Introduction to Education Market
The world was still battling COVID19 in 2022. Even if you did similar activities before the epidemic, updating your knowledge is important now that our world has changed. Everything is re-evaluated by your audience. Understanding your target market and knowing what is important for them and the challenges they may face is the backbone of education marketing.
What is Educational Marketing?
Education market research is the process of studying and acquiring information about the education industry. It gives clients knowledge about what they want to know or need to know about a specific topic, industry, or product. The data is used to learn more about program and/or course content and development, as well as student, employee, customer, and client satisfaction, recruitment efforts, branding, market trends, pricing, and other topics. It's an approach that's worked for decades, and many companies are already using it to its full potential.
Importance of Educational Marketing Strategy
Market research for education may disclose the current market landscape, including an overview of present and new rivals, industry trends, and the most effective positioning tactics. Educators and educational institutions aren't the only ones who employ educational marketing. More students have more options since there are more programs and courses that are more broadly available (i.e., taught remotely). If schools, and by extension the firms that supply them, wish to attract and maintain the attention they require for success, they must stand out. Investing in instructional marketing is an option for any company, regardless of industry.
Business Opportunity for Education Industry in China
China's education system is one of the world's largest, most developed, and fastest expanding in the world, according to the World Bank.
In terms of income, China boasts one of the world's largest education sectors, with a market worth an estimated $300 billion each year. There are three major areas in the education landscape to consider: formal education, supplemental education, and education services.
Formal education includes kindergarten, primary and secondary school, high school, secondary vocational education and training, and postsecondary education and training geared at adults. Formal education also includes informal education. Additional education includes early childhood enrichment and care, K-12 academic tutoring, K-12 enrichment, junior English language training (ELT), foreign counseling and test preparation, skill-based vocational training, white collar professional development, adult tertiary programs, and corporate training.
Education Trend in China
Despite changing geopolitical conditions, China remains receptive to international education investment. Recently, the negative list for foreign investment was drastically reduced, allowing foreign-owned firms to set up vocational training institutes in China without a domestic partner. Foreign investment in compulsory education (K1-9) is currently prohibited by law.
Online class is still growing
The increased demand for private and vocational education has made China's online education business one of the world's most profitable. These categories include EdTech features like virtual learning and online classrooms, as well as study materials and learning tools. Local and international educational institutions are collaborating to provide integrated learning services that combine offline and online learning. However, foreign education players should be aware of the Chinese government's new regulatory framework. Online education providers are scrutinized because to their unusual position in two sensitive sectors—education and the internet—especially when services are given via mobile applications and livestreaming platforms.
China's local market for global education is expanding.
Due to the epidemic, the Chinese government is aggressively exploring internationalizing higher education. Improving Sino-foreign collaboration, reforming international participation approval rules, and attracting high-quality international educational resources are all priorities for the MOE. Increasing the number of Sino-foreign cooperation projects and institutions across China is anticipated to continue to attract international institutions and enterprises.
How to make Educational Marketing Strategy in China
Know Your Target Market
Identifying your targeted audience is one of the most crucial things you can do. Rather, it is about learning about their motives and aspirations. You should also think about who your clients are as individuals:
Age, education, occupation, gender, and marital status are all factors to consider.
What are your main concerns?
How would you describe your way of life?
How do you intend to spend your free time?
The answers to those questions will help you better recognize your target market.
These are all factors that help you determine what your clients desire and how much money they require.
I. Conducting Researches
The same methodologies are used in good education market research as they are in all other sorts of market empirical studies. Researchers start by posing a question. They choose an approach that is appropriate for the challenge and takes into account any time and financial constraints. They then gather information. Finally, they examine the information acquired, draw applicable inferences and forecasts, and present their results to any and all interested parties who want to use the data to make better decisions in the future. The one limitation is that researchers who have prior understanding of a sector — in this example, the education market – are better equipped to search for, identify, forecast, and handle challenges in that area. A comprehensive understanding of the education sector is the foundation of a good education market research project. Schools, foundations, state/municipal governments, and others are guided by this knowledge.- Communication For Research
II. Customer Profiling
Product managers use Customer Profiles to develop new products, salespeople use them to find potential customers, and marketers use them to craft positioning strategies. It also assists you in identifying the one consumer who will actually buy from you, which is more useful than targeting everyone everywhere. It's critical to have a clear definition of your present customers in place when starting a firm, providing your sales staff direction, or designing a go-to-market strategy. As a result, you'll be able to predict who is more likely to buy your product in the future based on who has already purchased it.
Educational Marketing Strategies for Coping with the Economic Slowdown Caused by COVID19
1. Focus on core brands-In difficult times (Pandemic COVID19), multipurpose products are preferred over specialty products. During a recession, people look for reliability, durability, safety, and performance. Focus your efforts on your most important brands and items. To meet these concerns, new products need to be made. and advertising should highlight better value for money.
2. Concentrate your efforts on your present consumers. Find out what your current customers require from you. Make providing excellent customer service a top focus. As the competition becomes more fierce, enable the sales staff to be more effective. Take care of your current consumers, as they are more inclined to continue with you if times are rough. Even in normal economic times, getting new consumers is difficult, let alone during moments of economic downturn.
3. Budgets are being cut all across. Maintain, or even reduce, working capital, and look closely at your administrative costs and fixed asset expenditures. Examine your budgeting and realign it strategically for growth and efficiency while reducing non-essential spending. That implies more funding for marketing, research and development, and new product development.
4. Creativity on the go. To avoid reputational harm, brands must be sympathetic. In a downturn, having a strong creative presence is critical. Selecting a great firm that can create and maintain a deep emotional connection with consumers is essential for keeping a profitable brand.
5. Adapting Social Media in Marketing. Increased revenue can be generated through social media promotion and social commerce. Bounce rates can be reduced by optimizing stores and improving the checkout process. Effective utilization of the burgeoning e-commerce ecosystem necessitates a combination of marketing and technical initiatives. The most important element to profit on, however, is to offer the flash sales that will attract customers to your store in the first place. Remarkable campaigns are still the best method to get customers to come back and spend more.
Source: Forbes
In Adapting Social Media in Marketing, SODA Global Marketing has a team of Experts to help our Clients build customized Sales & Marketing Plans. Soda-Global is extending help internationally in Education Marketing such as Market Research, Marketing Strategy, Sales Strategy, Trademark, Chinese Website, Social Media Accounts, E-Shop Register, China Company Register. Whatever your Budget, SODA Global Marketing can help to match the best solution for you.