Things that can Improve Ed Tech Industry | All you need to Know !
India’s online Ed Tech industry is expected to grow almost eight times to hit $1.96 billion by 2021, with the number of paid users rising six-fold from 1.6 million to 9.6 million, as per the recent study.
The Ed Tech industry has the potential to transform education as we know it. However, we must also address the low-quality companies that produce a lot of low-quality products during this time. It is up to Ed Tech companies, customers, and influencers to hold the industry accountable. So how do we do it? Listed below are the ways to go about it.
1. Ed tech products be validated
With the Ed tech market growing at a significant rate. Which means we are rapidly moving students towards becoming global digital citizens. For Ed tech companies, it also means customers are making big investments in their products. However, for any product to be accepted in this competitive marketplace, it must be validated. Customers want to know the product is effective before they purchase it. Therefore, Ed tech companies must creatively look for ways to achieve validation before it reaches the masses.
2. Quality and not time
It takes a significant amount of time to create a successful Ed Tech product. You need to follow the step, even if you have a brilliant idea and an awesome developer. History tells us it takes time for an Ed Tech product to adapted and used in the classroom.
3. Attention to the history of education
As Winston Churchill famously said, “Those that fail to learn from history, are doomed to repeat it.”
For those in the Ed Tech world, it is crucial to understand both the history of education and the history of educational technology. Companies can learn from what failed in the past and what ideas continue to return in the field of education. By identifying which ideas are repeated over time, companies can develop technology that is not simply a “hit” in today’s classroom; they can also develop products that will prove to be long-lasting and impactful.
4. Better job with pricing strategy
While your company goals may include improving student performance and providing quality services, your Ed tech startup still needs to turn a profit. Every startup gains funding and expects for a certain amount of income to keep their heads afloat until their product gains notoriety. However, choosing a pricing model can be tricky. And, the wrong choice can kill your chance at success in the Ed tech market.
Regardless of the type of Ed tech product your company makes, you need to consider who you’re selling to and what you’re offering. Pricing your product low will allow for extreme user growth, but may make profitability scarce. Offering a free trial is a more stable choice for gaining users. Similarly, pricing too far above your competition will make sales hard to come by. In order for the Ed tech industry to improve, companies have to improve their pricing strategy
5. Understand the market
Most startups only focus on one part of their expected client base, the students. However, to succeed in Ed tech, it’s necessary to have insight into the motivations of teachers, students, and policymakers. Employing education professionals is a good way to overcome this fatal lack of knowledge. Hiring teachers or former administrators is a great way to gain insider information on your potential clients. Employing educators can lead to more intuitive product development, better sales pitches, and overall growth.
6. Leverage customer feedback
Every startup offers its first product for free to gain feedback and make adjustments. However, a common mistake is projecting future profitability from this initial test. While free product reviews can help development, those same users rarely buy into the next phase. Ed tech companies need to wait to make predictions until they have released a product for cost.
As mentioned, do not skip the process, be sure of what your team is expecting of the product and deliver it.