Growth

Achieving Revenue Growth in the Ed Tech Industry

By Ashutosh Kumar

Transform your Ed Tech startup with this guide to accelerating revenue growth. Explore proven strategies and tactics.

There’s no time like today for success in the Ed Tech industry! Whether you’re just starting or a practised entrepreneur looking to achieve revenue growth and establish an even greater presence, this is the moment you have been waiting for.

Following the digital transformation, several industries have incorporated technological advancements and trends. This allows them to stay ahead. Similarly, the education industry has upgraded its operations. This resulted in the rise of Ed Tech.

With the emergence of Ed Tech startups, conventional teaching methods and models are being supplemented by modern technological solutions. This has several advantages, including increased personalisation and accessibility.

The pandemic accelerated the assimilation of online teaching methods into the mainstream. For instance, schools have started using cloud collaboration platforms and providing mobile devices for studies.

Consequently, this industry has witnessed enormous growth, which is set to continue. According to the India Brand Equity Foundation (IBEF), there is an opportunity for the Ed Tech industry in India to grow to around USD 10 billion by 2025.

Hence, there is immense potential and opportunities for success in this industry. However, it also entails heavy competition. Therefore, to stay ahead of the curve and drive good revenue, it is crucial to implement well-thought-out strategies.

Growth Jockey details some of the best ways to move forward in the industry and improve revenue growth management in this blog.

A future trend graph of next 5 Year spend on edtech

Developing and Nurturing Leads

In recent times, generating leads has become easier. However, converting them requires careful nurturing and must follow a foolproof methodology.

Once your sales team acquires the contact information, they must act immediately. Connecting with a lead as soon as they make contact increases the chances of customer acquisition.

For this to work flawlessly, a well-trained sales team is required. Your sales team needs to be able to alter their pitch according to the target consumer and carry out personalised marketing. Ensure the sales team is entirely aware of the product, target audience, industry insights, and communication and negotiation techniques.

Email Marketing

Consistent email marketing is a proven way to nurture leads. It allows you to send updates, offers, and promotions.

Here are some points to pay attention to in email marketing:

Personalised ‘To’ fields.
An attention-grabbing subject line.
A clear call to action (CTA).
Social sharing buttons to reach a larger audience
Providing value and continuous engagement through blogs, which can be tailored to the buyer persona.

Webinars

You can also organise webinars to generate leads. Webinars allow Ed Tech companies to explain their products and services to the audience, demonstrate their features, and address queries. This is an excellent way to better engage with the target audience and understand their needs and pain points.

Hands-On Approach

You could also follow the on-field method of lead generation and nurturing. Byju's, one of the leaders of the Ed Tech industry in India, has adopted this approach. Their education counsellors visit students, present their solutions and effectively convert them.

CRM Tools

When there are different lead generation sources, it is common for some leads to slip through the gaps. To avoid this, use an efficient Customer Relationship Management (CRM) system tailored to educational needs.

Some benefits of a CRM system include enhanced lead tracking and improved customer data management. This will allow you to optimise personalisation and eventually lead to customer satisfaction. Thus, a CRM system helps streamline processes and eliminate wastage.

Define Your Positioning

Define the place you want your platform to occupy in your target market. This is critical because it determines how you market your product, the partnerships you form, and many more aspects.

Let’s consider the example of Ed Tech in India. It has numerous avenues for growth for several reasons, including the high penetration of the internet and smart devices, increasing online content consumption, and the multitude of employable youth.

In this scenario, there are various Ed Tech segments, which include higher education, language learning, vocational training, test preparation, and many more. Ed Tech companies must calculate their strengths and determine where to direct their efforts. A strong positioning will make it easier to target clients.

Leverage Virtual and Augmented Reality

One of the most significant results of the recent advancements is Augmented Reality/Virtual Reality (AR/VR) technology. When used for education, it creates an immersive experience and enables students to retain information better. Simulation and interactive games make learning an enjoyable and engaging experience.

This technology is allowing the replacement of physical laboratories with virtual labs. This proves helpful in several scenarios. For instance, virtual labs help eliminate spending on consumables in case of budget constraints. Moreover, they also eradicate the chance of accidents and train thousands of students simultaneously.

Simulations allow students to train in safe environments. For example, medical students can perform surgery in simulations at no risk to the patients' lives.

Proper usage of this technology will enhance customer retention, and they will keep coming back to your platform. This will result in revenue growth.

When you first venture into AR/VR technology, consider enlisting an expert to guide you. Professionals at Growth Jockey have in-depth knowledge of the recent advancements in the market. You can seamlessly incorporate the latest technology into your business with their expertise.

A girl sitting in a chair wearing VR glasses is doing a test of glass, and on the other side, a man is standing and writing her performance on a notepad

Ease of Use

Intuitiveness and usability of the platform are the results Ed Tech companies should strive to prioritise. No matter how well-developed the Ed Tech solution is, if it is too complicated to use, it will negatively affect the product's success, leading to decreased revenue. You need to take this into account while planning UI/UX details.

Here are some ways to ensure usability:

The page formatting should be clutter-free, and navigation should be intuitive. Users must be able to get to their destination in three-five clicks that easily and promptly lead to one another. Remove multi-layered menus and too many drop-down options.
Follow a minimalistic design. This will allow you to efficiently guide the user to the call to action.
Microlearning is an excellent way to capture the user’s attention. It is the method of breaking down topics into easily manageable chunks. Khan Academy leverages this technique. With videos that are usually no more than 10 minutes long, the platform enhances engagement.
Smartphones are becoming increasingly prevalent. So, many users will access your content through their mobile devices. Hence, it is crucial to optimise your website for mobiles. Developing mobile apps is also a good option.

Freemium Model

The freemium business model is a widely used marketing strategy in the Ed Tech industry. Instead of requiring the users to pay before using your services, this model allows them to experience your platform for free. However, it will also show them what they miss out on if they don’t upgrade to premium. Thus, the freemium model encourages users to sign up, boosting revenue generation.

Flipkart, one of India's most successful e-commerce platforms, uses this model. Flipkart Plus provides members various benefits, including free delivery, early access to sales, and exclusive offers for a subscription fee. It contributes to customer loyalty and retention. Thus, it amplifies Flipkart's revenue growth.

However, offering flexible and competitive pricing is essential while using the freemium business model. Considering the target buyers and their willingness to pay, Ed Tech companies can offer a variety of pricing models. Remember that marginalised pricing will not hinder revenue growth as it provides upselling opportunities and a broader customer base.

An infographic where a hand is typing on a laptop and some network graphs are represented on the right side

Wrapping Up

The time is optimal for success in the Ed Tech industry. You can create a potent revenue growth formula with carefully selected marketing strategies, cutting-edge technology, and suitable business models.

Growth Jockey has years of experience assisting startups and catapulting them to success. By partnering with us, you gain access to expert Ed Tech industry analysis, insights into the market scenario, and strategies to make the most out of the current trends. With proven techniques tailored to the requirements of your business, financial success is guaranteed.

Frequently Asked Questions

1. What are some content marketing techniques for Ed Tech?

Creating a content strategy should be essential to your marketing campaign as it will bring potential customers to your site and convert them into clients. Some key pointers include Search Engine Optimisation, consistently posting content, and sharing content on social media.