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.