How to Break into the Asian Edtech Market
When you look at the numbers, the Asian edtech market seems incredibly lucrative. They have the highest number of young people enrolled in K-12 schools compared any other region in the world. Across all Asian countries, there are more than 600 million students hungry for learning. Edtech companies who want to break into this expansive market need to prepare themselves for the major differences in the Asian market.
Attempting to break into the Asian edtech market takes a lot of time and diligent work. Consider all of the things you will need to do in order to make your product known in these countries.
Lower Your Costs
Asian countries don’t have the same type of economy as western countries. Most people live on a much lower income and have fewer funds available for frivolous edtech purchases. You should be prepared to lower your costs compared to what someone might pay in the United States. The idea is that you should aim for mass appeal that makes up for the lost revenue in volume. Familiarize yourself with the economies of the Asian countries you hope to market to in order to select reasonable pricing.
One of the most surprising trends in the Asian education sector is the need for tutors. This is expected to continue growing over the next few years. At the end of 2016, after-school tutoring cost roughly $50 billion annually and is expected to reach $90 billion by 2020. This demonstrates the need for more edtech programs that can offer similar services. Many edtech programs can simulate the assistance of an actual tutor at a much lower cost. If you can prove how beneficial and effective your program is, you may be able to gain a rather large share of this market.
Online Learning is Growing
Asian countries are facing a major problem with their current school systems. The school buildings are too small to accommodate growing numbers of students. Instead, many schools are turning to online learning to help make up for the lack of space in their classrooms. Online learning is the way of the future in Asian countries. Most people own a smartphone and have access to high-speed internet. Despite living on a lower income, these amenities are available in plentiful quantities at the low rates people can truly afford. Offering classes and other edtech programs online is simply another way to break into the market.
The Asian market is ready for more edtech companies to present their offerings. With online learning and the need for tutoring on the rise, edtech has plenty to offer this region. The trick will be in pricing the programs appropriately and earning the trust of the local people. You must be able to prove that you are dedicated to relationships with the people in these countries and that you have the data to back up your program. Take your time learning more about the Asian market before you officially launch your edtech company overseas.