How to Assess the Value of Customer Training Through eLearning
January 21, 2022
Customer training is a win-win for both your customer and your business. If done correctly, your customers learn how to use your product to accomplish their business objectives, ultimately driving a higher return on investment (ROI) for your company. 90% of companies that leverage an eLearning platform to provide customer training see a positive ROI [1].
For customer training to be successful, you need two things:
Engaging and relevant content
Delivered on an amazing, easy to use eLearning platform
To achieve outstanding results from customer training, you need to add value through engaging, relevant content. You can’t just quickly throw together whatever content you have available. Most companies do not have the internal time, resources, and expertise to create their own content in-house. Additionally, you need the proper infrastructure to deliver the content effectively. A reliable eLearning platform will reach your customers where and when it is convenient for them. According to Forrester, “Companies that are most successful with education programs use outside vendors to learn best practices and optimize their strategies and benefit from using vendors as it puts less strain on internal employees supporting these programs” [1].
Below are the key metrics to assess the value of customer training through eLearning!
1. Key Metric: Customer Support Costs
There will always be a need for some level of customer support; however, with staffing shortages and the great resignation, company’s need to limit the number of support tickets. Less customer support tickets limit the chance of staff burnout and helps to avoid customer churn. After one bad experience with customer support, 80% of consumers say they would instead do business with a competitor [2]. Plus, customer support costs add up fast. To ensure your customer training initiative is driving results, compare your current customer service costs to the cost before implementing an eLearning platform. Customer training through eLearning reduces support costs by 6.1% [1].
2. Key Metric: Customer Spend
Many companies will overlook the value of lifetime customer spend – even though it directly affects revenue. As customers learn more about your product offerings and trust develops, customers will spend more. When companies provide customer training through eLearning, 92% of customers renew their subscriptions versus only 80% of untrained customers [3]. This may not seem like a lot, but every 5% increase in renewal rate equals 25% to 95% more profit [3].
3. Key Metric: Customer Churn
Customer churn is detrimental to your company. Customer churn results in an avoidable $35.3 billion loss each year [4]. The top three reasons customers switch to a competitor brand are poor onboarding, weak relationship building, and poor customer service. You can build loyalty and trust by providing customers with an outstanding eLearning experience and high-quality educational content. Increase retention by 7.4% with an outstanding customer training initiative [1].
Amesite partners with companies looking to provide customer training through eLearning. As your partner, we will deliver an affordable, customized platform for customer training in less than 24 hours! We provide our partners with:
A custom branded platform leveraging best-in-class technology
An easy-to-use, scalable solution that requires no training or additional staff
Engaging learning communities and relevant, custom content
A platform that compliments your mission and grows with your business
We would love to partner with you! Contact us here to learn more about our customer training solution.
