How to Increase Sales in the EdTech Industry?

The EdTech industry is experiencing rapid growth, driven by the increasing adoption of online learning and digital tools in educational institutions. However, with this growth comes new challenges for EdTech companies, particularly in effectively reaching and engaging with potential candidates. In this blog post by Meritto (formerly NoPpaerForms), we will delve into the unique problems faced by EdTech companies, examine the top trends shaping the industry, and highlight the role of a CRM (Customer Relationship Management) system in driving sales in the EdTech sector. By exploring these topics, we aim to provide valuable insights on how EdTech companies can overcome challenges, capitalize on industry trends, and leverage CRM technology to optimize their sales efforts and achieve success in the ever-evolving EdTech landscape. Join us as we explore the intersection of EdTech and CRM and uncover strategies for increased sales and growth in the industry.

Problems Associated with Sales in Edtech

1. Competition: The Edtech market is crowded, and sales teams must be able to differentiate their products from others to succeed.
2. Resistance to change: Educators and institutions may be hesitant to adopt new technology, leading to difficulties in closing sales.
3. Long sales cycle: Sales cycles in the Edtech industry can be long, requiring a lot of time and resources from the sales team.
4. Need for ongoing support: Edtech products often require ongoing support and training, adding to the workload of the sales team.
5. Lack of Personalisation: With the rise of online learning, it can be difficult for Edtech companies to provide personalised experiences for students.
6. Difficulty in Reaching the Right Audience: Edtech companies often struggle to reach the right audience and generate leads.
7. Difficulty in Tracking Student Progress: Without proper tracking systems in place, it can be difficult for Edtech companies to monitor student progress and provide the necessary support.

Effective Strategies to Scale Sales in EdTech

1. Strengthen Lead Acquisition: The digital revolution has created a much broader market. As a result, generating leads is not a problem; however, converting them is. With so many different sources, it’s tough to monitor leads and plot their route. 80% of leads are frequently lost due to a lack of follow-ups. This is where lead acquisition helps you, it makes sure your sales staff show up on time. Reaching out to a lead as soon as they submit a question enhances the chances of conversion. With a CRM solution tailored to educational needs, EdTechs may achieve efficient lead collection, distribution, and management.
2. Use a CRM system: A Customer Relationship Management (CRM) system can help Edtech companies manage their sales process effectively. A CRM system can track leads, manage candidate data, and provide insights into candidate behaviour. This information provides personalised support, tracks student progress, and improves candidate satisfaction. With a CRM system, Edtech companies can streamline their sales processes, increase productivity, and achieve better results. Know more about an Education CRM
3. Incorporate virtual and augmented reality: Virtual and augmented reality helps you to enhance the learning experience and increase engagement among students. Edtech companies can use VR and AR to create immersive educational experiences, such as virtual field trips, interactive simulations, and interactive educational games. This technology can help students retain information more effectively and provide a more engaging learning experience.
4. Use social media: Social media can be a powerful tool for Edtech companies to reach new audiences and generate leads. By using social media platforms such as Facebook, Twitter, and LinkedIn, Edtech companies can promote their products and services, engage with their audience, and build their brand. Know more about Campaign Management
5. Use email marketing: Email marketing enables you to nurture leads and personalized your support. Edtech companies can use email marketing to send targeted messages, such as product updates, educational resources, and promotional offers. By using email marketing, Edtech companies can keep their audience engaged and provide personalised support to their candidates. Know more about Marketing Automation
6. Use webinars: Webinars allow you to generate leads and provide personalised support. Edtech companies can use webinars to educate their audience about their products and services, demonstrate their solutions, and answer candidate questions. Webinars can be an effective way to reach new audiences and provide personalised support to candidates.
7. Make data-driven decisions: Another popular way to boost sales in EdTech is by making data-driven decisions based on internal and industry trends. You must involve various metrics and gauge multiple detailed reports to make the decisions you are making that will directly impact the sales of the organization. Cut off channels that bring junk leads and optimize the ones with quality leads, so that your on-ground sales team is investing their efforts in the right direction.
8. Offer a flexible pricing offer: EdTech can barely function with rigid pricing models. To acquire a large student base, it is essential for the companies to bring in some flexibility in the pricing and offer the same to the students. As the potential student comes in with a lot of cross and upselling opportunities, offering a marginalized price will not hamper the revenue growth. Rather, EdTech institutes with flexible pricing and payment plans tend to be attractive for students, reducing the CAC and boosting sales.
9. Thoroughly train your sales teams: Don’t forget that your sales teams are connecting with the students on the front end, make sure that they are well-trained and are equipped with the right tool to elevate sales. Update them with industry insights and train them via practical training sessions to ensure that the conversion rate increases.
10. Offer lucrative incentives: Offering great incentives to top performers boosts their morale and motivates them to achieve their targets. While, it also generates healthy criticism to make sure that whole team meets the targets.

Conclusion

In conclusion, the Edtech industry is rapidly growing, with new challenges and opportunities arising. And in the coming years, we will see a lot of innovation in sales process automation. By addressing these key areas, edtech companies can increase sales and establish a strong presence in the market.