Let’s get deeper into understanding the importance of having a clear monetization strategy before you go broke.

Benefits of having a monetization plan for your ed-tech startup:

• Giving priority to the monetization plan will complement your business strategy and enable you to sustain your venture.

• Having a well-thought and comprehensive monetization strategy will attract Venture Capitalists. We are living in a world where technology and experience are continually evolving, so having an additional capital in your startup is what oxygen is for humans.

• To attract more users, you need to reward them with an appropriate monetization plan.

• A well-researched monetization plan significantly increases your revenue, with which you can upgrade your platform with new features to stay competitive.

Things to keep in mind while strategizing a monetization plan:

➤ Pricing models:

The major flaw in pricing models is a lack of transparency. Companies charge different base rates, and that too kept hidden from potential users, which somehow damage the reputation of ed-tech. 

Ed-tech users often have no idea about whether they are getting a good deal or just paying way too much for the services. This lack of clarity in pricing makes everyone feel like getting ripped off.

On the other hand, the ed-tech startups that are committing to provide value and having reliable pricing models get an easy return on their investments. 

So you need to decide wisely, how to price your tools. 

➤ Classify your product precisely:

In ed-tech marketing, buzzwords like platform and curriculum used interchangeably. However, misrepresenting your product might affect your business. Define clearly, what you’re going to offer users. 

Does your product fulfill the standardized curriculum requirement of the regional education board? If yes, you are offering a curriculum solution to students.

If no. Then, is your product enough to teach a particular skill or subject, but not comprehensive enough to cover an entire curriculum? If yes, you are providing a supplemental solution. 

If your product doesn’t fit the above categories, then does it solve a particular need concerning administration or infrastructure? If yes, then you’re offering a digital tool. 

If it offers a broad instructional, administrative platform with third-party tools and content, then your product is in the technology platform category.

➤ Free services:

The freemium model is a standard approach to attract more users. However, when the company moves to monetize its products, the initial popularity doesn’t always hold, and will likely take a while to show any profitability.

➤ Offering a free trial:

For a supplemental tool, the best approach is to offer a generous free trial period to the users. The idea would be to demonstrate your product’s usefulness to users who can then request funding for the paid program. 

Offering a free trial is a more stable option for gaining users. As pricing more or less the same as your competition will make sales hard to come by, and staying in the market is important in this growing competition. 

Different ways to monetize your ed-tech startup:

➤ Subscription model:

In this model, the only way to access the full course is by subscribing it with a certain amount of fee. Subscribers usually charged on a monthly/yearly basis. 

Some platforms offer many levels of membership plans such as premium membership, VIP membership, etc. and subscribers get some perks or access exclusive content according to their subscription. 

Some platforms offer discounts, depending on the number of members join collectively. 

This type of monetization provides monthly recurring income, with which you can take calculated risks. 

However, the number of subscribers will depend on the quality of the content you offer. You will need to make sure that you are providing updated courses and have experts teaching the courses.

➤ Pay per course:

You can add an option to purchase a single or combination of 2/3 subjects. With which users get to have a personalized learning experience with the power to choose which content to learn.

It can be frustrating for some users who need to pay multiple times to access several courses. 

For entrepreneurs, it may not be a stable source of income as it depends on the quality and relevance of different courses offered.

➤ Sponsored courses:

A form of advertising, where you get paid to just list courses on your platform. It would help to create a marketplace where brands can register their classes. 

Brands can advertise their courses by opting for the sponsored package. You can charge them on a weekly or monthly basis or a pay-per-click basis.

➤ Accepting donations: 

Wikipedia is a great example of this model. It avails information for free, but its site maintenance is purely funded by donations. Again, it is not a stable source of income.

➤ Upselling: 

You can provide an add-on collaboration session or a Q&A with the experts who created that course. Upselling personalized services can provide unique value to your users while a new revenue stream for your venture. 

Summing up:

Picking the ideal method of delivery can be a cumbersome task, but it is vital to the scalable success of your ed-tech startup. Depending on your project, targeted user-base, the strategy can be transformed and customized. However, without effective promotion, none of these monetization models will be viable. 

‘If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and five minutes thinking about solutions.’- Albert Einstein

We believe the same that the quality of the solution you generate is in direct proportion to your ability to identify the problem you hope to solve. That’s the reason we have delivered around 250 successful software solutions and that to across the world. 

Thank you for being a part of our series of blogs on ed-tech. Let us know if you want more such information on the same or different topics. 

Collaborate with Coruscate to get a robust solution for your ed-tech startup. If you have any queries regarding ed-tech then feel free to contact us.

