There have been multiple success stories around the education technology vertical since the onset of the pandemic. The pandemic has accelerated student enrollment and acquisition rates by 5-6 years. The fact that the global valuation of the EdTech industry will shoot up from 76.4 billion in 2019 to 89.1 billion in the coming years indicates the immense sales opportunities in EdTech.
The sales and marketing playbook covers all the aspects of how educational institutions can adapt and gain leverage over the ongoing situation.
In this ebook, we have put together our experiences with Ed-Tech leaders like BYJU’s and Vedantu. It will help you create a strong EdTech sales and marketing process to boost conversions and, at the same time, automate your business.
Why creating a strong EdTech sales pipeline matters?
One of the trending topics in the education industry is the acquisition of Whitehat Jr by the EdTech Unicorn BYJU’S. Whitehat Jr, the 18-month-old organization’s annual revenue rate jumped from $12Mn in Feb 2020 to $150 Mn in July 2020. The lesson learned is – one should choose the right goals and create a strategic sales pipeline. Here are the ways:
1. Leverage omnichannel
With a large group of the target audience, generating leads is not the real issue. What is difficult is to manage them efficiently.
What you can do is – create a proper channel to capture leads from multiple sources. It can be Shiksha.com, Justdial, Sulekha, Collegedekho, other education marketplaces, or social media. But make sure you capture the lead preferences and activities as well and not just their contact details. It will help your sales team strike a personalized conversation with the lead.
2. Ensure personalized communication
A nurtured lead is 47% more likely to convert as compared to the neglected one. Just because a Lead has no requirement at the moment might not necessarily mean it would not be interested in your offering at a later point.
Automation to regularly keep the leads nurtured and track their intent and interest pattern can help in upselling and cross-selling subscriptions and accelerate sales conversion rates.
3. Create a lead distribution plan
Calling a lead within 5 minutes of inquiry can increase the sales conversion rate by nine times.
So you know the importance of interacting with leads. But, not all Leads may need your immediate attention. Therefore, you need to define priority attributes. Accordingly, you should distribute Leads to call-center agents and your in-house admission team.
4. Track lead activities
Do you want to generate inbound leads from your website? Then you’ll need a landing page with a contact form.
Will students and parents fill the contact form? It depends on whether the landing page is visually appealing, professional, and crisp.
Initially, creating a landing page from scratch may seem tiresome. You might wonder if you need to employ a developer for the same. But actually, creating landing pages is a piece of cake. In fact, the marketing automation suite for EdTechs from LeadSquared can help you create efficient and beautiful landing pages.
Learn the strategies to ramp up EdTech sales and marketing in this ebook.
Wait, the journey does not end here. You will need to track who is filling the form, which device the Lead used, the Lead’s location, to name some. LeadSquared CRM tracks the users on your landing page. With this, you can gain insights into what works best for your organization.
6. Analyze performance
You should be able to track everything – from leads, processes, salespeople, to teams. With the help of Leadsquared’s analytical tools for EdTech, you can draw insights into the overall performance such as grade, course, counselor, city, and source such as total leads, qualified leads, app installs.
A deeper understanding of real-time insights will help you take the necessary actions.
7. Build an efficient sales and marketing team
To execute your plan, you will need efficient people. But at the same time, you need to equip your people with tools and technology to make them more productive to build sales opportunities in EdTech.
With the help of CRM software, you can boost your sales and marketing teams’ efficiency. Mapping the entire lead journey right from the beginning until they get converted as a paying customer and beyond can help initiate relevant communication at every step of the lead in the lead funnel.
The World Bank reveals that more than 190 countries are facing partial or complete closure of educational institutions affecting 1.7 billion students. It opens up a huge market for selling subscriptions for courses through online channels.
The increased acceptance of online education technology (EdTech) tools across all academic sectors such as Preschools, K-12, Higher education, and others bring huge opportunities for EdTechs. Both K-12 and higher-ed organizations have witnessed an increase in digital transformation. Not only adults, but kids are also savoring digital education.
There has been a surge in promoting skill development as working individuals are trying to upskill themselves therefore Digitalization will play a vital role in bringing in flexibility in the education space by not restricting users to any specific geographical location. LeadSquared’s CRM is trusted by the best EdTechs in the world and is among the best sales and marketing solutions for educational organizations to boost EdTech opportunities.
The digital education space is blossoming. With companies reporting over 10x growth, generating leads is hardly a problem for most companies. Meanwhile, the real challenge is building a strong sales pipeline with zero leakage for maximum lead conversion & revenue generation.
Having helped streamline sales for top Ed-Tech companies like Byju’s, Vedantu, Unacademy, Great Learning (hybrid online & offline), and more, we compiled our learning into a sales & marketing playbook. What will you learn from the playbook?
- Opinions from industry experts
- Ways to enhance EdTech sales opportunities and marketing strategies for educational startups
- Increasing sales productivity across teams
- Driving student retention, up-sell & cross-sell
- Maintaining sales regimentation & right intervention during WFH
The following five marketing tips should be leveraged by EdTech players in order to increase student enrollments and build a sales funnel:
1. Social Media Marketing
2. Personalized and targeted communication
3. Proper lead engagement
4. Mobile optimized website
5. user-oriented content
With reforms in NEP 2020, EdTech business is expected to gain traction exponentially in the years to come. The global EdTech market (higher education, K12 segment, and upskilling courses for professionals) size estimated at 76.4 billion in 2019, is expected to grow by 8x to 10x and reach USD 89.1 billion in 2020.
Education Technology (EdTech) is the digitized version of traditional classroom education. It promotes online learning and teaching through the combined use of computer hardware and software. Currently, the EdTech sector has a huge growing market with the onset of the pandemic.
Education technology (EdTech) is trending recently. It includes the rise of online education and using technologies like Augmented Reality and Virtual Reality to make learning more interactive.