Archive for the ‘Research’ category

What do prospective students love about your college? Hint: it probably isn’t what you think.

May 29th, 2014

Many people, when shopping to buy a home, will look at several very similar houses – in similar neighborhoods with features that are very much alike – and this makes sense because most people have some idea of what they want and then start looking.

But often, even though the houses are so similar, the decision comes easy, because there is just something about that one home that says “this is it.” And the “it” can be highly individualized.

Excited future college student

Why do the “buyers” (applicants/students) get EXCITED about your college? And why should you spend some time figuring this out?  The data from our recent co-sponsored study “Your Value Proposition: How prospective students and parents perceive value and select colleges” gave us some very valuable insight into excitement and the role it plays in enrollment.

About 75 percent of those surveyed in the study said they would reconsider a college they initially thought was too expensive if the college could demonstrate greater value.

Interesting, right? But what really got our attention were the answers to the second part of that question, when students and parents told us what value a college could offer to make the investment worthwhile. Those answers, it turned out, showed that there is a distinct disconnect between what colleges think applicants value and what applicants actually value.

And all of this is very important, or should be, to college enrollment and marketing managers, because what students value is also what gets them excited about your college. And excitement is what gets students enrolled and in the seats.

We addressed this concept of excitement and how important it is in a recent blog post. Briefly, to recap, we discussed how perceived value has three components: quality, cost and excitement about attending. All are important, but all do not have equal weight in the college decision process. Excitement about attending is most strongly related to likelihood of enrollment. Get students excited and you will likely have them as your students.

So back to this idea of what, exactly will get students excited and how it is so crucial to know what to communicate to potential students.

Colleges might spend a lot of time and effort, for example, telling applicants and families that their four-year graduation rate is exemplary and job and graduate school placement rates are very high. But most of the time, we found, students do not get emotional about outcomes. It is something else. And emotions drive decisions.

Longmire and Company recently conducted several focus groups on college campuses to explore this issue of when and how the emotional commitment to a specific college occurs. Students were able to tell us the exact moment in time that the light went on for them and they knew a specific college was right for them. They were able to tell us their surroundings, the people they were with, the time of day, the weather, what was happening, what was said, who said it, and many other things in startling detail. It was a moment in time frozen in their memory.

Listening and watching these students recall their experiences in the focus groups was fascinating. And highly instructive. It revealed that much of what we are doing to generate student excitement is, in fact, not doing so at all. Further, some of the things we do actually turn prospective students off and we don’t even know it.

Finding out what your prospective students find exciting is so important, we believe, you absolutely must take the time and effort to extract this from them. Then use what you learn to talk up a variety of values through every communications channel, painting a clear and broad picture of who you are and putting students in the environment to experience it firsthand.

We’ve discussed this before, but it bears repeating because it is so important: enrollment managers must take a student-centric approach to recruiting and know that it isn’t about the college, it is about the student. Ask students what they value – what will get them excited about your school – in your personal conversations with them. Tell them how your college offers what they value, build their excitement about attending.

We work frequently with colleges, helping admissions professionals change their focus to the student, in our Interactive Training Workshops. This training is invaluable to many colleges in re-tooling their recruitment processes so that students get the information and experiences that truly interest and excite them. We are more than happy to share our process with you. Just give us a call at (913) 492-1265.

Your students want help managing expenses. Will you provide it?

April 15th, 2014

At Longmire and Company, we know a huge opportunity when we see one.

From our recent co-sponsored study on value, this was obvious: parents and students want help in managing ALL of the expenses associated with college. And any college that offers this assistance will definitely stand out from the pack in terms of its overall perceived value.

In the study, Your Value Proposition: How prospective students and parents perceive value and select colleges in the current economy, we asked students and parents if they would find an annual expense management service helpful.

Tablets-on-dollars_300x200More than 80 percent of the students and parents said they would find it appealing (47 percent said “very appealing”). They see it as a value added service that makes a college more attractive.

Now, for the opportunity – only 20% of students and parents said that colleges specifically addressed how they would maximize their time and investment as a student. Only 34% said they were highly confident they had accurately estimated the true and complete cost of their first year in college (including tuition, books, fees, living expenses, travel and all other associated expenses).

You might think you are already imparting cost information to your students. Surely, your applicants know what the “fixed” expenses are going to be for their education. They know what tuition, stated fees, housing and books will cost.

But we all know that there are many, many other expenses associated with the complete cost of college. Students and parents need help managing all of the unknowns, and here are just a few:

–          How much will food cost, if they live off campus, for example?

–          How much will extra food cost if the student lives on campus, for that matter?

–          What are some resources for buying books at a discount?

–          How will student trips to and from home (and the frequency of those trips) drive up costs?

–          If students regularly drop classes, how is that going to change their total expense picture?

–          How accurately are students estimating their light, gas and water bills if they live off campus?

–          What are some of the ways students can live more frugally?

Some colleges we are working with have decided in just the past couple of years to rise to this expense planning challenge and actually add staff to assist students and families. These staffers are available to expense checkups and are available for all kinds of questions. This has had huge impact on the perception of value for those institutions. It makes sense. Students and parents know that many colleges provide health centers to care for students when they get sick. Why wouldn’t they provide financial health centers to help them conserve the limited resource of their money.

Other colleges we work with know their students want this and believe it would be valuable, but they have hesitated because they don’t have the staff or even the physical space for another service. We believe that even with these obstacles, colleges can offer some expense planning help. A simple planning tool in the form of a spreadsheet sent to students and parents at initial enrollment and then annually is very helpful.

And without reinventing the wheel, there are many resources available to colleges from their communities, including local information on housing and utility costs. Many community food banks offer information on meal planning/budgeting and colleges could make this available as well.