Also Read :

• An Ultimate Guide to Developing a Successful Ed-Tech Website/App Step #1: Market Analysis
• An ultimate guide to developing a successful ed-tech website/app step #2: Identify the potential user base and build a system accordingly
• An ultimate guide to developing a successful ed-tech website/app step #3: Create a Minimum Viable Product
• An Ultimate Guide to Developing a Successful Ed-Tech Website/App Step #4: Developing a solution

The post An Ultimate Guide to Developing a Successful Ed-tech Website/App Step #5: Monetize Your Product appeared first on Coruscate Solutions.

Technology has not only refined where we go or which university we get our education from; it has also transformed how we educate ourselves and how we learn a particular concept. From VR-based applications that teach the heart system in a 3D format, thus helping the student understand it better to the iPad apps that make the early stage learners ace math.

In this domination of educational technology, mobile apps have become a necessity. There are numerous apps that serve millions of functions and aid learning abilities. There are apps for the specific learning models as well as for specific concepts.

If you are planning to enter the industry with your own educational apps, here are the basic features that you simply cannot ignore. These features can be enhanced or customized to meet your app requirements but, you cannot miss out on them when developing your mobile app.

1. The Comprehensive Database

The data is what helps the mobile app surge ahead and help the users. From content about the educational concept that you want the users to learn to the latest information and current trends in educational technology, everything forms the database, which is essential for your mobile app.

The database of the mobile app plays an important role in the features that you ought to have. Make sure the database is quick and easy to access. The loading time should be as low as possible, and the information should be available at the tap of a finger. Slow internet speeds or offline mode should not affect the app’s database.

2. Make The Content Interesting

The content is an essential part of the educational technology tools. Make sure the content is interesting and engaging. This goes for all the mobile apps that you will deliver in this segment. Ensure you have personalized the content for the readers in the target audience. If the content is not relevant, then your mobile app is irrelevant to them too. The content should be app friendly. If the user opens the content on the small screen, they should be able to view it properly. A mobile-friendly content gets maximum engagement. Make sure you take that aspect into account when developing educational apps.

3. Live Tutorials

A face-to-face interaction always works for both the students and the teachers. Make sure you have features that allow the teachers to upload videos of the sessions and make the concept interactive for the distance learning students. You should also allow live tutorials as part of the mobile app. The virtual atmosphere that you create as a result will help the students learn better. In case they fail to understand a concept, they can ask questions and seek answers immediately. This feature is a must for all learning apps.

4. Easy Registration

Login and registration are two aspects that need to be taken care of when hosting your own edtech app. Make sure the student can easily log in, have quick access to basic information about their studies and enjoy the sessions. For instance, having a signup through Google accounts should be easy for them. You can think of other interactive registration and logins for the students.

As soon as the student signs into your account, they should be taken to a dashboard that shows the details of their activities and what remains to be done. For instance, in case of a distance learning app, the dashboard can tell them about the assignments that have been marked, the ones that are yet to be checked and the ones that are to be submitted in the coming week. They will also get to know about the lectures they have to attend in the week.

5. Simple User Interface

The user interface should be designed keeping in mind the target audience and how they use mobile apps. For instance, if your iPad app is meant for students who have just started their 1st grade, then your user interface should be simple and easy to use. The kids won’t like too challenging or complex interfaces.

For the pre-teens, you can use an interface that challenges them and makes life easier for them. At the end of the day, simplicity and clean interface is the key to getting the engagement you desire. Make sure you follow the standards of devising a user interface for mobile app development. An uncluttered and aesthetically developed interface will get maximum traction.

6. Push Notifications

It is important you use the push notifications wherever you believe they will be beneficial to your mobile app. The push notifications will help you get personalized messages across to the user, and ensure their interest remains in your mobile app. Make sure you allow the user to personalize the settings for the push notifications. Don’t go too pushy with your notifications, as that might get the user out of your app immediately.

7. Manage The Flow

The flow should be managed well in the mobile app. Keep the app as organized as possible. The way you manage the app and how well you define it will help you get to the target audience. The idea is to integrate the information well and compartmentalize it. For instance, if your app works for grade 5 to grade 10, then make sure you have segmented the information well, in a way that they can access it for the grade they want to.

A good social media integration that is defined and strategized will help you acquire the right users. You should ideally upload the right information on the right channels to attract attention.

Conclusion

Edtech mobile apps are gaining importance, and a lot of businesses have set out to deliver the needs of the students with able mobile apps.

Coruscate works towards ensuring a bright future for the students with apps that are friendly and functional. If you have an app idea, connect with us for mobile app development from start to end. We will not only validate your idea but also develop the ideal solution for your requirements.

The post How to Plan Educational Apps That Will Boost Learning? appeared first on Coruscate Solutions.