Harvard Case - Smartick vs. Khan Academy: A Marketing Strategy for Moving Free Users to a Paying Model
"Smartick vs. Khan Academy: A Marketing Strategy for Moving Free Users to a Paying Model" Harvard business case study is written by Paulo Albuquerque, Anne-Marie Carrick, Joerg Niessing. It deals with the challenges in the field of Marketing. The case study is 10 page(s) long and it was first published on : Mar 29, 2017
At Fern Fort University, we recommend Smartick adopt a multi-pronged marketing strategy to convert free users into paying subscribers. This strategy leverages a combination of targeted marketing, content marketing, and community building, focusing on the unique value proposition of Smartick's personalized learning approach.
2. Background
Smartick is a Spanish EdTech company offering online math learning programs for children aged 4-14. They offer a free trial period, but to access the full curriculum and personalized learning features, users must subscribe. Khan Academy, a non-profit organization, provides free educational resources, including math, science, and humanities courses.
Smartick faces the challenge of converting free trial users into paying subscribers while competing with the free, comprehensive resources offered by Khan Academy.
3. Analysis of the Case Study
Competitive Analysis:
- Khan Academy: Offers free, comprehensive resources, posing a significant challenge to Smartick's paid model. However, Khan Academy lacks the personalized learning approach and adaptive technology that Smartick offers.
- Other EdTech companies: Many offer paid online learning platforms, but few focus specifically on math or offer the same level of personalization as Smartick.
SWOT Analysis:
Strengths:
- Personalized learning: Smartick's adaptive technology tailors learning to each child's individual needs and pace.
- Proven results: Research supports the effectiveness of Smartick's program in improving math skills.
- Strong brand positioning: Smartick has established itself as a leader in personalized math education.
Weaknesses:
- Price sensitivity: Parents may be hesitant to pay for a math program when free alternatives exist.
- Limited awareness: Smartick needs to increase brand awareness and reach a wider audience.
Opportunities:
- Growing EdTech market: The demand for online learning platforms is increasing, especially in the wake of the pandemic.
- Focus on personalized learning: Parents are increasingly seeking personalized learning solutions for their children.
- Leveraging digital marketing: Smartick can utilize various digital marketing channels to reach its target audience.
Threats:
- Competition from free resources: Khan Academy and other free platforms continue to pose a threat.
- Economic downturn: A recession could impact parents' willingness to pay for educational programs.
Consumer Behavior Analysis:
- Parents: Primarily concerned with their children's academic success and seek effective learning solutions. They are also price-sensitive and may be influenced by testimonials and reviews.
- Children: Motivated by engaging learning experiences and positive reinforcement. They are more likely to be drawn to interactive and gamified learning platforms.
Market Segmentation:
- Target market: Parents of children aged 4-14, particularly those seeking personalized math education.
- Segmentation: By age group, learning level, and specific needs (e.g., struggling learners, gifted learners).
Brand Positioning:
- Value proposition: Smartick offers personalized, adaptive math learning that helps children achieve their full potential.
- Unique selling proposition (USP): Smartick's personalized learning approach, backed by research and proven results, sets it apart from competitors.
4. Recommendations
Marketing Strategy:
1. Content Marketing and Thought Leadership:
- Blog: Create a blog with informative articles, tips, and resources for parents on math education, personalized learning, and child development.
- White papers: Develop white papers that showcase research on the effectiveness of Smartick's program and the benefits of personalized learning.
- Webinars: Host webinars for parents on topics related to math education, featuring experts and testimonials from parents who have used Smartick.
- Social media: Engage with parents on social media platforms like Facebook, Instagram, and Twitter, sharing educational content, success stories, and behind-the-scenes insights.
2. Targeted Advertising:
- Search engine marketing (SEM): Target keywords related to math education, personalized learning, and children's education.
- Social media advertising: Utilize Facebook, Instagram, and other platforms to target parents based on demographics, interests, and online behavior.
- Display advertising: Place ads on websites and apps frequented by parents of young children.
