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Universities often undervalue the alumni learning market. Alumni are often viewed narrowly as donors and ticket purchasers for sports events; however, additional revenue streams can be established from the alumni market. After graduation, education does not stop. There is a lifelong learning journey that students follow well past their status change to alumni. In the rapidly advancing world we live in, staying competitive in the workforce often requires upskilling. If universities can recapture alumni looking for professional development courses, a repeatable and lucrative revenue stream can be established.
Higher education institutions are now starting to "unbundle." This is done by offering micro-courses. These short-form offerings are exactly what alumni are looking for – information-rich without an intensive time commitment. Micro-courses are profitable revenue stream options. This is because there is little tuition discounting or financial aid [1]. The university – alumni relationship can be mutually beneficial and strengthen over time.
eLearning is a rapidly growing industry where higher education institutions should be preparing to expand. In 2019 the global eLearning market was at $144 billion. By 2026, it is expected to reach $374.3 billion – projecting a compound annual growth rate (CAGR) of 14.6% [2]. Alumni will be responsible for a large portion of this market. Institutions have a leg up on eLearning companies that are gaining popularity. They have the unique opportunity to leverage an established relationship with their alumni. This group has loyalty and trust in your institution already and is much more likely to seek upskilling from a place they trust. Institutions need the infrastructure to meet this need now.
The World Economic Forum projects that 54% of employees will need reskilling and upskilling by 2022 to keep up with the speed of a changing technological workplace [3]. There is a clear need for upskilling programs. Creating these offerings for your alumni can provide a revenue stream for your institution and provide valuable knowledge and skills to alumni. Upskilled alumni will advance faster in their careers, and the loyalty built from their time as a student plus their time upskilling as alumni will lead to more significant donations in the future. The alumni learning market is multifaceted and an excellent source of revenue for higher education institutions.
How Can Your University Launch an Online Learning Platform for Alumni Easily and Quickly?
Higher education institutions should provide certificates and micro-courses to their alumni because there is a void in the rapidly growing market. This mutually beneficial relationship can build revenue for institutions and help advance the careers of alumni. Certificates and micro-courses offer a perfect solution for busy professionals who desire hyper-focused content to build skills quickly. Using an online learning platform to deliver these courses to your alumni will offer the most flexibility and exposure to these offerings. Even if your alumni are distributed across the globe, an online learning platform can allow access to upskilling courses regardless of where they live. Provide the opportunity for alumni to achieve mastery over specific topics that give your alumni an edge in their careers.
An online learning platform should have these key features to serve your alumni best:
It is time to start competing for your alumni learning business. The global eLearning market is growing, and alumni need upskilling today. This is a perfect opportunity to provide your university with needed revenue and increase your university's value to alumni and students.
Amesite Offers a Single, Easy to Use, Scalable Solution
Launch an online learning platform to capture the alumni learning market and help increase revenue, build loyalty and offer needed resources to your alumni.
Amesite is a high-tech AI-enabled online learning platform that creates custom-branded learning environments with content curated by experts in the industry that follow best practices, meeting your university's unique needs. Amesite offers turnkey, intuitive certificate programs and micro-courses, requiring no training for your institution. Amesite has an outstanding and industry-leading 98% retention rate across its educational programs.
Amesite's platform is built on AI technology, advanced data analytic tools, and machine learning algorithms. This technological infrastructure allows courses to be flexible and customizable to each learner and stay factually up to date and relevant along the students' learning journey. It also provides powerful insights to the university and the learners about how they learn to improve their experience.
Partner with Amesite to drive revenue for your institution while providing your alumni with excellent resources for education and upskilling. A host of self-paced, highly engaging, and intuitive courses can be ready for your learners in as little as 30 days.
A partnership with Amesite is an investment into your university's future. Request a Demo!
Check out some of our customer success stories: The Henry Ford, Wayne State University.
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Resources:
[1] Signal Vine. Feb. 3, 2020. Why Alumni Are Important for Higher Ed Institutions. https://www.signalvine.com/alumni/why-alumni-are-important-for-higher-ed-institutions#_ftnref11 Accessed April 18, 2021.
[2] Intrado. Dec. 17, 2020. Global E-learning Market Size & Trends Will Reach USD 374.3 Billion by 2026: Facts & Factors. https://www.globenewswire.com/news-release/2020/12/17/2146962/0/en/Global-E-learning-Market-Size-Trends-Will-Reach-USD-374-3-Billion-by-2026-Facts-Factors.html Accessed April 18, 2021.
[3] World Economic Forum. October 16, 2020. This is the new skills gap for young people in the age of COVID-19. https://www.weforum.org/agenda/2020/10/youth-employment-skills-gap-covid-19/ Accessed January 21, 2021.