In today’s age, education is a standalone star catapulting lives towards success. The pandemic has made it possible to deliver mass education right at the learner’s doorsteps. However, this was in existence much before Covid took the reins of our lives. Being backed by subscriptions, E-Learning was and is doing grand rounds in bettering the students’ learning scape.
Here, let’s unbox more of what subscriptions and education can together achieve and sustain- both in terms of the learner and the provider.
Education and Subscriptions: The Business Buoyancy
For an emerging or established education service provider, structuring their business with modular subscriptions can create a vast difference. This can be observed in terms of customer retention, revenue stream predictability, future-readiness, and overall effectiveness.
Gauging the efficacy of Educational Subscription Models is again an individual call to take, depending on the nature of the business. Speaking of which, E-learning is the prime modality for subscription-based education. Only time will tell if the same can flourish even in on-site/classroom learning.
A few of the popular models are:
1. All-in-One Model:
In this model, the subscriber gains full access to your entire repository of content. However, if you want to retain customers consistently, you may have to keep periodically updating the reserve. Extensive content bases can benefit from this model.
2. Fixed-Term:
Based on specific content, this model enables the subscriber to retain access for a stipulated time. Beyond which, renewing the plan is necessary for continued access. Besides, this model also facilitates quick fixing of issues
3. Course-based:
Tailor-made, user-based courses are a great way to attract segmented subscribers and keep them engaged for longer periods. An excellent way to do this is by building courses that need incrementally phased learning methods.
You can well manage subscription-based customer journeys and business configurations with a robust, scalable and flexible Subscription Billing Platform. This helps in the automation of billing and revenue processes or remodeling your entire recurring billing infrastructure.
Subscriptions stimulating a brand-new Learning Experience:
For Adults:
Even before the pandemic outbreak, platforms like Coursera, Udemy, and Upgrad were in vogue, with working professionals, homemakers, and students alike flocking to learn something new. The Covid situation only provided further stimulus, and today, more and more subscription-based E-Learning platforms are mushrooming their way into alternative education path.
The school closures in the pandemic time also led to multiple innovations in education. Thousands of parents had turned themselves into homeschool tutors overnight. As goes the saying, “All work and no play make Jack a dull boy,” many educational companies came to the rescue.
For Kids:
Subscription boxes with interesting DIY projects, science experiments, indoor exercises, and other at-home lessons kept both the parents and their kids engaged with both education and fun-time. With subscription services and a range of activities that change every month, the little ones are always looking forward to what the next month would bring. Some of the other subscription-boxes that benefit children are Fububox, Intellikit, Einstein box, etc. The benefits provided by them easily outweigh the cost of subscribing to them.
Summarizing:
The subscription-based business model is here to stay. That is certain. Businesses today are increasingly turning towards subscriptions to reap the unparalleled benefits, and why not?
Education here is obviously not going to stay out of the loop. With multifarious advantages blooming both over the supplier and consumer side, it is high time that educational companies start considering subscriptions as a real business change stratagem.
