[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.
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.
