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April 15, 2024
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Customer Base expansion for a bangalore based Edtech Client
Business Problem
A prominent medical EdTech company in Bangalore faced challenges in expanding its customer base and getting out of the disastrous sales cycle due to covid effect. The primary issues included low user engagement and an ineffective monetization strategy.
Our Discovery
We discovered that the product lacked a well-defined product lifecycle management strategy and a comprehensive approach to market research and competitive analysis. Also the company was totally dependant on the B2B sales, which had suffered badly due to covid.
Solution
Our team executed the following strategies:
- Strategic Leadership: Spearheaded the overall product strategy, this involved leading multiple business verticals, teams, and product lines while forming strategic alliances with six institutions.
- Enhancing Customer Engagement: Introduced five new product features, including the development of an in-house Learning Management System (LMS) and its integration into the overall product offering.
- Building the B2C Vertical: Established the entire B2C vertical from scratch, transitioning the product app from a free to a paid subscription model. This shift was managed with minimal user drop-off, retaining 90% of active users.
- App Redesign: Redesigned the app experience to cater directly to students, improving user satisfaction and usability.
- Extensive Market Research: Conducted in-depth business and market research to tailor the platform’s features to the target audience effectively.
- Product Roadmap: Developed a detailed product roadmap focusing on critical features and usability improvements.
- Organic Growth: Leveraged product-led growth strategies, introducing features that encouraged organic user referrals and social sharing.
- New Business Vertical: Launched an e-commerce merchandise portal as an additional business vertical, formulating the entire business plan and budget for FY20-21 Q3-Q4.
Result
The strategic interventions led to a significant expansion of the customer base from 65,000 to over 100,000 users within six months. The successful transition from a free to a paid subscription model resulted in a 50% increase in revenue. User satisfaction improved considerably, with app ratings rising from 3.7 to 4.2 stars.
The introduction of new features increased customer engagement time by 23%, and the overall product cost was enhanced by 27%. Additionally, the B2C app sales growth accelerated by 200% month-over-month, demonstrating the effectiveness of the new strategies and verticals.