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India’s edtech moment has been here and how.
In just over a span of a few months, demand for e-learning has skyrocketed, new players are emerging left, right, and center and old ones are digging deep into ways to gain a bigger share of the $1.8B market opportunity pie that India’s online learning market is set to reach by 2022.
In the rush to grow and scale, edtech companies in India have quickly solved for lead generation, thanks to highly personalized advertising and the ongoing pandemic providing massive tailwinds, leading to a record surge in sign-ups and demos.
But when it comes to deriving maximum value out of a growing lead pool by converting these leads into paying customers, it’s a different story.
Many consumer businesses still struggle with limited in-house resources, lack of personalization at scale, and little insights about consumers.
As a result, leads flow in the funnel fast, but they disappear out of the other end even faster.
Just like a leaky bucket continues to waste water, some of the fastest growing consumer edtech companies continue to lose out on revenue opportunities due to funnel inefficiencies.
More in, more out.
In this post, we’re going to talk about businesses that have found a better way to look at their sales funnel and convert more leads into deals.
Let’s dive deep into how SquadIQ helps leading edtech companies including Aakash Digital, Classplus, Stockedge and CampK12, turn challenges into opportunities for growth.
The Challenge: Connecting with leads at scale
Lead generation and customer acquisition is a solved problem.
Especially for edtech companies as marketing automation has enabled businesses to attract, engage, and encourage target audiences to sign up for demo classes, courses, and certifications.
Further, the sudden onset of remote-first learning has provided tailwinds to businesses in the e-learning segment, making it easier to generate leads.
The challenge, however, is that in-house sales teams have not been able to catch up with this sudden growth. As a result, connecting and engaging with leads quickly has become a major pain-point for fast-growing edtech companies in India.
Connecting with leads quickly is a crucial factor to improving conversions.
A study by Harvard Business Review found out that by simply reaching out to leads within 60 minutes, can boost chances of conversions by 7x.
The opposite also stands true. The more delay there is between you and your target buyers, the more likely they’re going to be swayed away by a competing business fighting for the same prize.
Put simply, the faster you reach out to leads, the higher are your chances of converting them into customers.
Let’s look at how do edtech companies turn this challenge into an opportunity.
With SquadIQ, edtech businesses have been able to leverage an on-demand, fully distributed workforce to solve their outreach problem.
Access to 5000+ pre-trained callers with industry experience have helped companies easily connect with leads in minutes, not hours, with an average turnaround time of 2.5 mins.
95% lead connectivity achieved across omnichannel – Voice, SMS, IVR, and Email.
Zero hassles involved related to hiring, training, or scaling resources in house.
The Challenge: Converting leads into customers
Driving sign-ups and registration is only half the part, to generate revenue opportunities, Edtech companies need to focus on driving course activations and increasing paid user base.
One of the problems faced by in-house teams is a lack of bandwidth required to engage, nudge, and follow-up with leads on time.
Further, the lack of personalization by inside sales teams is another reason why businesses fail to retain users and build a loyal customer base.
A Salesforce study pointed out that 80% of consumers are more likely to make a purchase decision, when offered a personalized sales experience.
But with limited resources at hand, following-up rigorously with leads and prospects takes a backseat. Personalization takes a hit and a close-it-all-costs mindset kicks into the minds of in-house agents.
A lead no longer remains a person to talk to, but it becomes a number, and a sales target to be closed.
The opportunity cost of all this can be too high for growth-first consumer companies trying to win market share and solve for user engagement and brand loyalty.
Here’s how Edtech companies are solving this problem at scale.
SquadIQ deployed dynamic outreach workflows to keep leads engaged throughout different stages. We passed on qualified leads to in-house teams for conversions.
With a cadence of 1+5 attempts to connect with people, we generated 22% higher conversions than in-house teams.
How does that fare for a business, overall?
To put the impact in perspective, we generated up to 40% higher ROI for our customers within months, with up to 2-5x funnel growth.
SquadIQ: Solving Sales Growth Problems for Edtech industry
With SquadIQ’s fully distributed workforce and fully automated tech platform, edtech companies have been solving for use-cases like:
- Welcoming Users
- Qualifying Leads
- Scheduling Appointments
- Driving Course Activations
- Engaging Prospects
- Capturing Feedback
All of these without relying on third-party BPOs, outsourcing companies or scaling teams in-house!
Ready to accelerate sales for your edtech business?
India’s edtech growth story is only getting started – in just a span of a few months, the country’s learning landscape has seen its biggest shift and growth.
Despite the massive opportunity that lies ahead, edtech companies need to rethink how they look at their sales funnel – and turn challenges into opportunities for revenue.
Most companies are either too slow to engage their leads or they continue to rely on setups that don’t scale well.
With SquadIQ, you can:
- Setup your outreach within hours
- Scale up or down as you go
- Leverage a pre-trained, 5000+ on-demand workforce
- Pay for the performance, not for promises
With new growth opportunities for growth in India’s e-learning segment, there also are new challenges that need to be solved.
As it goes, some of India’s leading edtech names are already solving them at scale with SquadIQ.
Book a demo to see how we can help your business grow better.