Here’s How I Moved My Company Cash By Taking One Often Overlooked Step

I worked at Hootsuite when the social media management leader launched its first paid certification program, and I’ve been fortunate to see the development of industry-leading customer education. But I know that income was not the main purpose of entry.

At the time, these courses were intended to support leading production and customer success efforts, but as the number of courses grew, the company saw the true power of its courseware, and today, Hootsuite’s Academy is a revenue generating center.

For many companies, however, customer education isn’t as proactive as it could eventually be. Although the success statistics are undeniable – 90% of companies have achieved positive returns from investing in customer education – the reality is that companies today need tangible ROI that goes beyond well-established metrics such as increased customer satisfaction and lifetime value. They need another way to earn money.

Hootsuite and others like Hubspot and LinkedIn have paved the way for more impactful customer education programs. And if your company hasn’t jumped on the bandwagon of developing customer education as a revenue driver, now is the time. Here’s why and how to get there.

Related: Looking for Loyal Customers? Teach Them Something New – Here’s How Customer Education Programs Can Boost Your Business

The full funnel effect is the way forward

Since the pandemic began, customer churn has reached record levels, putting pressure on marketing and customer success teams to double down on their efforts to attract, engage and retain customers. As businesses feel financial pressure from the recession, many have sought new ways to make money in addition to cutting costs.

Marketing and customer service teams are a goldmine here, with their wealth of knowledge and data about the customer — from their understanding of the purchase journey to the challenges customers experience once they’re on board. Customer success and marketing teams can leverage the knowledge base and support assets they’ve already created and work together to turn their assets into tangible offerings that customers will pay for. They can transform customer experience into self-service learning and reposition themselves to monetize, reduce demands on their time and empower customers to reach their goals independently.

In my workplace, we have seen great value in getting customers on board and up and running as quickly as possible using self-serve courseware. However, this strategy isn’t just for SaaS companies. I’ve seen it with clients from many industries – from broad public education programs to highly specialized training. One thing I noticed across the board? Creating full impact is only possible through the collaboration of different business units and an integrated business plan.

Related: 4 Ways Brands Can Educate Their Customers and Win Their Hearts

Start with a strategy

Unless you’re an educational institution, you’ll quickly discover that offering courses and certifications is different than making software or selling widgets. Treating it like a unique business will help you get the resources you need to succeed. That includes marketing support and integration within your overall brand strategy.

While it may be tempting to bundle existing content and put a price tag on it, the reality is that you’ll need a plan that anticipates and supports growth. Carefully consider what your customers will pay and what you need to offer everyone. That may involve creating paid access categories such as engagement levels, such as paid certification for regular customers and one-on-one training for your top players.

I recommend looking at least a year or two ahead at potential growth and what is needed to support it. For example, once your course is launched and established, you may want the ability to develop a private community where students can interact and share what they’ve learned.

Part of Hootsuite’s success has come from choosing a platform that allows it to leverage its growing subscriber base. Choosing tools that can grow with you will allow you to add new features when you’re ready and avoid the hassle of migrating your content to a more robust platform, as trends grow.

Related: Your Most Important Initial Investment Is Customer Education

Use technology and add creativity

If you’re creating the kind of value people will pay to experience horror, technology can help here as well. Generative AI tools make easy work of turning existing assets into courseware, and the delivery platform you choose may have built-in information and features to make your vision a reality with minimal effort. For example: we managed to reduce video editing from six hours to one using AI – an impressive efficiency improvement!

Also remember that you don’t need to produce a bunch of high quality videos. Consider how to improve what you have, and fill in the gaps with new content that clearly reflects your customers’ pain points. And don’t be afraid to be creative. Sure, there are playbooks on how to build courseware, but you can always go your own way.

If you need inspiration, look at what others are doing – especially relevant competitors in other fields. One of my favorites is Cricut Access, a premium account for Cricut artists that offers resources, support and project ideas. The company caters to consumers, which is not my company’s target audience, but I find it is always a source of good food for thought.

Finally, don’t be afraid to try things – even if they might not work. After all, the best way to learn is to try. And learning alongside your customers may be the most authentic way to accelerate both productivity and revenue – and yours.