By Kunal Kumar, Category Head of Birla Brainiacs
It is fair to say that firms from all industries have embraced technological breakthroughs and trends to stay on the cutting edge ever since digitalization took centre stage. And the educational sector is not an exception. In fact, new tech-supported education that is more available to all, including students, teachers, and institutions, has swept aside the traditional one-size-fits-all model. IBEF estimates that the Indian EdTech market would expand at a CAGR of 39.77% to reach $4 billion by 2025 and is expected to increase dramatically over the next several years. The research also noted that tier II and tier III cities had a growing need for non-academic courses. The factors driving the rise in demand are urbanisation and personalisation in schooling.
The immense potential of EdTech has actually been acknowledged by a wide range of stakeholders, especially when it guarantees market sustainability. Despite the challenges, EdTech companies must concentrate on their go-to-market strategy to create a situation where everyone wins. A strong go-to-market strategy is essential for producing sales and revenue given the current situation in the fast-paced field of EdTech. A market strategy is a blueprint for how a business will find and turn potential consumers into paying ones. The marketing, sales, pricing, and distribution methods are all part of this plan. Let’s now explore some go-to-market tactics for an EdTech company to increase revenue and sales.
Go-To-Market Plans for Ed-Tech
Target Market: It is undeniable that the majority of EdTech businesses use omnichannel marketing to connect with customers. Therefore, the first step in developing a strategy is identifying the target customer. For the product to be effectively marketed and sold, it is essential to comprehend the needs and problems of the customer. Students, instructors, schools, colleges, or other education-related organisations may be the target market for an EdTech company. In order to focus its marketing and sales activities, the company may create a buyer persona once the target customer has been determined.
Freemium Learning: Everyone naturally appreciates a freebie, and an EdTech startup’s target market is no different. Offering a freemium model is one of the most effective and extensively used marketing methods for ed-tech firms after establishing the target demographic. The best compromise between rising user acquisition costs and offering new users things is a freemium business strategy. Consumers are less resistant to adoption when switching to a premium user since they get a taste of what they’ll be missing out on if they stick with the free version of the service. Freemium business models encourage users to sign up as a result. The business is free to employ analytics in the interim to evaluate customer behaviour and determine the fastest path to conversion
New Pricing Model: The pricing strategy can be helpful as a go-to-market strategy even though freemium business models can be successful in some situations. It’s crucial to set a price that is both competitive and indicative of the value the product gives. For an EdTech startup, there are various price models to take into account, including per-user pricing, subscription pricing, and pay-as-you-go pricing. When creating a pricing strategy, it is critical to take the target market into account as well as their purchasing power.
Create a Sales Team: Every prospective customer is unique in their own way and has various wants. For instance, ed-tech businesses cannot persuade everyone with the same presentation. Their go-to-market strategy is dependent on building a sales team in order to improve communication at every stage of the sales process and offer customised experiences at scale. The sales crew needs to be skilled at communicating and negotiating, as well as educated about the product and the target market. Setting sales targets and providing the sales force with continuing training and assistance are therefore essential.
EdTech Startups: Success Strategies
The education technology sector is anticipated to expand quickly in the years to come. Therefore, EdTech startups need to have a strong go-to-market strategy to drive sales and revenue generation. As a result, EdTech firms can achieve their commercial goals and have a beneficial impact on the field of education by using strategic tactics including identifying the target audience, offering a freemium model, creating a new pricing structure, and putting together a sales staff.
