Three Tips for Growth in 2019
One size does not fit all in the education business
Founders and investors love short-cuts and hockey-stick curves. Remember that one company in their first year signed up 250,000 students, 5000 districts, etc, etc, etc. We have all heard the stories, however, the reality is it is hard to break into the education industry. The sales cycle is long, the funding may or may not be there, and relationship building with decision-makers is key. Growing your company can be hard, and there is no silver bullet. Here are our suggestions for growing your business in 2019:
How many times have you been tempted to try an ‘experiment’ in another market, another niche, such as K12 vs higher education or the parent market. Yet, doing so is equivalent to shooting yourself in the foot, because it will require more time to learn from these experiments, therefore taking longer to decide whether to kill a channel or double down on it. As a result, you end up with no focus.
2. Measure and Manage
Recently Forward Thinking EDU set up a monthly score card to measure our KPIs. Making sure you get the right metrics is important. It’s critical to define your growth metrics and measure them constantly. Customer acquisition without a clear set of objectives is just a random activity.
It’s essential to always track and review multiple numbers, but it’s just as important to pick a minimal set of key performance indicators (KPIs), which should be tracked and reported everyday. Capture everything but focus on what’s important. The goal here is to improve your results.
3. Work with who you want to!
This is really about who your ideal customer is. Are you focused on the district sale? School sale? Classroom? Parent? Higher Ed? We often hear that when we ask about the customer we hear that everyone is a customer, however that is simply not true. EDU startups are more likely to accelerate growth by narrowing their target demographic, better understanding educator needs, building more impactful products, and tailoring their marketing message to their specific audience.
It might seem easy to build a plan with a hockey-stick but delivering on those plans are few and far between. This where the rubber meets the road, we like to say. The team at Forward Thinking EDU is made up of experienced education strategists and marketing professionals. Contact us we will help you build a realistic plan of action and implementation for your business.