This model is made up of a large number of components, variables, and studies. It is recommended to organize them well in order to prepare a serious, complete, and easy-to-read market study.
This is the preferred structure for a rigorous, serious, and well-structured market study. The introductory part can help us to present the education sector as a whole. Data and statistics are detailed to characterize the market, including current trends.
After that comes the identification of the current market “offer”, that is, the evaluation of competing education companies. This type of exercise is useful to detail the success (and failure) factors, as well as the competitive advantages that an education company must have. For example, the educational service MyAssignmentHelp carries out a continuous evaluation of its position vis-à-vis competitors, thereby planning steps to keep the business on track.
After that, there is a section that details evaluating suppliers and collaborators for your education company. To conclude, the final section of the market study takes us to the following: the “marketing mix” for an education company (a concept that incorporates product, pricing, points of sale, and promotion policy); a SWOT analysis matrix adapted to this type of activity, and even assumptions in order to evaluate the sales volume for the first year of activity of your education company.
What is the best way to characterize the educational sector?
In this section, it is essential to group the most recent data and figures that make up the education sector. This process will allow for a synthetic analysis of the market situation on a national scale. Just like we have decided to do in the established business plan for an education company, focus on the notable figures and the latest trends to understand all aspects of the education sector.
Detail the latest trends, new things, the latest technological innovations, and new ways of customer consumption in today’s market. Include, for example: learning podcasts, virtual classes, learning nuggets, master classes, or adaptive learning.
These components are the prominent trends that should be included in your market research.
How to do a demand analysis for an education company?
When carrying out market research to open your education business, you will need to examine likely customers. Obviously, not all members of your market can be examined. At this point, we will establish a “statistical sample.” This term refers to a set of individuals and profiles selected from all those who can represent clients of your education company.
Questionnaires for the market study of an education company
A complete market study should include a quantitative questionnaire and a qualitative questionnaire. Your education company’s quantitative questionnaire is a relevant means of analyzing consumption patterns, including the opinions and considerations of the target market. This type of questionnaire is a powerful tool that allows you to identify, above all, what people don’t like about competing education companies. Instead, the qualitative questionnaire will be used to gather slightly more specific elements regarding the comments and opinions expressed in the quantitative questionnaire. In the market study of your education company, you then have to make a synthesis of the opinions and figures given.
Market segments and ideal clients of an education company
The different market segments of your education company are basically a homogeneous set of potential customers who share common characteristics. They can be, among other things, the same hobbies, the same concerns, or the same consumer habits. Possible suitable market segments for an education company are ‘parents of home-schooled children’, ‘people who want to learn a new language’, or ‘parents of children with difficulties’. There are many other possibilities.
With respect to “customer personas”, they are representations of the ideal client who could, among other things, draw on your experience.
An ideal client is, so to speak, a “fictional portrait” that brings together characteristics, ideas, a spending budget, and a lifestyle and that is the reflection of a type of homogeneous group. Creating a profile of the ideal customer for your education company can be very useful to better identify the purchasing habits of your group of customers, in order to start a successful business. You can analyze each of the market segments, as well as the customer personas typical of this activity in our business plan prepared for an education company.
The market value of your education company
Why should you calculate the size and market value of your education company? Because these elements indicate, in fact, the commercial potential of your new business project. Evaluating the size and value of your own market will, in fact, allow you to know how many clients will be able to draw on your experience during the first months. This study also allows you to know what (approximate) income your education company can, in theory, obtain. After all, to get a complete and personalized estimate of your future income, you can complete some financial models tailored to an education company.