However you might provide it, expense management information would be helpful, welcome and valuable to students, and it is definitely worth a look.

Know Where and How to Control Your Perceived Value

March 24th, 2014

“We need more enrollments,” says the college president or chief financial officer or take your pick. No problem, you may be thinking, in light of the fact that tuition has been raised – again – and there are areas of the institution that are in need of let’s say “enhancement in quality.” What’s an enrollment manager to do? Information from our recent national study provides the answer.

StreetSign_300x183The perceived value that a student attaches to your institution correlates strongly with his or her likelihood of enrollment. Perceived value has three components: perceived quality, cost and excitement about attending. A change in any one will impact your total perceived value score which, in turn, impacts enrollment.

The perceived quality of a college may be more or less important from student to student although it may be safely assumed that it is universally important. Cost is also important. These two factors, however, do not have as strong an influence on enrollment as does the student’s excitement about attending the college. Students may find colleges of higher perceived quality and lower cost than others under consideration but if their level of excitement about attending is low then they are significantly less likely to enroll.

Of the three components, cost is likely to be the hardest for a college to change. Its published sticker price may be flexible through discounting but in all likelihood tuition will continue to rise.

Real and perceived qualities are changeable. However, both take time, require internal collaboration, and demand adequate resources.

The single component in the value score that is most flexible and impacting on enrollment growth is student excitement about attending. It is more strongly correlated to enrollment – by a factor of two – than either cost or perceived quality. This was one of several surprising findings revealed in Longmire and Company’s latest nationally co-sponsored study, “Your Value Proposition: How prospective students and parents perceive and select colleges.” Click here to download a copy of the report.

Generating excitement is a multi-dimensional process and should involve everyone on campus. It may entail building and communicating a brand that attracts individuals with similar interests, putting students in the company of others with similar passions, providing opportunities to work closely with faculty, offering prompt and attentive customer service, having a unique energy and atmosphere on campus, and any number of other attributes that strike an emotional chord with a student and parent.

Creating excitement is in the wheelhouse (or should be) of the admission office and admission counselors. However, many people working in admissions don’t know how to create the level of excitement that it takes to win an emotional commitment from the student that will lead to enrollment. This problem usually arises because the department or counselor spends too much time selling the institution rather than trying to understand what the student sees and feels as being valuable.

The answer to increasing enrollment in the face of tuition and quality challenges lies in taking an entirely student-centric approach to recruiting where the admission office and counselors realize that “it’s not about the institution – it’s about the student.”  This is powerful when put into practice. Through our Interactive Training Workshops for counselors, we spend a great deal of time changing the focus of admission counselors. We see their transformation and improvements in productivity. Most importantly, we see changes in the recruiting process that exposes students to the information and experiences that truly interest and excite them.

An Unexpected Paradigm Shift

March 5th, 2014

Report-Cover-Value-Proposition-Study_216x259

Talk about a surprise. We had just concluded data collection and were beginning the analysis on Longmire and Company’s latest national co-sponsored study. This one dealt with “the value proposition” and examined how prospective students and parents form their value perceptions and select colleges in the current economy. In the study, we were interested in quantifying the value that students and parents attach to higher education in general and, more specifically, to the colleges they were most seriously considering for Fall 2013.

Based on the rising cost of higher education, the increasing frequency of media reports on the topic, and the discussions of industry insiders, we expected the data to show that a paradigm shift had indeed taken place and that “outcomes” would be revealed as a primary driver of college selection. Not so.

The data revealed that students and parents are selecting colleges in much the same way as they have in the past. They are most concerned about what life will be like when they step on campus on the first day of the first semester. At that point, they are much less concerned about what their life will look like four, five, or six years down the road. In truth, many students enter college having no clue about what to study. And among those who do a sizable percentage will change majors at least once during their time in college. The study revealed that less than one-third of students enrolling in the Fall of 2013 said that the expectation of salary after graduation played an extremely important role in their college selection decision.

So, what do students and parents value most when selecting a college? The study did a deep dive on this. It’s critical to recognize from the outset that the determination of value is highly personal. A commonly held belief founded on much research and testing suggests that people arrive at a perception of value through a mix of three components: the perception of the quality of the product or service, the cost to own it and its return, and the excitement about having and using it. The weight of each component is inherently equal and changed only when put through the blender of the human decision-making process. Taken together, these three components add up to a total value perception. We believe this process of value perception formation and decision-making applies perfectly to higher education.

A thorough analysis of the data from this study (over 7,400 responses were collected nationwide) shows that an overall value perception score has a strong positive correlation to likelihood of enrollment. So does each component by itself. That’s not shocking. What we found most interesting is that the student’s excitement about attending the college is much more strongly correlated to likelihood of enrollment (by a factor of two) than is cost or perceived quality of the institution.

The study found that approximately 70% of parents and students bound for four-year colleges say they would reconsider a college that they initially believed to be too expensive if it could demonstrate greater value. When asked to specify in their own words the added value that would be required to mitigate the additional cost, most suggested added values that had nothing to do with money.

No doubt, the cost of higher education has risen dramatically for more than a decade. It seems logical that colleges would attempt to soften the public and political criticism by more effectively communicating value delivery. Unfortunately, this is not happening. Most importantly, it is not happening in the conversations between colleges and the students they are attempting to recruit. Only about 20% of students and parents recall having any conversation in which the college they were most seriously considering explicitly addressed how the college planned to maximize their time and investment as a student there. Just one-half of students and parents indicated that they were “very confident” that the money they will spend the first year of college will be worth it.

We will address the findings and implications from this national study of value and value perception in upcoming blog posts.

Report-Cover-Value-Proposition-Study_170x170To download “The Value Proposition” report or copies of our previous national co-sponsored studies, click here.