The Learning Management System (LMS) market has been booming over the last few years, with new providers coming into the mix and existing players continuing to grow their user base with updates and features that keep customers interested in their product. With such a wide variety of offerings from both established vendors as well as newer entrants, the number of choices available to organizations with regards to their LMS platform is overwhelming. For most smaller organizations, budget constraints will play a big part in the decision-making process when selecting an LMS solution for your business.
When it comes to choosing a learning management system, there are many different payment models available. Every company is different and the LMS that works for one may not work for another. Here, we will explore what you need to know when deciding on an LMS payment model. We will also cover some of the most popular models so you can make a more informed decision about which is best suited for your business needs.
Subscription-Based LMS Payment Model
This is the most common type of LMS payment model and usually falls under two categories:
Monthly Subscription
The monthly subscription model; where you pay a subscription fee every month to access the company’s content. Multiple features like accessing the course library through your web browser or through the company’s app (that only works on mobile devices) are available.
Part of this payment model is usually an annual fee to access the company’s APIs, which let you create your own mobile apps or integrate the LMS with other systems like customer relationship management (CRM) software. This means that if you are planning on creating your own mobile apps for employees, you should go with an LMS that offers API access.
Annual Subscription
Another part of this payment model is usually an annual fee to gain access to certain extra features or a one-time upfront discount. The overall list of features, however, remains the same.
Many a time a lot of newbies face issues when it comes to dealing with the LMS platforms. In such cases, many companies create “customer success” programs where they offer to train you on how to use the software, so you know what features are available and how to get the most out of it.
Free Alternative Models –
Here the list can be broadly classified under two categories.
Freemium LMS Payment Model
In this payment model, there are usually no API fees, but there are usually support service fees. Usually, the company offers very limited support, such as a knowledge base and basic email support.
You will have to pay extra for services such as phone support, on-site training by a trainer, issue tracking, and so on. This type of LMS is best suited for companies with a lot of technical know-how who can use the platform without much help from customer service.
Open Source Models
Designed primarily for technical experts, Open Source models are free to use and are based on open-source code that requires programming expertise. Any support that would be required can be accessed from forums or other online communities like instruction manuals and other stuff.
The biggest benefit of Open Source LMS is that it is free to use. Another great thing about these models is that they are open source, which means instead of spending money on buying an LMS you can focus on building your own custom platform to suit the unique needs of your organization. The disadvantage, however, is that you will need developers with advanced programming knowledge to be able to use these types of LMS.
Conclusion
The right LMS model is extremely vital for your business and that being said, what Absorb LMS offers is highly optimized to scale your business to the next level. Offering multiple plans under one roof, a business can meet its needs very easily and increase its productivity at the same time. For specific Absorb LMS pricing models, you can check out their website.
Tagged: LMS Payment Model
