Lesson 2

 


Welcome to the second lesson to drive client engagement and profit expansion!


In the first lesson, you learned the value of quizzes and achievements to increase customer engagement and comprehension. In today’s lesson, you will learn:


  • What you should expect from your reporting package
  • Why you need reporting to run a profitable e-learning business
  • How reporting is an indispensable tool to make incremental improvements to your course

Reporting is a powerful tool because it provides you with progress reports on your students and your business.


Reporting uncovers your student’s or client’s learning behaviors and preferences.


Once you have the data, you can analyze it and improve every aspect of your course, your customer’s engagement, their comprehension, and graduation rates.


According to a study conducted by Universidad Pontificia de Salamanca, reporting has become “the” essential tool to design and improve e-learning education.


Reporting also opens the door for you to deliver more personalized content and eventually dynamic content. Very few E-learning platforms serve up dynamic content. Dynamic content is information instantly shown on any web page they visit customized to each client depending on the content they have previously consumed, the grade they just achieved, and other factors.


For example, if a student failed the quiz on the first try and passed on the second time, you could send them an email congratulating them on the win. The very next page could acknowledge their discipline and perseverance. While the next page for someone who aced the quiz might acknowledge their brains.


Because you are collecting the data, you can customize the experience.


Reporting lets you know:


  • Where your students are getting stuck
  • The reasons why
  • Your completion rates
  • How long it takes your clients to move from lesson to lesson

With this information, you can continuously make incremental improvements to your courses. It is critical that you understand the exact location of every student in real time.


Imagine you’ve launched your first course. It took months to complete, and you are excited to go live finally. Like the majority of E-learning platforms, your platform does not offer a real reporting package. Sure, you know how many people bought your course, and you might even know how many finished, but that’s about the end of the data collection.


Every morning you’re excited to check your stats; you’re excited to see new buyers coming.


After a month or two, you notice a trend, 97% of people who bought your course did not finish it, and none of those clients are buying your other fabulous courses.


You call the customer service department of your platform and ask them to help you understand why only 3% of your students are graduating, and they reply, “sorry our software doesn’t collect that kind of data.”


You care about your clients, and you want them to get results. However, you are puzzled about where to make improvements and have no clue where to start.

Your initial excitement about your online course begins to wane as you realize you are in the client replacement business, and you will aggressively need to bring in new customers to support this machine. Additionally, your business margins will remain small because the cost to acquire a new customer is so high, while the cost to cross-sell them is almost negligible.


Furthermore, your reputation is at risk because so many of your clients purchase your product with no hope of success.


You say to yourself if I only had the data to make better business decisions. Wow, there must be a better way.


Stop and ask yourself: to make better business decisions and get better student outcomes, what should my reporting package show me?


We get into much great detail during our free live master class, but for now, focus on these top-level reporting categories:


  1. Client Engagement Reports
  2. Client Pathway Velocity Reports
  3. Learner’s Comprehension Reports
  4. Viral Social Loop Reports
  5. Profitability Reports

Each of these top level reporting categories contains ten to fifteen different reports.


The critical steps to successfully make incremental improvements are:


  • Understand what to measure
  • Collect the data
  • Analyze the data
  • Make incremental improvements on select items (don’t make too many changes at once because you won’t be able to measure which changes created the desired outcome)
  • Analyze the new data (based on your changes)
  • Continually repeat the process

This is the formula for success, and this is how you can move from the dismal industry average of less than 10% completion rates to over 40% completion rates.


Are you starting to see how not using a robust reporting package is like throwing spaghetti up against the fridge hoping to see what sticks?


I am not saying that you can’t run your business without a reporting package, however, if you want to deliver the meaningful and useful content you’ve got to make incremental improvements based on your customer’s experience.


The real-time data of your client’s digital trail is necessary if you want to avoid the pitfalls and improve the learner’s experience, comprehension, confidence, and results.


That’s all for now.


Did you register for my live master class? You’ll get to spend an hour live with me and then I will open up the floor for your questions. You can ask me anything you want?

Register for my Live Master Class – it’s FREE!


Have a great day!


Mike

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1 Lesson 2: Stop Guessing and Start Growing – Reporting and Analytics Download

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