Lessons From The Explosive Growth of Online Learning During Covid-19
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COVID-19 has created unprecedented opportunities for online learning companies. Although traffic and new learner registrations have peaked during the lockdown, the only enduring competitive advantage for e-learning companies lies in being able to engage these learners in the long term. Join VWO along with growth leaders at MasterClass & Springboard in a freewheeling conversation around what successful online learning companies must do to grow.
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Lessons From The Explosive Growth of Online Learning During Covid-19
- 1. Lessons From The Explosive Growth of Online Learning During Covid-19 Michael Berliner Sr Product Mgr, Growth Paras Chopra Founder & Chairman Rajit Dasgupta Head of Growth Product MasterClass SpringboardVWO WEBINARS
- 2. MasterClass Springboard I’m Paras Chopra, Founder & Chairman of VWO
- 3. MasterClass Springboard - We provide a software platform to 6000+ brands for optimizing customer experience on their websites and apps - We do this by enabling our customers conduct research-backed experiments across their funnel ○ Research backed = surveys, session replays, heatmaps, funnels ○ Experiments = A/B testing (both frontend changes and backend algorithms), Bandit algos ○ Across funnel = website, app, browser push notifications, FB Messenger, ... - Customers include major e-learning brands across the world ○ Encyclopedia Britannica, Penn Foster, Pearson, Emeritus & Springboard About VWO
- 4. MasterClass Springboard So we A/B tested on you :) And here are the results..
- 5. MasterClass Springboard 70% more registrations with video thumbnail
- 6. MasterClass Springboard “Online learning is seeing a windfall but...” v/s “This industry’s growth has exploded through the roof” Tested Subject Lines No significant difference in open rates
- 7. MasterClass Springboard Tested Landing Page (with or w/o video) Surprising? Yep, we were surprised too. Also: Because this optimization was time sensitive, we used multi-armed bandit (and not A/B testing) to dynamically give more traffic to better performing one. Not familiar with multi-armed bandit? Leave a comment and I will have someone from team follow up.
- 8. MasterClass Springboard Why are we doing this webinar?
- 9. MasterClass Springboard Because of the unprecedented and sudden increase in number of people interested in online learning
- 10. MasterClass Springboard We started reading anecdotes from online learning companies that they’ve doubled overnight “Before the crisis, we were seeing 18 million students come every month. It looks like those numbers could now double. Our server costs alone are likely to double now.” Sal Khan Founder of Khan Academy
- 11. MasterClass Springboard But it seems like as economy is opening, the trend is going back to pre-lockdown levels
- 12. MasterClass Springboard Key question: Will this sudden spike translate into long-term growth for e- learning companies?
- 13. MasterClass Springboard Does this represent an opportunity? £10k / year $8k / year Upto $50k / year
- 14. MasterClass Springboard To help answer these questions, we invited leaders of MasterClass and Springboard who’re responsible for growth at their companies Michael Berliner Sr Product Manager, Growth MasterClass Rajit Dasgupta Head of Growth Product, Springboard
- 15. MasterClass Springboard Format of the webinar - 20 mins Michael’s talk + 5 min QnA - 20 mins Rajit’s talk + 5 min QnA For questions: - Use the questions / chat option in GoToWebinar
- 16. Maximizing Growth in E-Learning
- 17. What’s changed? ...and what will sustain?
- 19. How do you get a piece of that pie? ...and keep it. MasterClass
- 20. First, understand that there is a lot of free education
- 21. So you have to focus in on your target audience ● Learn new things. ● Practical techniques. ● Become better at a hobby. ● Advance in my profession. ● Transition to a new career path. ● ... ● Youth ● High-school ● Undergrad ● Grad ● Professional ● ... ● Technical ● Arts ● Trades & Skills ● How to ● All ● ... Level Category Objective Strategic Opportunistic Audience-Driven
- 22. And run a strong growth optimization cycle Ideation Prioritization Execution Learnings MasterClass
- 23. Comparable Products Prior Experiments Data & Analytics User Research Brainstorming Confidence = Data + Relevancy Subject Matter Experts
- 25. How conversion works ( Perceived Value ) x Excitement ( Perceived Costs ) x Context >
- 26. Questions we ask 1. How would you describe the product to a friend or family member? 2. What was the most exciting part of your experience? 3. What do you like about the page? Dislike? Want? 4. At what point did you get the information you needed to make a decision? 5. Which of these is most important for deciding whether to buy? 6. Which of these, if any, would be your hesitation with buying? 7. If it cost $X, would you buy it? Why or why not?
- 27. We want to maximize the perceived value
- 28. And get them excited
- 29. While reducing their perceived costs
- 30. And helping them understand it’s feasible right now
- 31. Process cheat-sheet Objective Tactics Hypothesis Ideation Comparables User Surveys On-Site Polls Prioritization I.C.E. Scoring Hypothesis “Themes” Execution Self-Contained Pod “1 Review” Standards Experimentation Architecture Streamlined Processes Learnings Standardized Segmentation Secondary Metrics Winning/Losing “Themes” Learning from Losers
- 32. Where will there be opportunity? ...and how long is the window open?
