"The product sells itself" is a dangerous phrase: Why edtech businesses need to do far more

In edtech, while having a great product is essential, relying solely on its merits to drive sales can lead to missed opportunities and stagnation. The phrase "the product sells itself" is not only misleading but also dangerous. This article delves into why edtech businesses must adopt a comprehensive strategy to ensure success, highlighting critical aspects often overlooked.

The reality of the edtech market

The global edtech market is projected to reach $404 billion by 2025, growing at a compound annual growth rate (CAGR) of 16.3%. This rapid growth means increased competition, with numerous players vying for attention. Even the most innovative products require strategic efforts to stand out and gain traction.

Why "The product sells itself" is a myth

1. Complex purchase decisions In the education sector, individuals rarely make purchase decisions. Multiple stakeholders, including headteachers, IT managers, teachers, and school business managers, influence the decision. Each group has different priorities and concerns, making it essential to tailor your messaging and engagement strategies accordingly.
2. The importance of trust and credibility Trust plays a significant role in the adoption of new technologies. A report by EdTech Impact found that 78% of educators are more likely to adopt a product if it comes highly recommended by peers. Building trust through testimonials, case studies, and evidence of efficacy is crucial.
3. The role of marketing and branding. Effective marketing and branding are indispensable. According to BESA, 67% of schools rely on market awareness and peer recommendations when selecting edtech solutions. A strong brand presence and strategic marketing efforts help create awareness and position your product as a leader in the market.

What You Need to Do to Sell Your Product

1. Understand your audience. Conduct in-depth market research to understand the needs and pain points of your target audience. Develop detailed customer personas to tailor your messaging and approach. Engaging with educators and decision-makers through surveys, focus groups, and direct conversations can provide valuable insights.
2. Build a comprehensive marketing strategy. Invest in a well-rounded marketing strategy that includes content marketing, social media engagement, SEO, and paid advertising. Sharing valuable content such as blogs, webinars, and whitepapers can position your company as a thought leader and build credibility.
3. Leverage data and analytics. Use data and analytics to track user engagement and measure the effectiveness of your marketing campaigns. Platforms like Google Analytics can provide insights into how potential customers interact with your content and where adjustments may be needed.
4. Offer exceptional customer support. Providing excellent customer support can significantly enhance user satisfaction and retention. According to a report by TechNavio, 82% of educators consider post-purchase support a critical factor when choosing edtech solutions. Ensure that your customers have access to training, resources, and prompt assistance to maximize the value they derive from your product.
5. Utilise pilot programmes and demos. While demos are important, offering pilot programmes can be even more effective. Allow schools to test your product in real-time, gather feedback, and make necessary adjustments. This approach not only builds trust but also provides tangible evidence of your product’s impact.
6. Focus on building relationships. Networking and building relationships with key stakeholders in the education sector can open doors and create advocacy for your product. Attend industry conferences, participate in webinars, and engage with educational communities both online and offline.

Conclusion

The edtech sector is very competitive and saturated; believing that "the product sells itself" can lead to missed opportunities and stagnation. A comprehensive strategy that includes understanding your audience, building a robust marketing plan, leveraging data, offering exceptional customer support, utilising pilot programs, and focusing on relationship-building is essential for success. By adopting these practices, edtech businesses can effectively navigate the complexities of the market and achieve sustained growth.

Finnemore Consulting is here to support you in navigating these complexities and achieving your business goals. For more insights visit Finnemore Consulting.