According to Statista, the EdTech industry of India was valued at around $750 Million. The value is predicted to increase to over $4 Billion in 2025.
Namita Dalmia (Director, Omidyar Network India) says, “The lockdown has offered huge tailwinds to grow the EdTech industry. EdTech has helped millions across the country continue their education from home and earn a livelihood.”
With the continuous expansion of the EdTech industry, an obvious question comes into existence: “why is the industry growing so well with time?” Lead nurturing is one of the integral factors responsible for the growth of this sector.
Unlike in the past, brands in the EdTech market have started to put great efforts into lead nurturing. With more and more customers becoming a part of EdTech, the sector is continuously expanding.
In today’s blog, we will explore lead nurturing as a factor towards EdTech growth. But before we move on to that, let’s understand the foundation of EdTech growth. Here we go!
What led to the Expansion of the EdTech Sector?
The EdTech sector experienced its first mega boom in 2020. The sector received around $16.1 Billion in funding from venture capital. Before that, the industry also received funding in 2010 for 500 Million. Foreign inventors have identified growth opportunities in India’s EdTech industry, and the funding is proof.
But what attracted investors to this sector? In 2020, when the global pandemic occurred, educational institutions moved to an online learning format. There was an offline mode of learning, so shifting to online education was the only necessary option. This was an integral move to minimize potential disruption in the education sector. Plus, it was also necessary because people started to get interested in learning something new.
The shift to online learning boosted the EdTech industry, catalyzing digitalization. If we look at it, lead nurturing, higher education and upskilling are the essential reasons behind EdTech’s growth. Distance learning and MOOCs, i.e., Massive Open Online Courses, are becoming increasingly popular. If the industry keeps growing at the same rate, it’s expected to become worth $30 Billion in the next ten years.
How Lead Nurturing Has Helped EdTech Grow?
EdTech brands are the ones who have played an essential part in the growth of the sector. The more potential leads they convert into customers, the more the industry will expand. Besides that, here’s how to lead nurturing helped the EdTech expand:
With more and more people accessing the internet, education and learning have become simple. People’s interest in learning new things has started to grow extensively. Earlier, when customers visited a brand to fulfill their learning needs, they could not offer the right attention. But with time, brands realize the importance of lead nurturing. With EdTech brands giving the right amount of attention to potential customers, the conversion rate is considerably right. With more customer journeys ending in EdTech, the sector has grown and is experiencing an impressive expansion rate.
One of the most important parts of lead nurturing is timely reverts. When a potential lead contacts a brand, its first expectation is to receive timely reverts. But when lead nurturing wasn’t given ample attention, i.e., before the pandemic, customers weren’t getting converted as fast as they do now. The reason was the late replies. Today, brands in EdTech give proper attention to replying to every customer on time. Nowadays, dedicated customer support teams are used to offer leads and efficient support throughout the sales funnel. This is another factor in lead nurturing, due to which EdTech has grown so well in the past few years.
Fast Follow Ups
Fast follow-ups are another factor responsible for the exceptionally fast growth of EdTech. Brands in the EdTech industry have realized how vital follow-ups are. After the final conversation, potential leads expect the company to send the required information. If the business fails to do so, the leads generally tend to become less interested in the deal anymore. This will leave a bad impression about the EdTech industry. But that’s not the case anymore. Most brands in EdTech send timely follow backs to their leads. Thus, their lead conversion rate is pretty impressive. This way, they influence more people to become a part of EdTech, improving the sector’s growth.
How a CRM is important for lead nurturing to grow in EdTech
The growth of the EdTech industry starts with the growth of businesses inside it. For business growth, lead nurturing is an integral factor. Proper nurturing of leads will get clients more faster. But proper lead nurturing isn’t as easy as it might appear. Besides, getting more clients has become tougher with competition peaking in the market. Using advanced AI technologies such as CRM can help businesses convert more leads. But what’s CRM software, and how can it help brands?
What’s a CRM?
CRM, also known as Customer Relationship Management, is an online software for businesses to nurture relationships with clients and leads. An efficient CRM, such as Corefactors AI CRM, replaces the multitude of databases, spreadsheets and apps for tracking client data. With better interaction with leads, a CRM ensures businesses convert leads better and fast.
Importance of CRM For Lead Nurturing
Software like Corefactors AI CRM allows brands to make better interactive conversations with potential leads. With the power of AI, the Mobile CRM App uses its email automation capabilities to interact with leads efficiently. The software allows you to fulfill customers' expectations, leaving a good impression of the business. Lead nurturing is merely a tough task with the software.
Factors Driving The Growth of The Ed-Tech Industry
The growth of the EdTech industry isn’t just possible because of one factor. In fact, several factors contributed to EdTech's growth. Here are the top five factors which influence the growth of EdTech in India:
Expanded Mobile User-base
With time, India has replaced traditional landlines with mobile phones, a more convenient way of communication. The country further plans to transform campus-based higher education into online education. With more advanced smartphone technologies being introduced every then and now, online learning is getting the fuel it needs to expand. With more than 850 Million smartphone devices and a growth rate of 10 Million per month, smartphones are expected to serve as classrooms for learning in the future.
Largest Education Market
India has the largest education market in the whole world in terms of educational institutions and enrolled students. The country has over 1.1 Million Public Schools, around 320000 private schools, approximately 37000 colleges and nearly 760 universities. In all these organizations, adaptive online learning has been introduced and involved. With more and more educational organizations adopting the idea of online learning, the EdTech industry will experience another mega boom soon.
Change in Format
EdTech brands such as Byjus are offering student-tailored content. With extended access to learning, these brands have allowed students living in remote areas to receive top-class education. In other words, EdTech companies have made access to education convenient and easy. Online education has improved in quality as well as accessibility. This is one of the reasons why the EdTech sector has grown so much because more and more people are getting into it.
We all know that 2020 was when EdTech got its last exceptional boom. But the reason behind the boom was innovations. Recent innovations such as video-assisted remote learning, immersive learning, VY, and on-demand learning have contributed highly to the sector’s growth. With the increasing demand for online learning, various new technological developments will be introduced in educational institutions. So we can say that innovations towards education are one of the factors that have helped EdTech expand exceptionally.
Lead nurturing is an integral factor responsible for the success of many EdTech brands. For efficient lead nurturing, having a CRM is integral. Corefactors’ CRM is efficient at lead capturing and nurturing.
If you are a startup or brand in EdTech looking to expand in the market, you’ll need a CRM. What’s better than Teleduce CRM, which is also used by market giants such as Speedlabs, Zypp Electric and so on? For more details about Corefactors AI CRM, check out the official website of Corefactors, i.e., www.corefactors.in