How Can Foreign Edtech Companies Successfully Enter the US Market?
The education market is enormous, and it offers plenty of opportunies, especially for edtech entrepreneurs. Foreign edtech companies can make both a name for themselves and considerable money if they know how to enter the US market.
The United States spends $620 billion annually on education. Most foreign edtech companies want a percentage of that market.
Foreign edtech companies need a strategic plan of action to gain a foothold in the US education market:
- Understand the needs of school districts, teachers, and students.
If you design a product will bells and whistles that a school district can’t support because of low bandwidth, your edtech solution won’t be adopted. You stand a better can of getting your edtech product adopted if you understand the limits some districts face.
- Think partnership over product placement.
Schools in the US seek partners with whom they can collaborate. They don’t intend to purchase a product and never be in touch with you again. Instead, US schools will provide you with feedback and constructive suggestions that help you develop at better edtech product, which in turn, provides them with the solution they need. Your collaborative efforts will get you more word-of-mouth recommendations.
- Offer a test drive before signing the purchase agreement.
Edtech can be a considerable investment for financially-strapped schools and districts. Let user sample your product by offering free service for a few months.
- Build a team focused on rapport.
Who you send to talk to districts and schools is as important as what you have to offer. A physical presence in the US is best, but offering availability from anywhere in the world may also be a viable solution. Edtech users in the United States want to talk with people who understand their pain points.
- Be willing to adapt as necessary.
As perfect as you think your edtech product is, you may find yourself tweaking it to make it more responsive to consumer need. As your product changes, so will your marketing and sales strategies. You may even discover a need for product expansion.
Edtech market share in the US increases every year because the best technology product offers engaging learning experiences that improve student performance and assists teachers in the delivery of instruction and analysis of results.
Technology solutions are investments that are here to stay, especially in the United States, and investors see the potential edtech can bring to the classroom and pockets. Investors like profits, and they’ve seen how profitable edtech can be. This year edtech investments alone will approach $9.5 billion.
It’s an investment amount never seen before, and in all likelihood, the commitment to edtech will continue to grow because edtech is changing how we teach and learn.
Foreign edtech companies with the right strategies can be a part of the growing US market.