Every CFO’s dilemma: how much discounting do we have to do to fill our classes?
But before you get there, it is the Enrollment Management team’s job to answer a few other questions:
- To whom do we market? (this takes us from suspect to application)
- Whom do we accept? (this takes us from applicant to accepted pool)
- And now we turn to the CFO and financial aid team to answer, “How much do we award them?” (this takes us from accepted to tuition-paying)
The Intead team is hyper-focused on question number 1 in ways that others in the student marketing world seem to miss or oversimplify. Zip code and IPEDS analyses will tell you that there are roughly 250K families in the US able to afford tuition bills of $30K or more. And that pool is shrinking as the Chronicle of Higher Ed and industry analysts consistently remind us. The fear of 2025 is growing!
Private institutions have faced, and will continue to face, a world of trouble in the years ahead. If you are not clear about what makes your institution highly valuable to your target audience (and no, the answer is not, “we provide a personalized level of attention to our students”), then your classrooms and dorms are going to look sparser. Those doubles you converted to triples will be double again.
And for other institutions, those with lower price points, there are significant headwinds in terms of how students and parents are evaluating your value as well. Competition will continue to grow.
We'll be talking about all of this at #NAFSA2022 in Denver in just 5 weeks. Please be in touch to set up a meeting or join us for one of our four interactive NAFSA presentations where we are honored to share the dais with our colleagues from Benedict College, San Diego State University, Clark University, Northeastern University, CIEE, ICEF, and GNET.
With this post we share our concern, and it should be yours as well, that the marketing agencies offering enrollment/recruitment services for so many institutions are taking their marketing plans from their most recent client and applying them to the next one that comes in the door.
Literally, some of them are simply slapping your logo on the marketing plan they delivered to the client that came before you and selling it to you as something unique and fresh. They are that cynical about their own work and what you are doing on your campus.🙄
Read on for tips on how to frame the pertinent questions and approach the answers for your institution. While the framework has common elements for all, the resulting marketing plan must be different based on your specific institution type, location, ranking and academic strengths, tuition, culture, etc.
Your student enrollment marketing must focus on what makes you, you.
We’re here to say very loudly: rinse and repeat is not the answer.Read More