The higher education industry is more complex and competitive than ever. Population dynamics are driving a steady decline in demand and COVID has introduced unprecedented instability, particularly among first time freshman.
When you couple these forces with a dramatic increase in supply, in the way of expanded online program offerings, an increasing number of colleges and universities are experiencing significant enrollment pressure.
So what is a marketer to do?
If you’re being asked to deliver growth amidst a shrinking market - like so many of us are these days - here’s one thing to keep in mind:
In a mature market, the only way to grow is to take marketshare from someone else
This isn’t to say that you need to invest all your marketing efforts into competitive conquesting, although that should be a subset of your strategy.
The truth is, the secret to taking marketshare from someone else is to be better than they are at marketing and enrollment.
Better creative captures more attention and drives incrementally more engagement, delivering a lower Cost Per Click
Better web experiences increase visitor to inquiry conversion rates, decreasing your Cost Per Inquiry
Better speed to lead increases contact rates, resulting in a lower Cost Per Transfer
Better enrollment operations yield a disproportionately higher volume of students at each status stage, culminating in a higher volume of new starts at a lower Cost Per Start
Why does this matter so much?
If you run a more efficient operation than your competitors, you can afford to pay more up front. When the majority of digital advertisers utilize bidding platforms, that is a massive competitive advantage.
Now here’s the rub…
This strategy isn’t sexy
But the reality is, in a mature market, there simply aren’t significant pockets of untapped opportunity.
As much as leadership may want to chase something shiny - something new - the truth is, a HyFlex-Competency Based-Micro Credential-Workforce Partnership-Coding Bootcamp isn’t go to save your Fall.
So if you’re being tasked with increasing enrollment in a mature market, here’s your honey hole:
Better is the only way
Editor’s Note:
This is the second newsletter from Kanahoma. Being as we’re new, if you like what you read, please don’t hesitate to like, comment, or share.
Also, please know, I’m actually quite inspired by the HyFlex movement, embrace competency based education, love the decoupling to micro credential, believe in workforce partnerships, and am bought-in on coding bootcamps. I just believe we too often get caught up in what’s new, rather than in fixing what’s broken.
Innovation is a long-term strategy, but to achieve it we need success in the short-term too.
Seth