The education sector at present is witnessing a tremendous growth, and with it, the scope of edtech business is also diversifying.
As is the case of any industry, getting started with the business isn’t that easy initially, and Edtech business is no different. The edupreneurs will face serious challenges that may bring forward a laidback attitude towards their business. However, as food for thought, these start-ups must not get swayed by such challenges. Rather they need to focus on the challenges and look up for solutions which will help them overcome them.
Valuable tips for Start-up Edupreneurs
Come up with real time Problem solver
It is important for you to realize that you are not just the single player in the market. There are others in the market who have already created a niche for them.
So the grasp of the matter is coming up with a product or service that will resolve at least any of the fundamental problems existing within the education sector. Take for example Khan Academy; it has created highly interactive videos for online learning which one can access even offline. Now, for the low-income learners or for students witnessing network issue, isn’t this a great tool?
Get Started with a Stable & Robust Mission
Gone are the days when the paradigm of education was just confined to rote learning. Today the education system has witnessed an evolution and has embraced empowered educators and smarter technology with which one can totally unlock the innate potentials. Take the example of smarter techniques like brain-based learning tools which have gained immense popularity. Educators are using them to help their students develop their cognitive power.
Precision in Product Definition
One of the reasons why even a good product/service cannot gain popularity in the market is because it lacks the ability to explain what it is all about? Or it does not clearly define what the purpose of the product? Be specific on listing points as to how both teachers and families can use the product in various ways in the classroom and how it can cater to the needs of the students, irrespective of their gender and intellect.
Understand the need for your target audience
No matter what kind of a business one is into, it is highly important to understand the market and the needs of the target audience. In the case of edtech start-ups, it is important to understand learner’s need and evaluate it from a different perspective. Not all learner or user of the product are of the same kind. So it is imperative to understand the student, address their principle values and at the same time evaluate if it is fulfilling the fundamental questions of your vision and mission. Once done, focus on the core product and how your product/ service can add value.
Open up to constructive criticism against your product
Again one of the reasons why most businesses fail is because they are not open to accepting any criticism. As an edupreneur, be mindful about what people using your product have to say about your product before the final launch. If you find the points, they have raised as valid, be open to accept it and work on it. It will help the product in turning up a perfect tool. But do not accept any and every point of the other person, check if it is unanimously identified by other people too.
More tips on how to Tips to Monetize the EdTech Start-Up Business on the next page...
Tips to Monetize the EdTech Start-Up Business
Many attempts are at once taken up by start-ups and some succeed while some fizzle out eventually. What gets stiff is the idea to monetize? Well, taking this into consideration, today we have collated some possible ideas that will help the edupreneurs succeed to monetize from their business. Take a look at them.
1. Make a Presence Among Customers
How you position yourself among your customer can change your game plans to an extent, as you need to be trusted. You have to project yourself as a problem solver and that your product fits in perfect to bridge the existing gaps. So brand by your product by summarizing it as a curriculum solution or Supplemental content solution or Digital Tools category or Technology Platform category to leave a distinct impression among the end consumer of your product.
2. Understand Why the Product Needs to Fit in the Product Quadrant?
Recognizing which category your product fits in will define the scope of your market. It will also help you price your product and understand who will be the beneficiary group of your product. Pricing and position dictate the financial model of any business and your EdTech Start-up being no unusual.
3. Setting a licence Fee Along With Freemium Simultaneously
By charging a license fee, you would surely not garner a full profit, but you can keep your sales figure stable and justify your investment. Alongside Freemiums are also essential to make a first impression. This free and pricing tactic has to be in layers as it needs to scale level to level. Say from freemium to charging a license fee for basic subscription of the product and finally selling the product with advanced features. Such kind of a pricing tactic is getting popular by most of MOOCs providers.
Due to the tough bureaucratic system in the education sector, it is true you may be facing a challenge to getting schools, districts, colleges, universities or systems pay for things that are productive. Yet, create a win win opportunity projection for your product to break down the barriers and make a direct reach to educators and customers. The point is no administrators can ever deny a good product and you need to project it’s is indeed an ultimate product to try out at once.
Having said all the factors to consider while designing a product or thinking off to launch it in the market, now let us help you with few more tips on sales pitch and marketing of the product.
For the sales team, it is important to send a formal email describing a brief on the product and follow up clients over the phone to seek an appointment. A credible sales tact is to be always polite and not forceful in selling the product. It indirectly affects the reputation of the company. Rather, providing an online demo of the product or allowing them to try the product free can give back a good result in return.
With the world becoming a digital world, starting off with a winning digital marketing strategy like SEO or social media marketing can help in the promotion of the product. Start small and then jump onto the bigger level. Say in the case of SEO, research on the keywords and start with a Local SEO strategy initially and then proceed onto general SEO targeting global market as a whole.
To conclude, always target to grow your business and jump onto the objective of monetizing it from Day 1 to avoid getting disappointed. As it is commonly known, focus on first things first and then move on to the next level. There is no doubt the edtech sector is growing rapidly but it is important for you to take a careful step as you open up your edtech start-up to retain in the market.
Do share your comments and let us know if you have more tips for fellow edupreneurs.