The idea of education and what it means for students worldwide are being redefined by next-generation learning tools, putting the educational industry in a state of upheaval. In Canada, the education segment’s total revenue is anticipated to be US$147.90 million this year. The anticipated market volume for 2026 is US$205.50 million, with a total revenue growth rate (CAGR 2022-2026) of 8.57%.
According to a Financial Express article, ed-tech companies have raised a staggering $3.81 billion in funding just in the first seven months of 2021. Academic institutions are gradually switching from the traditional B2C to the modern B2B model with the arrival of digitalization and the IT revolution. However, targeting B2B customers requires spending a lot on advertising before engaging these clients. B2B clients are constantly seeking visibility.
Byju’s example is an excellent one. Before focusing on school tie-in programs, Byju adopted a strategy that involved lavish advertising expenditures between 2013 and 2015. Byju’s had established a reputation in the market before that by focusing on the B2C sector. Therefore, B2B businesses need to focus on the customer they wish to target first, whether it’s the Canadian universities list, district-level school leaders in Canada, teachers, administrative members, or the students themselves, to create a return on investment and consider establishing a well-reputed B2C model before launching a new B2B product for its consumers.
During the Pandemic, a fair share of institutions on Canada university lists had to immediately shift their classes online. For the majority list of universities in Canada, a B2B platform became an obvious necessity, particularly when delivering courses where students need hands-on experience. These universities in Canada recognized the benefit B2B provided and continued their collaboration even after the reopening of the traditional campuses. B2B Ed Tech’s needs to spend substantial time fostering confidence and trust amongst academic institutions to build a long-lasting relationship. For instance, Udacity and AT&T supported Georgia Tech in providing an online MSc. in computer science in 2014 and recently managed to launch an MSc in Analytics with the same university through trust building.
With easily accessible information online, there has been a significant change in conventional consumer behaviors from learning about resources through word of mouth to logging on to the internet to learn more about their wants and requirements. B2B businesses need to focus on making their marketing strategy more informative for all universities in Canada by highlighting the key challenges it aims to address with the help of their technology. B2B buyers just want to find the good or service that best suits their requirements when they conduct online research. Marketers should target their customers with video content that provides value rather than selling to meet this need.
B2B Ed Techs, through webinars, informative videos, and long-form articles, should make sure that instructional content addresses the pain points of the list of Canadian universities it aims to target. It also needs to make sure the content is well-aligned with their buyer journey in order to ensure that it produces the desired results. Click here to easily find your potential list of educational institutions to fast-track your ed tech growth now.
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