Running An Education Business: 5 Things You Should KnowMarch 8, 2023
Running an education business may require a lot of effort. However, education is still a very fertile market owing to the increasing demand for learning. If you intend to enter this market, don’t overlook the 7 useful tips listed below for running a successful education business!
I. What is Education Business?
Education Business refers to the investment and development of educational services. Customers are thus provided with the necessary knowledge and skills in a specific field, based on their individual interests or needs.
Learners are the primary customers of educational businesses. Private investment capital will be used to develop and improve the curriculum, facilities, educational environment, etc.
Currently, many governments strongly encourage private investment in the education sector. From there, it is possible to develop the country’s quality human resources in the future.
II. How to start an Education Business?
Define business goals and business idea
Before starting to work, you should define your goals in order to steer the business to the desired outcome. These objectives can be established for the entire company or for specific departments or employees.
You should not set broad and ambiguous objectives. Instead, use the S.M.A.R.T method, which means the objectives should be Specific, Measurable, Attainable, Realistic and Timebound.
The market for education has a wide range of products and innovative business ideas today. For example: an academy, an online center, online tutoring, selling books and other written materials, short-term classes, or franchising,…
Every model has its own advantages to draw customers, of course. And what you need to do is come up with a business idea that fits the company’s capabilities and long-term goals
Understand the education market
When doing business, it is critical to understand the market. Unlike others, the education market always has an abundant supply of customers since thousands of people have a demand to study in a specific field every year. The total revenue is projected to grow at 7.75% annual rate (CAGR 2022-2026), leading to an expected market volume of US$10.04 bn by 2026. (Source: Statista)
Besides, the 4.0 industry also greatly affects the education market. The development of online courses, or the combination of smart devices in education methods, … are the best examples.
Therefore, businesses must always carefully study the market to make a difference in their business model compared to competitors.
Identify targeted audience
Don’t assume that everyone will find your topic (or your course) interesting. A course that tries to be appealing to everyone will probably appeal to no one.
As a matter of fact, children, students, adults,… all can be customers for the education industry, depending on your product. Businesses need to identify the target audience they wish to reach to develop the appropriate type of training and map out the direction for the business model.
The 5W-1H model can be used for customer analysis in the following ways:
- Who: who are your customers? Their gender, age, profession, etc.
- What: What issues can your product resolve for the customer? What other preferences do they have?
- Why: Why do they need your product?
- Where: Where do they show up, where do they make purchases, where do they use your products?…
- When: When does the customer show up?
- How: How do customers prefer to be treated? How often do they make purchases? How can they pay? …
Building a strong brand is essential for standing firmly in the market and standing out from other competitors.
- Focus on the quality of the product:: Any organization’s core element is its product. To be sustainable, a brand’s product must first be the best option for customers.
- Point of difference (POD): “Be different or die”, indeed, businesses can only compete in the market when they find the brand difference. Businesses must determine 3 things in order to determine their POD: What customers want; what the company does well; and what the competitor does well. POD is the meeting point of what the customer needs and what you can do well and better than the other competitors.
- Build a professional brand identity: This is an effective way to help you communicate your message to your customers, reinforcing their trust in your brand.
- Consistent branding: Ideas, content, images, marketing activities,… must be implemented consistently across all platforms. This is critical for education brands to convey clear, accurate messages, gain credibility, and build customer trust.
Implement an effective Marketing plan
Education business will undoubtedly face numerous challenges due to the market’s abundance of reputable educational institutions. As a result, marketing plans are critical for building trust and attracting customers.
- Using Digital Marketing: Compared with the traditional one, Digital Marketing can target customers precisely based on demographics, age, advertising purposes, etc. For example: search engines advertising, social media advertising, video advertising,…
- Using Social Media: There are over 4.7 billion social media users worldwide (Source: Statista), so don’t pass up the chance to reach out to potential customers. Choose appropriate social media channels and create content for them based on your audience and products.
- Building websites optimized on multiple devices: Creating user-friendly websites will encourage customers to learn more about your business or products. Don’t forget to optimize your website for both PC and mobile.
III. Why should you choose Enosta for your education business?
We understand that starting an education business is extremely difficult and requires a lot of effort. With many years of experience working with prestigious educational institutions, along with a team of experts and professional personnel, Enosta has been accompanying many customers from the stage of idea formation to product launch.
We offer tailor-made services and strategies to each educational business, which helps you develop a strong brand and implement effective Digital Marketing activities.
Need help with your education business? Contact us now!