A Case for Value
As higher education deals with the barriers that prevent access and the competitive arena, a new variable, the pandemic, entered the stage and continues to thwart the process of enrollment. Wasn’t it enough that we had to strategize to overcome demographics, yet now we also have to overcome barriers while “selling” our programs virtually? For 25+ years, I have been convinced that showing families the value of your institution and what their child will gain with your degree is the single most important discussion for an admission counselor to pursue. Do your admission counselors seal the deal and close the sale with the value proposition?
Do they know how? And, if they do, what is their success rate? Who is tracking it? I have found that what we track improves over time.
Over half of families that apply to college admit that affordability is why they chose to go to your competitor. Before 2005, students enrolled at the “best school I can get into.” Now students go to the “school I can afford.” Since 2005, parents have had a growing preoccupation with college costs. Price sensitivity in recent student feedback is the most cited factor for attrition at colleges, as well. Half of all families, on average, can pay $15,000 per year.
If you take your admitted student pool and divide it in half (actually 48%), this population probably cannot afford your institution if their out-of-pocket expenses (including that Parent Plus Loan) is more than $15,000. Now, you have only 48% of your admitted applicant pool left for your admission counselors to enroll with their limited experience in “selling.” And, for how many is the gap greater than $15,000? Want the fix?
There are several things you can do.
Fix #1. Initially, you want to hire the most driven, high-energy, delightful admission counselors you can recruit. I am talking about people that genuinely want to talk to other people all day, every day.
Fix #2. You want to train them in how to sell the value proposition to diverse families. Training might take a coach and a whiteboard. Here is the thing. When I went to buy my BMW, I loved it so much that I did not care that the Toyota dealership was across the street. I had also owned a Toyota before and knew it to be very reliable and less expensive. I wanted the BMW and was willing to pay a little more because of the benefits. I perceived BMW’s value. You want your families to perceive your value based on the benefits.
The first compelling benefit that you must show every student is the outcome. You have to ensure that the student understands and believes and can see themselves in their new life – post-graduation. They have to know they will get a job, and not just any job but a job that they enjoy that will pay the bills and their student loan. The job needs to happen quickly, so if you do not have positive statistics for student outcome job success, you need to coach your career development team to develop partnerships for internships and increased possibilities of “careers after college.” My older son had two internships; he had a job before he walked across the graduation stage.
My younger son did not have any internships, and he had to make his path. Most students cannot envision making their path. Fortunately, he was an entrepreneur, and he is successful.
Ten years later, with the recession of 2009 and now the pandemic, it takes longer to create a career path.
Not all students can visualize what it takes. Your admission team and your career development offices need to work together to ensure the value is obvious. Then, they will be knocking down your door to enroll.