Globally, the private tutoring market is projected to exceed $227 billion by 2022.1 Parents in Asian-Pacific countries, such as South Korea, spend the most on tutoring—a whopping 15% or more of their income.2 As a result, their students consistently test higher on international math assessments.
Can countries lacking catch up? Absolutely. Parents are turning to supplemental math education to boost their children’s grades, standardized test scores, and overall math competency.
Mathnasium is responding to increasing demand by expanding our global footprint, allowing us to serve more children in more neighborhoods than ever before.
Math is growing in importance; it hurts when students are not good at it.
Math teaches thinking skills and problem solving which will become increasingly vital in future work and daily life. This explains why so many students who are not good at math believe they have lower intelligence – and that’s sad because they are smarter than they think.
When it comes to achieving educational and career success, there is no greater impediment than the lack of belief in one’s own ability. It compromises a student’s ability to excel in any endeavor. Children are often humiliated and embarrassed when they are poor at math. As the importance of math increases, so does children’s emotional pain and this is driving parents to seek help.
Huge Demand + Weak Competition = Enormous Market Opportunity
Ideal market opportunities are not made from huge demand alone. There is enormous demand for consumer electronics, but that’s not reason enough to get into the consumer electronics business. Instead, ideal market opportunities are shaped by enormous demand not currently met by corresponding supply.
Ask a parent who is looking for a big screen TV for their family room if they know where to find one. Instantly they can name both online and large consumer electronics retailers – the list is long and predictable. But ask a parent where they can find valuable tutoring for their child and they won’t know. In a neighborhood that doesn’t have a Mathnasium center, the options are close to non-existent. Yet, the amount of money parents spend on supplemental education proves there is a demand for this service.
Despite modest expectations and frequently disappointing outcomes, they continue to invest in after-school instruction and programs. Why? Because they want the best for their children. Indeed, the most profound aspect of the human condition is the love a parent feels for their child.
“Math sense” is what matters most.
Millions of parents invest in providing their children with math tutoring, but there are millions more who don’t. It’s not because they love their children any less, but rather because they have been led to believe it doesn’t work. Perhaps the parents themselves never mastered math and assume that the child is just like him or her. Or maybe it’s the child’s attitude – the teacher says it’s horrible. “I’ve seen it myself,” says the parent. “Homework is a nightmare.” But despite all this, Mathnasium has proven time and again to make a positive impact.
Almost all students can excel in math if they receive the right instruction. Math is unlike music, art, dance or athletics. These pursuits may require specific talent for a person to excel. Math, on the other hand, does not require special wiring. Without a doubt, “math sense” can be taught.
Positive reviews equal positive results.
We all know the businesses that excel are those that provide better than expected customer service and experiences. These companies build brands and praiseworthy reputations to go along with them. Mathnasium centers are where countless success stories have taken place – seeing children progress, change their attitudes, increase their sense of value and, ultimately, develop a brighter outlook for the future. The results continue to lead parents to tell other parents and students to tell other students about all that Mathnasium has to offer.
- 1CLSA Asia-Pacific Markets