Why do Education Franchises Need to Reinvent Themselves?
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With a growing number of startups, Edtech, entrepreneurs, it is difficult for the education franchises to sustain without reinventing themselves in every five-ten years.
Online education in India will see approximately 8 x growths in the next five years, says a recent report by Google, KPMG. This will have a significant impact on the edtech market that has the potential to touch $1.96 billion by 2021 from where it stands now i.e. $247 million.
Advantages of reinventing your education franchises:
Building strong bonds with customers:
Different generations have different needs and desires for their education as well as career growth. Many second and third generations are suggested to pursue an education in the same school where the elders have studied.
To keep up the trust, education franchises should reinvent themselves. Reinventing helps in knowing, analyzing and identifying different aspects of possible growth opportunities.
To stay ahead in competition:
Seeing the mushrooming number of startups and edtech, if you do not equip yourself well for the competition then you are likely to fall out of the race.
Other than shortcuts and different ways of learning, these startups also help in making education more fun and interesting. The suggestion is to develop such programs or tie up with the renowned startups which can help your students learn well and keep you ahead in the competition.
Set an Example
Eventually, education in whole is getting revamped; sooner or later you too will have to adopt these changes, how about investing in them now, when the market is thirsty for such changes.
Many educational franchises might be getting second thoughts about adopting the technological changes like you, but how long can you wait, how about doing it now and setting self as an example for others.
Education is getting smarter, if you set yourself as an example, you can get the creamiest pie of the investment.
If you are thinking about investments, then every five to ten years, there is going to be certain investment flow from your end, how about doing some smart investments and giving a makeover to your franchise as smart education franchise.
This article was originally published on Franchise India by Nibedita Mohanta.