EdTech vendors have been good corporate citizens by offering free resources during this year’s school closures, but eventually they need revenue to keep the doors open. According to industry vendor Michael Spencer, CEO of Global Expansion Strategies, and former Senior Director of International Business Development at K12, the opportunity is ripe to find new revenue streams around the world. In this episode of Remote Possibilities, Michael breaks down some of the ways to get started:
Understand the Market You’re Looking to Enter
In the United States, the decision-making on edTech purchases is fragmented. In the international space, by contrast, the decision-making is usually led by a very small team, which gives edTech providers a better chance to establish a relationship and offer a comprehensive vision of what you can offer.
Engage Schools, Parents, and Students
For companies that are new to a given territory, extolling the features of your product just won’t cut it. You’ve got to be ready and eager to explain how everybody that touches it will benefit. You not only have to get the buy-in from teachers and administrators at the school itself, but also from parents and students. All of these stakeholders must clearly understand how optimal student outcomes can be achieved upon implementation in the school. That requires you to not just sell, but to go the extra mile and explain how your solution or technology is supposed to be implemented and managed. You can share this information via professional development at the school, and the school can then pass it on to the parents.
Be Ready with Multiple Delivery Methods
Because we still don’t know exactly what school will look like in the fall, I strongly suggest that companies develop multiple blended learning models in which their content can be delivered, either in class, online, or in some combination of the two.
To read more of Spencer’s thoughts, click here.