Versions of Conversion

A blog on managing enrollment and yield

Archive for March, 2015

Yield Enhancement Series: The Final Push – Find Your Unique Selling Proposition

March 11th, 2015

[This is Part 3 of the Yield Enhancement Series: The Final Push, offering actionable and effective strategies for the closing weeks of the yield season.]

Admissions teams across the country are in the midst of their most exciting, and yes, most stressful, time of year. Every communication you have with a prospective student right now could be the ONE that seals the deal.

No pressure, right? Consider this your review before the final exam. Here are a few key insights (backed by extensive research) that will help you frame the conversations you are having with the students in your admit pool in a more compelling way and help you win more enrollments.

First, get rid of assumptions. “I am going to cross Brandon off my list because he made it clear that he couldn’t afford us unless he got more financial aid,” or “Jessica’s mother told me that she wants her daughter to commit to XYZ University because we are just too costly.”

Not so fast. Before you give up on Brandon and Jessica consider this: As important as the issue of cost is in the college decision process, it may not be the driving force you have assumed it is. Actually, less than 27% of the students in our current “Excitement Factor” study (with over 13,000 participants) considered cost to be the overriding factor in their ultimate college selection.

Plus, 70% of students and parents told us they would reconsider a college they originally thought to be too expensive if it can demonstrate greater value. (See our report Your Value Proposition: How prospective students and parents perceive value and select colleges.)

We know with certainty, through our research and providing counselor training workshops on college campuses across the country, that Brandon and Jessica (and every other student in your pool who has expressed cost sensitivity) represent an opportunity for you to demonstrate your school’s unique value proposition. But first you have to define it. From the perspective of the student and parent. Not yours!

I am willing to bet that you can list 20-plus outstanding attributes about your college right now. Reasons why someone should come to your school. If so, good job.

The problem is: the students and parents you are talking to are hearing the exact same thing from every other college they are considering. That is the bitter truth!

To differentiate your college you must pinpoint the attributes that are unique to your school. It’s not just what you have in the way of programs, facilities and people. It’s what your institution believes in. It’s the type of students your institution attracts. It’s the type of experience you offer that is unavailable anywhere else.

Try this exercise. It will bring focus to your ability to distinguish your institution from all others. Make a list of all of the things you say about your college and all of the reasons you think a student would find your school attractive. Now, look at each item on your list and ask yourself, “Are my prospective students hearing the same thing from any other college?” Be brutally honest.

If you think other colleges are likely to be saying the same thing that you’re saying about yourself, then cross it off your list. At the end of the exercise count how many items you have left.

We frequently do this exercise in our Interactive Counselor Training Workshops on college campuses all over the country. I can tell you that, in most cases, the big list of “reasons why to attend” gets whittled down to nothing. Then, we challenge the counselors to identify the beliefs, culture and characteristics that are genuinely special about their school.

By forcing yourself to go through this very introspective process you will have discovered what truly makes you exceptional among the many choices available to prospective students.

I guarantee that in many ways your college is truly distinctive. Identifying those attributes allows you to have focused and engaging conversations with the students in your pool.

At this stage of the cycle, every conversation should include a highly-personalized discussion of the value you provide, matching your college’s unique attributes to what is most interesting and exciting to that student. This is your opportunity to demonstrate how your value delivery outweighs your cost.

We help colleges and universities with their recruiting efforts every day, especially now during yield season. If I can help you, please let me know.

Continue the conversation on Twitter @LongmireCo. For more information about Longmire and Company’s Interactive Counselor Training Program, click here. Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information

Rick Montgomery is as an Enrollment Strategist at Longmire and Company. With over 20 years in higher education marketing, he brings an innovative and dynamic approach to helping colleges and universities meet their enrollment goals. Rick can be reached at 913/492.1265 x.708 or via email at rmontgomery@longmire-co.com.

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Posted in Behavior, Closing the Sale, Conversion and Yield, Counselor Training, Research, Your Value Proposition

Tags: admission counselor training admissions admissions counselors admissions customer service admissions success brand management college admissions college branding college enrollment college presidents college recruiting college recruitment cost of college customer service training enrollment management finding the right college fit higher ed higher education branding higher education marketing higher education strategies higher education value staff training value proposition yield enhancement

Yield Enhancement Series: The Final Push – Value Can Trump Cost

March 9th, 2015

[This is Part 2 of the Yield Enhancement Series: The Final Push, offering actionable and effective strategies for the closing weeks of the yield season.]