3. Community Building:
- Online forum: Create an online forum where parents can connect, share experiences, and ask questions.
- Parent ambassador program: Recruit parents who have had positive experiences with Smartick to act as ambassadors and share their stories.
- Partnerships: Collaborate with schools, educational institutions, and other organizations to reach a wider audience.
4. Free Trial Optimization:
- Personalized onboarding: Provide a tailored onboarding experience for free trial users, highlighting the unique features and benefits of Smartick.
- Targeted messaging: Use data analytics to identify users who are most likely to convert and send them personalized messages.
- Limited-time offer: Offer a limited-time discount or free trial extension to incentivize users to subscribe.
5. Pricing Strategy:
- Flexible subscription options: Offer different subscription plans to cater to various budgets and needs.
- Free trial extension: Reward users who complete the free trial with an extended trial period.
- Referral program: Offer discounts or free months to users who refer new subscribers.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Smartick's competitive landscape, target audience, and strengths and weaknesses. They are designed to:
- Leverage Smartick's unique value proposition: Focus on the personalized learning approach and proven results.
- Increase brand awareness and reach: Utilize a multi-channel marketing strategy to reach a wider audience.
- Convert free trial users: Optimize the free trial experience and incentivize users to subscribe.
- Build a strong brand community: Create a sense of community among parents and users.
Assumptions:
- Parents are willing to pay for a proven, personalized learning solution that demonstrably improves their children's math skills.
- Smartick can effectively utilize digital marketing channels to reach its target audience.
- The EdTech market will continue to grow, creating opportunities for Smartick to expand its reach.
6. Conclusion
Smartick has a strong foundation for success in the EdTech market. By implementing a comprehensive marketing strategy that leverages its unique value proposition, builds a strong brand community, and converts free trial users into paying subscribers, Smartick can achieve significant growth and become a leading provider of personalized math education.
7. Discussion
Alternatives:
- Focusing solely on free resources: This could lead to a larger user base but would not generate revenue.
- Adopting a more aggressive pricing strategy: This could alienate price-sensitive customers.
Risks:
- Competition from free resources: Khan Academy and other free platforms could continue to pose a threat.
- Economic downturn: A recession could impact parents' willingness to pay for educational programs.
- Ineffective marketing campaigns: If the marketing campaigns are not well-targeted or executed, they may not be successful in converting free trial users.
Key Assumptions:
- Parents are willing to pay for a proven, personalized learning solution.
- Smartick can effectively utilize digital marketing channels to reach its target audience.
- The EdTech market will continue to grow.
8. Next Steps
Timeline:
- Month 1: Develop and launch the content marketing strategy.
- Month 2: Implement targeted advertising campaigns.
- Month 3: Launch the online forum and parent ambassador program.
- Month 4: Optimize the free trial experience and introduce new pricing options.
- Month 5: Monitor results and adjust the marketing strategy as needed.
Key Milestones:
- Increase website traffic and social media engagement.
- Generate leads and convert free trial users into paying subscribers.
- Build a strong brand community and positive word-of-mouth.
- Achieve a positive return on marketing investment (ROMI).
By taking these steps, Smartick can effectively convert free users into paying subscribers and achieve sustainable growth in the competitive EdTech market.
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Case Description
The case describes how Spanish entrepreneurs Daniel González de Vega and Javier Arroyo founded Smartick with the aim of tackling the poor level of math education in their native Spain. Smartick is a self-financed enterprise that combines social impact with profitability. The two entrepreneurs are up against stiff competition, notably from the education giant Khan Academy, who not only has major financial backing but also offers its service free of charge. After two years of developing and testing a mix of the leading offline methods and state-of-the-art web-based technologies, Smartick is ready to make a big push into the after-school math learning space. Javier and Daniel are mulling over three options for their long-term marketing strategy. They are looking to segment the market and find the right segment to implement the strong brand positioning necessary to impact Spain's math education culture and society. The three options are to focus on B2B through schools, a combination of B2B and B2C, and a B2C-only approach. They must also decide on a pricing model and a communication strategy.
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