Marketing Automation 101 for Education Technology Businesses
This blog series is a one-stop guide for Education Technology Companies to teach them about the importance of a B2C Marketing Cloud for customer acquisition, engagement, and retention. In this post, we’ll discuss why every edtech company, irrespective of its business model, needs a marketing cloud at every stage of its customer lifecycle.
My memories of high school revolve around heavy books and countless assignments. Not to forget a typical classroom setup of a teacher, students, blackboard and a demanding study curriculum. Back in those days, ‘education’ and ‘technology’ were just fancy words I used to impress my teachers.
Today, Educational Technology (a.k.a EdTech) is one of the most lucrative sectors of 2018.
“EdTech is the next Fintech”, David Bainbridge (TechCrunch)
So, what is Educational Technology?
Educational Technology is the study and ethical practice of facilitating learning and improving performance by creating, using and managing appropriate technological processes and resources.
In simple words, it’s the practice of enabling instructions and/or learning through technology.
EdTech will continue to be the most promising sector in 2018. Here’s why:
- Edtech startups are multiplying as we speak. A report by EdTechXGlobal and IBIS Capital predicted that the global education technology market will grow 17% per annum to $252bn by 2020. Now that’s promising….don’t you think?
- Investors are showing their confidence in EdTech by pouring in funds. According to Inside Higher Ed (2015), educational-technology companies received the investment of $2.51 billion during the first-half of 2015. Besides, Hack Education noted that the funding for the last three years has accelerated remarkably.
- The global penetration of internet, digitalization, and smart devices is astounding (see below). And this has contributed immensely to the growth of educational technology worldwide. This evolution has enabled edtech companies to surpass the limitations of location and to connect (with) teacher and students anytime, anywhere.
“Before the mobile revolution, it was next to impossible for companies to access school users (teachers and students) directly, without having to navigate the slow district bureaucracies.”
Guido Kovalskys, TechCrunch (2016)
- Customers are hungry for EdTech solutions. From K-12 students to college graduates to professionals to adults who are continuing education, everyone is seeking to build their skillset. Thanks to our edtech startups and their innovative products, we now have online classroom setup, digital learning platforms, lessons over video conference, etc. at our fingertips.
Types of Educational Technology Businesses
If you think that the sector of educational technology is one-track, you can’t be more wrong. EdTech startups are exploring as well as expanding to multiple business models. Here are a few examples:
Website of a K-12/ College / University
- WHAT: An official website and/or mobile app of a K-12 School, a College or a University is a one-stop destination for all the related information. These platforms provide information about the offered academic programs, support online admission, give access to the student portal, etc.
- EXAMPLE: University of Oxford (www.ox.ac.uk/)
- HOW IT WORKS:
Massive Open Online Courses (MOOCs)
- WHAT: A MOOCs platform enables anyone (with internet) to access online courses from any part of the world. These courses are designed by Universities and/or Teachers (Instructors). They upload their course material on a MOOC Platform in form of short lesson videos, assignments, reading list, etc. that is purchased by the interested Students. No wonder we all love them!
- EXAMPLE: Coursera.org, Udemy
- HOW IT WORKS:
Online Test Series Provider
- WHAT: These providers create and sell mock tests to students who are preparing for entrance exams like GMAT, GRE, CAT, SAT, etc. These mock tests are generally designed (with the help of a Subject Expert Freelancer) and monitored in-house.
- EXAMPLE: Testbook
- HOW IT WORKS:
Hyperlocal Learning Platform
- WHAT: As the name suggests, these businesses connect Teachers and Students who belong to a small community or geographical location. In other words, it’s a platform that introduces a teacher to a student around his/her neighborhood and vice versa.
- EXAMPLE: Cuemath
- HOW IT WORKS:
Challenges faced by EdTech Companies
It goes without saying that every educational technology company, irrespective of its business model, faces basic challenges at every stage of its funnel. Here are some generic challenges for your better understanding:
For every problem, there is a solution. In this case, the solution is a B2C Marketing Cloud like WebEngage.
Why B2C Marketing Cloud is an answer to EdTech Business Problems
A marketing cloud is an all-inclusive platform which drives cohesive cross-channel communication, deep data-driven segmentation and hyper-personalization. And it ultimately results in customer engagement as well as retention.
For your edtech business, a marketing cloud solution can help you achieve the following:
And consequently, you and your edtech business can enjoy:
- Increase in platform adoption
- High rate of engagement as well as conversion
- High rate of course completion
- Increase in purchase of other courses
- Positive feedback and word-of-mouth by Students/Teachers
That’s not all.
The next two posts of this blog series will explain (in details!) HOW you can marry a B2C marketing cloud like WebEngage with your educational technology platform. And we’ll explain it separately for a Teacher’s lifecycle and Student’s lifecycle.