this scenario: The mid-sized intranet portal software company used in scenario above now has their own proprietary basic end-user e-Learning module to cover 1 day’s worth of what was previously onsite training. The company has effectively reduced their overall, offline training costs. Now it is looking for ways to generate new revenue streams using this technology to (a) make back their initial purchase costs and to (b) create more profit potential for entire organization.

Creating revenue: One way for a mid-sized software company, such as one we’re using in our example, to create this much needed revenue stream is to create subsequent, more advanced, self-paced, custom e-Learning training modules. Attractively priced, these learning modules could be made available to their end-user customers online without incurring any additional offline training costs.

In order to do this efficiently and without incurring additional offline training costs, company needs to make it easy for end-user customer to purchase more advanced training content and make it easy for end-user customer to track their own learners as they attend training courses so they can readily see its effectiveness. By investing money today to build more advanced, custom e-Learning content, this mid-sized software company could realize profits from training modules within 12 to 24 months once they begin marketing and selling it to their existing client base. Such profits would be dependent on development timeframes, how they market their new training service and their chosen modes of delivery.

Taking it one step further: Making more advanced e-Learning content convincing and attractive to purchase from client standpoint takes some ingenuity. People are very susceptible to purchasing something that is located right next to checkout lane at Target. Similarly, it stands to reason that client of this mid-sized software company will be more apt to purchase additional e-Learning content if it is readily available to them and if they can purchase it without any hassle.

One way to accomplish this is to publish new, more advanced, self-paced e-Learning modules to company’s LMS portal and then make modules available for purchase via credit card using e-Commerce or via standard invoice with a single phone call. This essentially acts as product stands we all see at Target next to checkout lane. Since everyone needs to pass through checkout lane, it makes sense to put additional products available for purchase there. In other words, if mid-sized software company is delivering portions of their beginner training program online to their end-user customers, this more advanced e-Learning content should be available for purchase right next to those basic training modules, thus, increasing its visibility and increasing attractiveness to buy from client perspective.

The Completed Solution

Because of tight software market and strain put on mid-sized software companies to perform, if these companies can decrease costs associated with their current training programs and create new revenue streams at same time, it becomes a win/win situation both for vendor and for customer. The software company gains a competitive edge and continues to move forward while client gains an easy-to-engage training program and added value from their software vendor.

Synapse SE Staff Contributor

Step 6 – Research demand for your business It is important to know what demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organisations have a USP clearly defined that helps them stand out from rest. Secondary research can be conducted from your home (via Internet), library and some government offices, that can help you ascertain levels of demand for your product or service. Primary research – talking to your target audience and gathering data yourself – may be needed. This is by far better option of finding out results know, rather than spending your savings and capital on a business that gives a low or negative return in future.

Step 7 – Set your marketing goals Having completed market research and defined why you want to do business in first place, you will need to set some marketing goals. These are goals that relate to your product, your price, your distribution or provision of service, and your promotions. So many organizations want to start at this end of planning process, but they miss most important areas. Your marketing goals will need to be measurable and help you reach your primary objectives for your business. For example – how many products will you sell? What product development strategy will you have? What are your price margins? How will you deliver your product or service to your customer? How will your customer know about you, and how will you promote your business? These are all sample questions designed to generate ideas and goals for marketing of your business.

Step 8 – Define your marketing strategy Having defined your marketing goals, you will need to plan in detail how you will achieve these goals. How many items will you produce, and at what price margin (that will give you your desired revenue goal)? What delivery system and what geographical area will you cover? In what areas and how will you promote your business? Will you use TV, radio, or print advertising – or all three? You can be very specific if you have to, as this is one of major plans you will be referring to through course of your business life, so be comfortable with it and know how to use it.

Step 9 – Take Action! This is MOST important step of all. Take action! All of preparation in world will never earn you a single dollar if you don’t actually open your doors and make phone calls that will bring customer to you. Even if your business planning process has highlighted that maybe this area of business isn’t for you – don’t let that stop you from finding one that is. If your ultimate dream is to be happy, healthy and wealthy, then there is a business for you. If you are doing something everyday that gets you closer to your ultimate goal, then your business plan will provide direction and focus for journey. So, begin taking action today, and reap rewards that will follow.