New Market: Learning Forms and Offerings
What does education, coaching and training have in common? Learning requirement which means your audience is anyone starting from a kinder-garden kid to high school or a working professional which means a vast audience. So gathering an audience may not be an issue but as an entrepreneur, you must decide on your offerings before you enter the new market.
Decide if you shall be focusing on coaching a particular subject, offering a career counselling platform, personality development courses, personal grooming sessions, entrance, academics, foreign language lessons, or any specific niche.
Technology based education, coaching and training models have transformed the learning platform.
New Market: Entry
As an entrepreneur, when you think of entering a new market you would always strive for growth. You intend to grow and expand your business. However, there are a couple of things which should be taken care of before taking the plunge to ensure you dive deep as intended to enter the new market:
Choose a market – Find out the new market volume in terms of your target audience, look out for any possible initial barriers to ensure there is no hindrance for your business development. For instance, any language barriers, infrastructure and logistics issues and legal compliances
Market Survey/Research – Survey to know the preference, why and what the audience wants to learn in the new market. Understand their problems and analyse if you will be able to meet their demand and provide solutions through your project. Also, observe learning trends and identify the needs of the market in detail and survey for best locations to expand your business
Evaluate your competition – Type of services you will be providing and what your competitor is offering and evaluate the gap if any. Analyse how can you simplify or provide solutions to your target audience
Decide on the mode of learning whether it would be offline or online. Though the demand in corona times grew and the focus also shifted to online/e-learning. However, in case you wish to have a physical centre for the future, decide on the best locations as per the target audience in the new market. Also, freeze on the business model. For instance, making a subscription-based business model for an online study centre
Brand Awareness and Recall – With a very focused approach, use enough channels and use them extensively to raise brand awareness and brand recall. For instance, use of influencers through social media or local partnerships, public relations or any local ambassadors and seek feedbacks
Figure out the capital requirement as in how much money will be required to start an Ed-tech and see the return on investment after deciding on the learning mode and model of the business
What’s in it for me?
Technology-based education, coaching and training models have transformed the learning platform. The traditional model has changed to e-learning and especially during corona times, it turned out to be the biggest saviour. It has defined the path of the education system in India and worldwide. According to HolonIQ, the global Ed-tech market is growing at 16.3 per cent and will grow 2.5 times from 2019 to 2025, reaching a total of $404 billion in global expenditure.
Mobile learning, Video-Based Learning, Artificial Intelligence, Learning Analytics, Personalized Learning and Micro-Learning Platforms and adoption of virtual training are among the key trends in 2021 in the education sector.
As entrepreneurs, you must pay close attention to the new development and trends to enter the new market. A start-up’s focus on Artificial Intelligence, Augmented Reality and Virtual Reality in training sections can actually pay off very well. No doubt that with online education mode as a preferred mode, the start-ups like Unacademy, BYJU’s, etc. are already doing well.