We have pulled some hard data from our recent nationwide study, Your Value Proposition: How prospective students and parents perceive value and select colleges to provide you with some strategies that you can implement today to increase your yield. In this particular study, over 7,000 students and parents discussed the various influences that impacted their college selection decision. Yield-Enhancement-Series

As admissions professionals, we know that parents often play a large role in influencing college selection, especially when it comes to the issue of cost. In some cases we assume (correctly or not) that the parent(s) will be the final decision-maker. However, when we asked both students and parents, “Who had more influence in the final selection of a college (parent or student)?” both groups agreed: The student had more influence. Significantly more. Parents want their child to be happy and successful. In the final analysis, they’ll pay for that.

Just what exactly are our prospective students and their parents considering when they check out your college? In spite of what the media tells us, students and parents are making their college selection decisions based less on outcomes four or five years down the line and more on what they will experience immediately when they step on campus. Job placement after graduation, for example, ranks fifth on the list of things most important to students and parents in selecting a college. It ranks behind academic quality, availability of specific programs and majors, cost of attending, and their feelings about the campus and students.

Only about one-quarter of students indicate that salary after graduation plays an “extremely important” role in their college selection decision. This attitude is pervasive among all students, regardless of intended course of study.

If you are looking for a way to distinguish your college from others, take note: Engaging in a detailed and highly personal discussion of value will set you apart.

Shockingly, only 2 in 10 students and parents say that the college they most seriously considered addressed how it plans to maximize the value received over the course of the student’s time there.

The lesson here: More explicit discussions of value and value expectation should take place between prospective students, parents and the colleges they are considering. Admissions counselors, financial aid staff, and even faculty should have conversations with students and parents regarding the value they desire and expect to get from the colleges they are considering.

Add value by helping estimate and manage all costs associated with going to college.

Just 34% of students and parents say they are “extremely confident” that they have accurately estimated the complete cost associated with their first year of college. The ideal would be a much higher percentage given that it may be one of the largest expenses, if not the single largest, incurred by the family in a single year.

It is clear, though, that nearly all want help from colleges not only to estimate their costs but also to manage their expenses while attending.

Colleges can help. Students and parents want that help. Over 80% say they would find it appealing (50% say “very appealing”) if colleges offered an annual service to help them estimate and manage their educational and personal expenses associated with attending college.

Developing this service adds value. It can lower what is viewed as the “cost of college.” Some colleges are doing it now and it reflects a high level of service.

Value can trump cost. Engage in a detailed and highly personal discussion of value with every one of the students in your admit pool. Guide them to available resources to help estimate and manage their costs. And, above all, paint a picture that excites them about their future on your campus.

We are helping colleges with their recruiting efforts every day, especially now during yield season. If I can help you, please call or shoot me an email.

Karen Full pic Karen Full is a highly-respected higher education professional who has held positions in admissions and enrollment management at several institutions in the Midwest and Florida. With her vast experience working with large and small, public and private colleges, Karen brings a valuable perspective to her role as an Enrollment Strategist at Longmire and Company. Call Karen at 913/492.1265 x.711 or email her at kfull@longmire-co.com. Follow Karen on Twitter @KarenAFull.

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Posted in Closing the Sale, Conversion and Yield, Counselor Training, Customer service, Parents, Your Value Proposition

Yield Enhancement Series: The Final Push – Overcoming the “Cost Conundrum”

March 4th, 2015

[This is Part 1 of the Yield Enhancement Series: The Final Push, offering actionable and effective strategies for the closing weeks of the yield season.]

There is no better time than right now to consider these key points for sealing the deal with prospective students and parents. A review of findings from our nationwide study, Your Value Proposition: How prospective students and parents perceive value and select colleges provides essential insights you can use today to frame more meaningful conversations with the students in your admit pool.

Cost isn’t always a deal breaker.

Here is a dilemma: In spite of your best efforts and the diligence of your financial aid office, some of your admitted students don’t qualify for as much as they hoped and/or needed. Are you going to lose them to a lesser priced alternative? Not necessarily.

Yes, cost is a factor, an important one, in the college decision process. But it may not be the driving force you have assumed it is. Actually, less than 27% of the students in our current “Excitement Factor” study (with over 13,000 participants) considered cost to be the overriding factor in their ultimate college selection.

Of the three primary drivers of college selection (cost, perceived quality of the institution and the student’s excitement about attending) we found that excitement about attending is much more strongly correlated to likelihood of enrollment than the other two factors. And by “much more” I mean TWICE as much.

From “too expensive” to “totally worth it!”

Even though a student or parent may initially view a college as being “too expensive,” 70% would be likely (25% very likely) to reconsider the college if it can demonstrate greater value. When asked to identify the added value that would be required, numerous students and parents mentioned a scholarship or other financial incentive. However, the majority mentioned added values that are non-monetary such as “greater opportunities,” “job placement,” “better internships,” “superior academics,” and other factors that would make their time at college more enriching, rewarding and enjoyable. Presenting your own college’s unique value proposition in a way that resonates with an individual student is key to overcoming the cost conundrum.

