Are the licensing or subscription fees of your LMS causing stress on your annual budget?
If so, consider adding revenue to your LMS to offset these costs. A few ways I have seen associations increase revenue and justify the cost of implementing and maintaining an LMS are:
Marketing your new LMS is a key point in being successful. How will you generate revenue and sell the new product if your audience (in this case your current and potential members) are not aware of this great value you are offering? Think of this as a new product launch in your organization. Without building awareness for your product, nobody will know it is available to purchase.
Advertising within your LMS:
Your team can sell additional banners ads that target your members. It would not take many banners to offset the cost of your licensing rates. It would also be a benefit to advertisers, trying to market to a very specific audience. Take any state BAR association for example: if there is a business that sells their product mainly to lawyers, this would be a very targeted, successful marketing tool for them.
Does your LMS offer space throughout that gives you the opportunity to promote upcoming events, relevant courses, new speakers, etc? Similar to advertising in your LMS, this is an important feature to look for when selecting an LMS!
Account Executive at Aura Innovative Technology, Inc.