Training Companies have a unique way of functioning as compared to the corporate. And rightly so, as they cater to a distinctive client base that is a mix of retail and corporate; run multiple training programs; sell training materials online; and perform a host of other activities as a part of their day-to-day functioning. All of which, together, pose some distinctive challenges and come in the way of their success.
Below are the top 5 challenges encountered by Training Companies in managing their business effectively:
Challenge 1: ‘How to manage corporate and retail clients?’
As mentioned earlier, Training Companies cater to corporate as well retail customers; both with unique ways of functioning as well as requirement. The way of subscribing and providing access of training materials to a corporate customer is quite different as compared to a retail client, as both have distinctive needs based on their learning appetite.
Challenge 2: ‘How to reduce sales cycle to bring the client onboard?’
It’s almost every Training Company’s constant struggle to reduce its sales cycle and bring the client on board at the earliest. Showcasing its offerings/courses to the prospects, understanding their requirements, making the content available for their access etc. is a lengthy process, which directly hampers their revenue. Most of the Training Companies still strive to exploit the technology advantage to reduce the sales cycle and increase their revenue.
Challenge 3: ‘Does my website sell my business effectively?’
In today’s day and age of Internet and multiple devices, one needs to ensure that one’s website is interactive and dynamic, especially for Training Companies that need their to sell business/training content effectively. A website running in isolation isn’t fully equipped to display updated and relevant info/content to the Training Company’s potential clients, which might result in loss of business.
Challenge 4: ‘How to expand services portfolio to cater to a wider audience?’
Traditional way of operations (read Classroom i.e. ILT training only) limits a Training Company’s reach. To expand its horizon, a Training Company needs to have different avenues to address its clients’ learning needs.
Challenge 5: ‘How to ease administration work to focus on core business?’
A Training Company’s core business is to sell training content effectively with minimum time invested in managing content, users, licenses etc. for better revenue generation. For this, it needs a system that enables its retail clients to choose, purchase/subscribe and access the courses with minimum admin intervention, and also allows its corporate clients to manage their content and do user management internally within a controlled environment.
All of these challenges create a hurdle for Training Companies and prevent them from realizing their true potential. In our next blog post, we will put a spotlight on these challenges and suggest ways to leverage a Learning Management System to mitigate those. So stay tuned!