The important conversation colleges are not having.

For most students, colleges are not engaging in a conversation with them prior to enrollment in which the student’s expected or desired value is explicitly discussed. Only 2 in 10 study respondents recall having a discussion with the college about obtaining the highest value from their time and investment. When asked how colleges can best communicate their value, students and parents give widely varying suggestions, indicating that a highly personalized approach is necessary.
The road to graduation is long and has many twists and turns and it all begins with the decision students are making right now. Your challenge is to remain fully and continually connected with them in order to provide the highest level of personal service in all areas that will influence their realization of the full value your college provides.

We are helping colleges with their recruiting efforts every day, especially now during yield season. If I can help you please call or shoot me an email.

Continue the conversation on Twitter @LongmireCo. For more information about Longmire and Company’s Interactive Counselor Training Program, click here. Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.

Karen Full is a highly-respected higher education professional who has held positions in admissions and enrollment management at several institutions in the Midwest and Florida. With her vast experience working with large and small, public and private colleges, Karen brings a valuable perspective to her role as an Enrollment Strategist at Longmire and Company. Call Karen at 913/492.1265 x.711 or email her at kfull@longmire-co.com. Follow Karen on Twitter @KarenAFull.

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Posted in Behavior, Closing the Sale, Conversion and Yield, Parents

Tags: admission counselor training admissions admissions customer service admissions success brand management college admissions college presidents college recruitment higher education branding higher education marketing higher education strategies higher education value longmire longmire and company Longmire and Company study staff training value proposition yield enhancement

Yield Enhancement Series: This “Tune-up” Preps Your Team for Success

March 2nd, 2015

In the world of college admissions, the next few weeks are critical. By the end of April, just eight short weeks from now, nearly 80% of college-bound students will have made an emotional commitment to the college of their choice. Is your team ready for the work ahead? Yield-Enhancement-Series

Sure, they have traveled to dozens of high schools, met with thousands of prospective students and read a mind-numbing number of applications and essays, but are they truly ready to perform at their highest level during what is arguably the most crucial point in the college selection cycle?

If you think you, or your team, could use a “tune-up,” consider these three key points:

Time for a Goal Check-up

The most accomplished college admissions teams set goals and develop the strategies and action items that will help to achieve those goals. Most likely, this is something you did many months ago, but have you revisited them lately? Do you need to revise some of your strategies?

Top-performing admissions professionals clearly define their goals and metrics and they measure their performance. Regularly. Doing so enables them to see what is working and what is not, so that they can make positive changes for greater success.

Own it!

Highly-effective admissions professionals recognize that they have a huge impact on the financial well-being of the institution. As a member of the admissions team, you have a significant responsibility whether you are a counselor, an admissions support person, or the person who greets prospective students and parents at the front door in order to make a great first impression.

Your role can be compared to that of any entrepreneur in a start-up or well established company. Your responsibilities and input, like theirs, significantly influences the success and revenue of your college. Each and every day your accomplishments and the choices you make have a considerable impact.

We have found that the most successful admissions teams are comprised of people who take an entrepreneurial approach to their jobs. Regardless of their position, or their territory, or the pool of students they are responsible for, they approach their jobs as though they are building a business. They “own it.”

Like any entrepreneur, you should keep your antenna up to spot trends in the marketplace and know your unique place in that market. You have to effectively manage your time – the most valuable resource you have – to make sure it’s being allocated to deliver the best possible return. You have to constantly look for “better ways” and not be afraid to apply them to your process or suggest them to the team. You have to constantly develop yourself professionally. Read. Share ideas. Embrace new ways of doing things.

“Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do it.” — Lou Holtz

This is probably the most demanding time of year for admissions professionals. On one hand, you may be feeling more than a little stressed and overworked, and you may well be running on adrenaline. On the other, you are enthusiastic about your college and are driven to accomplish your goals. The right attitude will make all the difference in how successful you are in the coming weeks. And, since attitude tends to be “contagious,” you will also be influencing your entire department.

We talked about how important your role is to your college, but equally important is your role to the students you serve. When you need a little attitude-adjustment, just remember this: Helping a student find the right college fit can be life-changing for him or her. You make that happen!

Continue the conversation on Twitter @LongmireCo. Need more yield strategies? Talk to us about our Yield Enhancement (YES) tools. For more information about Longmire and Company’s Interactive Counselor Training Program, click here. Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.

Bob Longmire is President of Longmire and Company, Inc. He is a recognized expert on the topic of how prospective students and parents form their college selection decisions – and how colleges can use that knowledge to grow and control their enrollment. He can be reached at (913) 492-1265, ext 709 or at blongmire@longmire-co.com.