Inc42 and Karix recently held a panel discussion titled Building On User Communication To Reach The $10.4 Bn Edtech Market Projections and explored many key areas such as:
- Growth of edtech and the challenges of serving different markets
- How brands are building their narratives, positioning themselves and developing communication strategies to meet market requirements
- Decoding the digital strategy for Tier 3 and Tier 4 cities and how it will differ from Tier 1 and Tier 2 market strategy
- Building a critical base of loyal customers using new-age digital channels to ensure repeat purchase and sustainable profitability
Moderated by Aliasgar Bhopalwala, associate director (new products) at Karix, the discussion included Bhaswat Agarwal, cofounder and COO of Classplus; Ankur Kayesth, senior VP (marketing and placement) at Masai School, and Anupam Gurani, chief marketing officer of LEAD.
How Customer Connect Helps Build A Loyal Customer Base
According to a recent census survey in India, out of the 580 Mn or so young people aged 5-24, about 250 Mn are enrolled in brick-and-mortar educational institutions. But with the onset of the Covid-19 pandemic in 2020, the traditional education sector came to a sudden halt, only to be kickstarted in a few weeks by its tech-powered counterpart — the edtech ecosystem.
As edtech adoption in India has gathered momentum in the wake of the pandemic, its market size is estimated to grow 3.7x in the next five years, from $2.8 Bn in 2020 to $10.4 Bn in 2025. In 2021, startups operating in the edtech space raised more than $4.7 Bn, making it the third most-funded sector in the country.
Although the sector has grown phenomenally in the past couple of years, it has to deal with specific challenges such as rising customer acquisition costs and capacity-building requirements to ensure robust and scalable infrastructure. To cope with the new normal, edtech companies have adopted new-age technologies like AI/ML and martech for scaling up and foraying into new markets.
As today’s tech-savvy customers have easy access to several communication channels, be it email, SMS or instant messaging platforms like WhatsApp, brands must have an omnichannel presence for effective communication and engagement. Therefore, edtech startups need to understand the current content consumption patterns and communication trends to innovate and reach out to their target audiences and thus accelerate their business growth.
In a hyper-digital world where the competition gets fierce due to low entry barriers and business ubiquity, there is a need for personalisation at scale for sustainable growth. This will go a long way in building customer loyalty and growing their lifetime value. Providing a differentiated customer experience is the need of the hour for customer acquisition and retention as edtech companies aim to bring value to the classroom and beyond.