- 33. Schools need remote capability Lost jobs More time Acceleration of e-learning market Changes and market forces create opportunity → higher education. → bootcamps & pivot products. → e-learning facilitation tools. → job search & recruiting. → hobbies & skills. → specialized products.
- 34. Thank You Michael Berliner https://www.linkedin.com/in/berlinermichael https://www.MikeCrunch.com
- 35. Appendix
- 37. Confidence Impact Effort = Estimated effect on target metric = Estimated person-weeks of time
- 38. Online education allows people to learn at their own pace MasterClass
- 39. But we can’t lose sight of classroom benefits MasterClass
- 40. Less commuting means less work time Source: BLS
- 41. Lost jobs have led to more time + skills education Source: BLS
- 42. The cost of advertising has gone down
- 43. Adoption of online learning is accelerating Source: Absolute Market Insights
- 44. Confidence Impact Effort ( ) Confidencex = Value Score
- 46. Throughput metric curves Experiment Design, Testing Medium, Pod Structure Backlog Size & Quality, Winning Themes Advanced Data Analysis Testing Velocity Test Win-Rate Avg. Lift / Win Improve With: Eventually you calibrate these metrics by lever to more easily estimate a lever’s revenue potential Metric Time
- 48. There’s no “silver bullet” Safe Moderate Risky MasterClass
- 50. Online Education in the New Economy Rajit Dasgupta Head of Growth Product WEBINARS
- 51. MasterClass Springboard About me 1. 1st employee at Springboard 2. Intern > Analyst > Marketer > Product Manager Experimentation 3. I ❤️Education + Technology! (Online school that helps you break into in-demand careers like Data Science, Web Development, and UI/UX Design)
- 52. Agenda overview 1 2 3 Impact of COVID on the edtech landscape What does the University of the future look like? How to use CRO effectively to fuel growth?
- 53. How has COVID changed online learning?
- 54. Mar 20th: California went into lockdown Monthly enrollments growth at Springboard
- 55. Education has traditionally been countercyclical to the economy
- 56. What’s different this time? ● K-12 education: more than 1.4 billion students have been impacted by school closures worldwide ● University courses: as classes shift online, students question the high cost of college and demand refunds. ● Upskilling/reskilling courses: demand for MOOCs in Apr-2020 is 2x higher than the entirety of 2019. Impact across market segments points to a shift towards online.
- 57. The future of work is here ● The average millennial will have 12-15 jobs over their career (CNN) ● 53% of young professionals engage in freelance or remote work, often balancing multiple gigs (IWG) . ● Our generations will have to reinvent themselves every 4-6 years
- 59. The traditional education system is still in the past ● Synchronous, one-size-fits-all classroom model does not meet the needs of the modern learner ● Disconnect between education and employment: over 46% of recent grads (U.S.) are underemployed (WSJ) ● Record high $1.6 trillion student debt - current generations are financially worse off than their parents.
- 60. So how will the university of the future be different?
- 61. Fits your life, anytime anywhere Online and flexible No need to quit your job or relocate. Learn on your own schedule, from the comfort of your home. High cost, time commitment Quit job, change location, devote 2-4 years to attend classes on a strict schedule.
- 62. Project-based curriculum While you learn, build real-world projects that you can speak about in job interviews. Learning by doing Theory-based learning Focus on theoretical concepts, assessment based on memorization, not application.
- 63. Everyone learns in their own way, at their own pace One size fits one, curriculum updated continuously to cater to industry needs. Personalized, and up to date Reliance on textbooks and publications One size fits all, updated once every few years
- 64. 1-on-1 industry mentors and learning advisors to guide you Allows for quicker feedback loops, higher motivation and forces critical thinking. Human support to keep you accountable Tenured instructors deliver 1-to- many lectures Need not have industry experience.
- 66. Conversion Rate Optimization: Lessons learnt at Springboard
- 67. ● Think of CRO not as an additional growth channel, but as an opportunity cost (potential $$ lost) ● It is the best mechanism to understand your users motivations and needs better ● It encourages cross-team collaboration and results in a fundamentally better product/experience. Why should you CRO?
- 68. Step 0: Map out your funnel Awareness Interest Intent Soft commitment Hard commitment Enrollment First interaction with brand/website Viewing a product page Paying for more information using email Fill out an application form Complete skills assessment Enrollment Stage User behaviour Metrics Website visits -> Product page view (%) Page view -> Syllabus download (%) Syllabus download -> form completion (%) Application -> assessment completion (%)
- 69. Qualitative User-testing for specific features, walkthroughs of entire flows. Quantitative On-site/app surveys, web analytics, heatmaps and recordings User research to develop hypotheses
- 70. ● Move up the funnel ● Test fewer variations ● Run tests for longer Refine testing focus to give you more confidence on results
- 71. ● Be wary of manufacturing ‘cheap intent’ ● Get closest to ‘real’ business value Look further down the funnel to assess impact Display testimonials on the payment page High vs. low touch onboarding flow Offer a call with an alumni
- 72. ● Be proactive about surfacing and documenting new ideas from the team (including engineering) ● Share out experiment results and research with the wider team for feedback and new ideas. ● Keep this experimentation loop going! Build a ‘bottoms up’ growth culture