Is Your Business Model Appropriate For EdTech Apps?
Introduction
It is to use your over-analytical hat for ensuring all the dimensions of edtech apps that point towards profitability.
To help you out with your edtech app, we have listed some of the best business models. check out whether your business model lies on the list.
Business Models for Edtech Apps
A business is simply an instrument that can let you have more than you spend. Various edtech businesses have implemented themselves on this fact.
A business model with edtech apps must have the following:
- Better access
- Measurable outcomes
- Personalized content
- Delivery, which is adaptive
- Affordable
- Better efficiency
Here comes the various business models!
1. Freemium business model
Incorporation of this business model means providing a basic version of the mobile app, which is free for students, teachers, parents, and encourages stakeholders to purchase the premium version.
- The app can be dedicated to being an online classroom platform, which has the potential to replace video-conferencing apps.
- Teachers prepare a schedule and share it with their students.
- Students can log in and request access.
- The edtech apps will also have various features that can encourage teachers to conduct a learning environment with real-time sharing of feedback and many more.
How to make money from this business model?
- Free account- both the student and teachers can start with a free version and the basic version must allow them to interact with each other.
- Premium plan- both the student and teacher can switch to the premium version with the assistance of some of the interesting features, which can provide ease and interactiveness.
- Education-institute-wide plan: you can welcome more money with the help of a special plan for an educational institute. Under this, all the students, parents, and teachers can enjoy various features in collaboration.
2. On-Demand business model
It has turned out to be one of the surefire ways for running a profitable business.
- The success rate is high for this.
- Moreover, you can develop a tutor-on-demand app, where tutors with proper eligibility can list themselves.
- In terms of user-end students will be able to use different keywords to find a good tutor.
- The tutor can have fees per hour and the link for the session can be shared after negotiating the fee.
How can you make money with this business model?
- Commission model- it is one of the famous business models as the payment submitted by the student can be held by the admin.
- Verification of tutors- while registering, the tutors will be required to pay some amount for using the built-in tools and functionalities.
- Cancellation charges- when a student will cancel a particular session, a cancelation fee will be charged.
3. E-learning Marketplace
To understand this, you can think of an e-commerce website.
- This marketplace will have multiple recorded courses that will be listed on the platform so that students can explore them.
- This marketplace is similar to the app of Udemy.
- With the help of a learning management system and tutoring tools, tutors can provide valuable knowledge easily.
How to make money through this business model?
- Commission model- under this, the tutor can turn up to 97% of the total price, and the rest can be left to the admin.
- Featured courses- using this model, tutors pay for better discoverability. Their courses can be listed with special discounts and offers.
- Subscription model- when a tutor comes up with different business models, the courses can be provided through subscription in a bundle.
Also read: Top 5 Free Educational Applications for Kids
Analysis Of Edtech Industry
For becoming a part of this industry, it is better to have complete knowledge about it. The industry is densely crowded because it has various business models collaborated with it.
Even many are in the line to join the industry. Still, there are unexplored corners in the industry that can make space for new players.
Strength- rather than making or establishing a proper school or university, you can reach a pool of students. The addition of new technologies makes sure better security and collaboration.
Weakness- if you are not equipped with proper knowledge, then this might be a challenge for you.
Opportunities- expansion and recognition of a brand are easy across the boundaries. When it comes to digital business in the field of education, then the traditional systems are still in the race.
This makes digital ones difficult to survive and evolve over time.
Threats- if the system is not a developed one, then you may experience cyber threats like ransomware or any other.
Conclusion
If you are also thinking to take your business to edtech apps, then you must gather all the relevant knowledge or get in touch with a professional that can guide you in the right direction.
Also, don’t forget it is a better way to make more revenue from your business model and reach the height of success.
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