Strategies for SMEs to manoeuvre the burgeoning edtech market

The edtech sector has grown exponentially in recent years but finding paying customers is becoming a task. Some smart marketing can come in handy.

Recently, while sitting in the mentoring session of an edtech startup, I realised how saturated this burgeoning market has become in such a short time, and how SMEs are struggling to find a foothold. The education technology (edtech) sector has witnessed exponential growth in recent years, driven by increasing demand for innovative learning solutions. But finding customers who pay for these services is increasingly becoming a task.

Successfully marketing to academic institutions and students presents numerous challenges.

Here are some of the major challenges and possible solutions:

Market saturation: The edtech market is flooded with all types of solutions, making it challenging for startups to stand out. Many colleges already have established partnerships with edtech companies, making it difficult to break into the market. You'll need a strong value proposition to differentiate your platform or solution.

Focus on your USP (Unique Value Proposition) that clearly defines what sets your platform apart. Highlight its unique features, benefits, and the problems it solves.

Resistance to change:  Academic institutions are often resistant to adopting new technologies and changing established teaching methods.

One way to address this is by offering training and support for educators to ease the transition. Demonstrate with case studies and success stories of other institutions that have benefited from your platform.

Budget constraints: Many academic institutions often have limited budgets for purchasing new educational tools and platforms. Provide a cost-benefit analysis that demonstrates the long-term value of your platform. Offer flexible pricing options or discounts for early adopters.

Edtech SMEs

Integration hassles: Your platform may need to integrate with existing Learning Management Systems (LMS) or other educational technologies used by the college. Ensuring seamless integration can be technically challenging.

As a startup, ensure seamless integration and offer technical support to address any compatibility issues.

Student engagement: Even if colleges adopt your platform, getting students to actively use it can be a challenge. You will need a strategy to ensure student engagement and make your platform an integral part of their learning journey.

Design a user-friendly interface and gamify the learning experience. Implement analytics to track student progress and provide personalised recommendations on scoring, career counseling, and CV making, for instance, wherever appropriate.

Data privacy and security: Handling sensitive student data requires strict compliance with privacy regulations. Ensure that your platform complies with all relevant data protection regulations to avoid legal issues.

Prioritise data security and privacy, obtain necessary certifications, and communicate your commitment to protecting user data.

Demonstrating ROI: Academic institutions need evidence of improved learning outcomes and job readiness. Colleges will want to see a clear return on investment (ROI) for adopting your platform.

You will need to provide evidence of improved student outcomes and job readiness to justify the expense. Conduct pilot programmes to collect data on student performance. Use this data to illustrate the impact of your platform on academic success and employability.

Scalability: As your user base grows, scalability becomes a concern. Build a robust infrastructure that can handle increased demand and traffic. Invest in cloud-based solutions and scalability planning.

Faculty buy-in: Gaining support from faculty and instructors is crucial for the success of any education platform. If they don't see the value of your platform or perceive it as a threat to their traditional teaching methods, it can hinder adoption. Co-creating some modules with faculty might help mitigate this.

Customisation: Colleges may have specific requirements and curriculum structures that vary from one institution to another. Your platform should be flexible and customisable to accommodate these variations. Engage with faculty to address some of these issues.

Evolving needs: The job market and employer expectations are constantly changing. Your platform must adapt and update its content to remain relevant and valuable to students.

Successfully selling your platform to colleges requires a robust marketing and sales strategy. Building relationships with decision-makers and effectively communicating the benefits of your solution can be time-consuming. Various tactics can be adopted to address this even in bootstrapped companies.

Follow the steps outlined below for your marketing strategy:

1 Understand the hierarchy within academic institutions and identify the decision-makers who can champion your platform.

2 Establish personal connections with educators and administrators. Attend education conferences and events to network.

3 Offer free trials or demos of your platform to showcase its value.

4 Provide comprehensive training programmes for educators to ensure effective platform use

5 Tailor your platform to meet the specific needs of different institutions.

And here are some pointers for marketing to students:

1 Targeted advertising: Use digital marketing and social media to reach students where they spend their time online.

2 Student ambassadors and influencers: Recruit student ambassadors who can advocate your platform on campuses.

3  Freemium models: Offer a freemium version of your platform to allow students to explore basic features before subscribing.

4 Peer recommendations: Encourage word-of-mouth marketing by facilitating reviews and recommendations by students.

To address these potential aspects, it's essential to thoroughly research the market, understand the specific needs of colleges and students, and tailor your platform and approach accordingly.