If you’re running a training business, whether it’s brand new or an established brand, you may be wondering how you can further grow your business, attract new clients and find the right training software to boost your economic performance. With thousands of training businesses vying for the attention of organizations worldwide, how can you make yours stand out?
Training Orchestra has over 20 years of experience helping organizations optimize their entire business cycle from order to invoice, so we’ve learned many lessons along the way that will help you grow your training business. Read on to find out more…
Running a training business: building a rock-solid foundation
For both well-established training companies or those just starting a training business, the competition is fierce, and it’s not always easy to find a way to carve out your niche in the market.
There are two key factors that lay a solid foundation for successfully running a training business:
- The knowledge, skills and personality of the business executives. It is their leadership and guidance that will make or break the training business, so getting the executive team right is crucial.
- Their ability to transform their potential into results. No matter the skills or expertise of your executive team, the capacity to turn this into real ROI and make smart decisions is what will ultimately lead to your success as a training business.
Identifying your unique selling propositions (USPs) will also play a key role in your success. Will you focus on a specific region? Will you specialize in a certain industry? What unique problem does your training business solve that others don’t? Or can you solve a common problem better than your competition? These are the questions you must consider when starting a training business.
How to market your training business
One of the hardest things about managing a training business is developing business activity and attracting leads. Marketing will be crucial for this stage of running a training business, as you will need to establish your brand, authority and expertise in your area. How can you market your training business?
Encourage your team to be brand ambassadors
Your executives should be highly visible and present online, and your employees should be committed to sharing your marketing content from day one. This might include blogs, press releases, social media posts, guides, eBooks, resources and more. Work closely with your marketing team to get your messaging right and ensure it resonates with the right audience.
Ask for customer reviews and testimonials
Word-of-mouth marketing should never be underestimated. Be sure to solicit testimonials and case studies from early adopters of your products and services to act as “social proof” for your offering. Many L&D professionals consult software review sites to find solutions for their projects, so ask your customers if they will provide a review to help you climb up the rankings.
Don’t forget your website
You should also pay careful attention to your website. A training business’ website is effectively their “store front,” so you should be leveraging best-practice web design, graphics, content, SEO and more. This will be most customers’ first impression of your brand, so make it count.
Measuring the success of your training business: 3 key economic factors
There are three main economic factors that indicate the success of your training business:
- Increasing profitability – this is often as a result of optimizing the use of resources, better cost tracking and controlling key costs
- Rising sales – this comes from innovation in your products and services to set you apart from your competitors
- Sustaining and consolidating economic activity – this comes from retaining customers thanks to building strong commercial relationships over time
In addition, innovation will always be crucial to running a training business. Consider the COVID-19 pandemic: those training businesses who adapted with the times, switching to hybrid learning and pivoting to address the needs of a remote workforce, are the ones who benefited the most from these unprecedented times.
Proving that you have the knowledge and expertise to adapt to evolving challenges will help you improve your economic performance, both in the short and long term. This means keeping existing customers happy (after all, it is 5x cheaper to retain an existing customer than to acquire a new one) and attracting new customers by delivering consistently exceptional customer service, unique products and services and getting real bottom-line results.
How to grow your training business with training software
A vital element of running a training business is the training software being used. The right Learning Management System (LMS), Learning Experience Platform (LXP) or Training Management System (TMS) can spell the difference between success and failure when running a training business.
An old, outdated, restrictive system will hinder your growth efforts, as customers will be left disappointed by your offering and ultimately find a new supplier. However, the right training company software will fully support your customers’ training needs.
Prioritizing systems that are flexible, user friendly and can be customized to customers’ needs will help you grow your training business, as you can tailor solutions to each customer’s unique requirements and boost customer satisfaction. For instance, supporting a customer’s complex training scheduling needs with a TMS like Training Orchestra will help them manage even the most complicated training schedule, managing hundreds of courses, resources and trainers at a time if necessary.
Increase profitability and performance for your training business
Profitability and performance for training businesses comes from efficiency and making the best possible use of your existing resources. Customers will pay more for great service and great products, but beyond these simple factors, there are additional ways to increase the profitability of your training business through better training course management.
Upselling and cross-selling
Upselling and cross-selling will be crucial for any training business looking to boost its profitability. Leveraging the satisfaction of an existing customer will be vital for this stage of running a training business, as these customers will trust you to make solid recommendations that will help them achieve their goals. As an example, a customer who often opts to send their employees to public training sessions might consider switching to a private training course, increasing profitability for you at a minimal additional cost while enhancing their customer experience.
Incentivize for customer referrals
Additionally, make it easy for happy customers to refer other organizations to you. Many training businesses incentivize customer referrals with discounts, added services or upgrades, which helps you reward loyal customers at the same time as growing your pipeline of qualified, high-quality leads.
Create successful partnerships
Partnerships can also be vitally important for training businesses. Creating these partnerships will expose your training business to a whole new audience and will give customers a better experience, with a more robust, all-in-one solution that fully meets their needs.
Deploy a Training Management System (TMS)
A TMS such as Training Orchestra provides training businesses with key training budget and financial performance features in addition to sales cycle management features designed to help increase profitability and performance. Managing back-office processes manually and in multiple systems is not only cumbersome and inefficient but can lead to lost revenue. Training Orchestra allows you to streamline your training business operations in one place to help you save time and money.
Ready to grow your training business?
Get your free demo of Training Orchestra today to see how we can help.
About Training Orchestra
For over 20 years, Training Orchestra has been helping 600+ organizations worldwide to better run their training business by automating and optimizing their ILT and vILT training operations, addressing the complexities often found in: session scheduling, resource management, instructor collaboration, cost tracking, reporting and sales cycle management. As a complement to your LMS, LXP and learning technologies, Training Orchestra’s Training Resource Management System can replace all XLS spreadsheets and manual tasks, so you can better manage training as a business.