What makes EdTech Franchise a Lucrative Business Model
For a long time, physical classes and offline mode of education was the primary mode of education. The current times of COVID-19 have led to a huge revolution in the education industry and hence the shift to online education. There have been so many innovations in the past six months as never before. Innovation and adaption have become necessary for survival in today’s era. Technology has played a major role in these two factors. It has developed greatly and education industry is utilizing it to rightly give value to its customer. One such company is Adda247.
What is Adda247?
Adda247 is a platform that provides online learning to aspiring students. It was formed in the year 2010. It grew very fast and has over 80 branches across India. They started online model of providing education few years ago as a hybrid model. While the thought of introduction of online education meant lower prices and vast audience, it also meant cutting down on the core business of offline ecosystem. But not turning towards online would also mean eradication by the competition. Thereby, the adaptation of the new online ecosystem.
Why choose Adda247?
The main focus of the company is the customer satisfaction and providing solution to their problems that are not solved by other companies. Here are some reasons as to why you should choose Adda247:
- It has been in the industry from quite some time and has a good experience which matters the most.
- It also has a social initiative where it provides platform for the blind. Giving back to the society has always helped at personal level as well as business level.
- It has a technological expertise. Today, technology plays a very important role.
- Differentiation is also focused when looking at unsolved problems of customers.
- It has a quality education.
Who can be the franchisee?
There are only two things that are mainly focused on by the company:
1. Customer - The main focus is on solving the unsolved problems of the students. You have to add value to the customer such that the company’s absence is felt by the customer.
2. Honesty - The other major point of concern is honesty. Education industry is a growing one and faces many challenges. Few things might not be perfect all the time. Hence, the company expects that the customers are well communicated about the challenges. One has to be sincere and honest with them. This builds a customer connect which helps in the long run and from competition.
The partners are expected to be imbibed into the company’s vision and mission. Internally, the partners need to focus on:
1. Teamwork - Teamwork matters the most. The whole team should work together to achieve the company’s vision.
2. Ownership - The partner has to take complete responsibility of whatever tasks he has taken up.
The company provides a hybrid ecosystem that involves offline support and personal touch along with online needs. It creates models-
1. From the student perspective - Highly value added as compared to the pure offline and pure online mode of education.
2. From the partner perspective - Under these difficult times, the company is also looking for profitable models for partners. It has sought ways to reduce costs and brought in technological changes so as to reduce effort for the partner.
The company is considering all possible ecosystems that are profitable for the partners. It wants to reduce complexities so that the focus of the partners remains on the customer satisfaction.
The training and guidance will be provided to the partners and periodical reports will be given to them.
Adda247 and Partner Relationship
If the objectives between the two parties are aligned, there are no differences between them. Even if there is any debate, the main focus should shift to what the student’s perspective would be to solve the problem.There has to be clarity in terms of vision and mission. The other things to consider are:
a. Opportunity: Now the opportunity is vast at each level of education. Now is the time to enter the industry.
b. Clear communication: There has to be a clear communication from both parties in relation to expectations.
c. No guarantee: For any business there are risks and there is no guarantee. There can be ups and downs through the journey.
Edited By: Vaishnavi Gupta