2021 Edtech Outlook: Where we’ve been and where we’re going

2021 Edtech Outlook: Where we’ve been and where we’re going

In the realm of education technology (edtech), 2021 has been an interesting year so far. We've witnessed the rise of B2C education companies venturing into the enterprise space, leveraging their consumer brands to expand their reach and impact. This move has allowed these companies to capitalize on their hard-earned consumer trust and loyalty, while also tapping into the growing demand for innovative educational solutions in the corporate world.

But beyond the expansion of consumer mega-brands into the enterprise sector, there is another trend that has caught our attention - the hunger for social and community-driven learning experiences. Consumers are no longer satisfied with traditional, single-player learning experiences. They crave a more interactive and social learning environment that allows them to connect with peers, collaborate, and learn from each other.

Interestingly, many popular edutainment companies with strong single-player experiences have missed a huge opportunity to capitalize on this growing demand for social learning. They have focused solely on providing entertaining content, overlooking the fact that teaching is one of the most effective methods for knowledge retention. By incorporating social learning elements into their platforms, these companies could have unlocked a whole new level of engagement and retention among users.

Moreover, the advent of verticalized education and the rise of live learning and hybrid software models have reshaped the landscape of edtech. With the increasing focus on personalized and supplemental learning, K12 education has seen a significant shift in consumer behavior. Parents and other stakeholders now want to be more informed and involved in their child's education. This shift has created a new market opportunity for edtech companies to develop K12 models that address the growing demand for supplemental learning resources and cater to the needs of parents.

In parallel, the concept of social influence has become a dominant force in shaping consumer behavior. We live in a world where the desires for worldly success often overshadow our innate desire to be good people. This has led to the fraying of the social fabric of our communities and the decline of traditional institutions that once held them together, such as churches, libraries, and local newspapers.

However, the global health crisis has presented us with a unique opportunity to rebuild our communities around new influencers, aspirations, social rituals, and habits. The playing field of who and what we aspire to be and do has expanded, and social influence has emerged as a powerful tool in shaping our choices. When faced with an abundance of options, we tend to rely on others to guide us in our decisions. We trust regular people who share their experiences and opinions more than paid spokespeople or distant celebrities.

This shift in consumer behavior has given rise to the concept of "curators as influencers." Curators have taken over the role of influencers, capturing the cultural mood and starting trends. They add value by providing context, history, and a unique point of view. Curators connect mundane objects with a purpose, subculture, or heritage that makes them stand out in a world dominated by superficiality and newness.

On the other hand, algorithmic personalization has also emerged as a model of social influence. Brands now have the power to create their own influencers through algorithms that deliver content based on users' past preferences. This personalized approach removes the need for social connections and allows brands to tailor their content to individual taste profiles.

The future of social influence and aspiration is K-shaped. Brands must adapt to this new reality and select models of social influence that align with their objectives. Ideally, a combination of all three models - organic influencers, curated content, and algorithmic personalization - can create a synergistic effect that amplifies the brand's reach and impact.

In conclusion, the edtech landscape is evolving rapidly, driven by the demand for social and community-driven learning experiences, the rise of verticalized education, and the influence of social and aspirational factors. To thrive in this changing landscape, edtech companies should consider the following actionable advice:

1. Embrace social learning: Incorporate social elements into your edtech platforms to foster collaboration, interaction, and knowledge sharing among users. By tapping into the power of teaching and social connection, you can enhance engagement and retention.

2. Cater to the needs of parents: Develop K12 models that address the growing demand for supplemental learning resources and provide parents with the information and involvement they seek. By focusing on the parent wallet share, you can create a loyal customer base and drive growth.

3. Embrace the power of social influence: Leverage the concept of "curators as influencers" and algorithmic personalization to connect with your target audience on a deeper level. By providing curated content and tailoring your offerings to individual taste profiles, you can build trust, loyalty, and brand recognition.

In the ever-evolving world of edtech, staying ahead of the curve is crucial. By understanding the current trends and incorporating innovative strategies, you can position yourself for success in the future of education technology.