While some experts With a second honeymoon period expected for edtech, the current founders need to change their tactics and learn how to get more results with less money.
If you have a good product, a great marketing team, and a stellar sales team, it makes sense to expect you to earn a lot. Unfortunately, the reality is that these things don't help much.
As soon as you figure out what makes each of your strategies "effective" or "good," you will be successful. It's important to learn how to break down your revenue-enhancing tactics.
Direct Ways to Improve Revenue
Address the effectiveness of the sales department
Metrics analysis begins with determining the target results for each manager. Since one person can't do much, it's important to know how much time and effort everyone puts in on a daily basis.
It is important to evaluate the workloads of your sales department to see if someone is doing too much or too little work. A sales manager can often be assigned too many leads, but this can be detrimental to his effectiveness. Overburdened sales managers are unable to communicate with customers efficiently, negatively impacting the overall return on marketing investment.
You can calculate "normal" workloads based on your product and take steps to avoid assigning new leads to sales managers. sales overloaded until their workload has normalized.
The service level agreement (SLA) of each potential customer
SLAs can be used as an indicator of how quickly sales managers respond to incoming requests. The data indicates that elapsed time directly correlates to conversion rates.
Managers must call customers back within 5-20 minutes. Conversion rates can drop by 20-30% if callback times are between 30 minutes and an hour. A manager who calls customers back after an hour cuts their conversion rate in half.
Create a simple dashboard to track SLA by day and see if your team is overloaded or doesn't have enough leads.
Bank Deferment and Student Loan Approval Rate
In times of rising inflation, some students they prefer financial deferral programs to start their training. In some cases, around 95% of students may want a loan to finance it. If that rate can be managed, revenue can be increased.
Keeping in touch with local financial institutions will allow you to establish the flow of clients while helps to facilitate the bank approval process for new clients.
Indirect ways to affect revenue
Impress investors with low redemption and rejection rates
These metrics can be used to understand product potential and assess business performance. While they don't directly affect revenue, these metrics can help build trust with investors.
If you want to monitor your performance effectively, you must first understand the reason for the refund. Once you've done that, check with marketing for the messages key to make sure that you are attracting the right leads. You should try to improve each step, from entry into the educational funnel to graduate recommendation, whenever possible.
Create new complementary products
As customers use your product, their needs will change. That is why it is important to ask yourself these two questions to continue growing with the user base:
- What were my customer's needs before they started using my product?
Which They are your new needs now that they have used my product?
If you can answer these questions, it will be much easier for you to continue making money with its users. For example, an adult looking for a technology company education can do it to prepare for a new professional career. Once they have received that training, they may need supplemental materials to help them with their new job or a community of graduates who can provide support and encouragement.
Another example might be young students who need tutoring in a specific subject: once they've mastered the study material, you could offer them help with related subjects or give them early prep work for advanced classes to get them off to a good start for next year. school.
There are many creative ways that edtech companies can continue to expand and adding value for existing users. Add-on products, such as subscription-based models for additional content or memberships that grant access to student communities, offer ongoing opportunities for a company to evolve based on the needs of its users.
Know your customers' expectations and ask newcomers about their experience and expectations. Finally, use the self-directed, staged learning model to help students connect the dots between education and practical application of knowledge.
