Created & Presented by Shivam Arora, Senior Associate Director—Product at Simplilearn, In this session, he shares his learnings from his journey at Simplilearn.
EdTech has undergone vast changes in the past few years, especially with the entire world studying remotely. In this session Shivam Arora, Let's talk about the learnings from industry-leaders in EdTech.
In this session, you'll learn:
- Generating conversions and maximizing ROI from leads
- Converting repeat buyers into brand loyalists
- Importance of attribution in measuring channel success
About the speaker:
Shivam, Senior Associate Director—Product at Simplilearn, comes with more than a decade of experience. At Simplilearn, Shivam, drives all products across the learner (customer) journey with key focus on onboarding, engagement, experience and completion/outcomes.
Find him here: https://www.linkedin.com/in/shivam-arora-0709/
About EngageMint:
Hosted with love by WebEngage, EngageMint is a platform that brings together marketers and product managers from across Asia, passionate about one thing - giving their customers the ‘aha’ experiences they deserve. At EngageMint, we strongly believe that by equipping professionals with the right strategies, we can initiate a massive shift in the way businesses think about growth, product experiences, customer retention, and everything else in between.
All our sessions are hand-curated and deep-dive into each aspect of user engagement and retention. So all you have to do is take notes and implement these learnings as soon as you get back to work! More details: https://webengage.com/engagemint/
WebEngage is a new-age Retention Operating System, a single suite for marketers to store user data, provide actionable insights, and orchestrate omnichannel campaigns by leveraging user insights to provide a hyper-personalized end-user experience.
The platform helps brands drive more revenue from existing customers and anonymous users across 10+ communication channels. WebEngage goes above and beyond a marketing automation platform and powers the user engagement for thousands of enterprise brands worldwide, working across several industries like E-Commerce, Edtech, Fintech, Foodtech, Media & Publications, Gaming, BFSI, Healthcare, and Online Retail. The key clientele includes marquee brands like HUL, Bajaj Finserv, Unacademy, ALT Balaji, MakeMyTrip, Zivame, Firstcry, and many more.
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EngageMint 2022: Winds Of Change The Landscape of EdTech In 2022
1. Winds Of Change In The Ed-
Tech Industry
2022
Shivam Arora
Senior Associate Director - Product, Simplilearn
2. 01
04
03
02
Ed-Tech is accelerating 2021
$254B
2027
$605B*
Market segments
K-12
Competitive exams
preparation
Higher
Education
Upskill for
working
professionals
*EdTech Market - Global Outlook & Forecast 2022-2027, Reportlinker
3. 3
Self-paced learning
(No live interaction)
Building towards inclusive engagement
Bootcamps
(High interaction)
NA
Interactivity scale 1x 4x 7x 10x
Experience
Reactive reachout
(NPS @45)
Proactive and Immersive
(NPS>60)
Completion
Low
(MOOCs @2-5%)
High
(50%+)
Outcomes Short (Micro) Long (Macro)
4. For us, the problem space is interconnected
Engaged Experience Complete Outcome(s)
A deeply
learner, with
an immersive
will
the intended
and achieve
the desired
5. Driving retention and quality interactions
Engaged
Avg quality learning hours/learner/ program = 150
Experience Complete Outcome(s)
A deeply
Quality engagement?
Drive interactions virtually?
Peer engagement
Multi-channel approach
Personalised nudges
Varied learning formats
Gamification
learner, with
an immersive
will
the intended
and achieve
the desired
6. Building an immersive experience
Engaged
4.5/5 Session CSAT 80+ NPS
Experience Complete Outcome(s)
A deeply
Customer journey is long!
Content is everywhere,
even outside our platform.
Keep measuring
Provide integrated learning
Close to in-class experience
learner, with
an immersive
will
the intended
and achieve
the desired
7. Getting 90% + the desired outcomes
Engaged
90%+ outcomes from 65%+ completion rates
Experience Complete Outcome(s)
A deeply
Outcomes vary
Drive tangible outcomes
Separate tangible from
intangible
Outcome-Reward
strategy
learner, with
an immersive
will
the intended
and achieve
the desired
Target persona is super
busy!
Motivation drops!
Learning mode flexibility
Outcome focused
completion
8. Solving across the problem lifecycle
Hypothesis validation Solution experimentation
55% of the learners were dropping off after onboarding Learners were not able to understand on how to ask for help?
30% were not getting enough time to submit
the project and hence were giving up!
`75% reduction in escalations
with “accurate targeting” with “non-engg effort”
9. Solving across the problem lifecycle
User behavior analytics
70% of the learners were dropping off after
initiating a cohort change request
The learning implications were making the
learners deterrent from submitting the request
with “funnel analysis”
CSAT capture
Issues had spiked for a couple of months
and we could not wait to deep dive
Lab load time was causing the spike in tickets,
findings enabled 20% increase in CSAT
with “feedback survey”
Source: EdTech Market - Global Outlook & Forecast 2022-2027, Reportlinker
2 mins
Least-funded segments in 2019 ~ 46 deals
Nowhere near the top five industry segments in terms of fundraising or deal volume
The K-12 segment led the market in 2021, accounting for over 40% share of the global revenue
https://www.grandviewresearch.com/industry-analysis/education-technology-market
partnerships and collaborations are increasingly becoming a critical part of this developing ecosystem
B2B led the growth in 2021, accounting for 65% of the global ed-tech revenue
Global edtech market= H/W + S/W + Content
North America dominated the market in 2021, accounting for over 35% share of the global revenue. APAC will witness the highest growth
According to the IAMAI-Kantar ICUBE 2020 report, India had 622 million active internet users in 2020. This number is expected to increase by 45% to reach 900 million by 2025
Original estimates if COVID was not there were at USD 108B (as per another report), 377B by 2028
Online degrees will start getting recognisedAutomation and Digitisation will make skills relevant today -> irrelevant tomorrow
COVID has given a boost to the market-
Perception change- Online degrees will be recognised more
Certification: Increase in the intent to remain relevant in the industry
Then,
Least-funded segments in 2019 ~ 46 deals
Nowhere near the top five industry segments in terms of fundraising or deal volume
Today,
Raised more than $4.7 Bn
Saw three freshly minted unicorns
Nearly 50% of the people are enrolled in brick-and-mortar educational institutions
…there is, however, just one glitch here — to reach that scale, online learning must be as inclusive and effective as offline institutions claim to be.
5 mins
*A 2019 study by the Massachusetts Institute of Technology
Transitioning towards interactive and immersive experiences (near to real-classroom experience)
Getting the “Best of asynchronous and synchronous learning”
- 96%* avg drop out rate for online courses
Massive Open Online Courses (MOOCs)
Edtech is a bit different from, say, food delivery or ride sharing or leasing living spaces: It can’t be just about the marriage of technology and content. Which is why the origins of edtech can be traced back to institutions like Harvard and Stanford.
While traditional schooling is here to stay and will never go away, smart parents are already looking at supplementing that with tech-based online learning.
physical classrooms offer interpersonal, social, and cognitive skills development that tech can never replace.- This can be now driven online
r the past 10 odd years, Edtech has been a nursing baby, unable to grow due to lukewarm market response and zero mass following. Back then, edtech startups were forced to take the B2B route — remember EduComp Solutions?