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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.]

Yield-Enhancement-SeriesThere 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!”

Likely_To_ReconsiderEven 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.
Maximize_ValueThe 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 picKaren 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

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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 Holtzhttp://www.dreamstime.com/stock-image-attitude-everything-motivational-slogan-napkin-cup-coffee-image33799871

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.

RHL_Photo_100x100Bob 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.

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Posted in Behavior, Closing the Sale, Conversion and Yield, Counselor Training, Organizational development

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Yield Enhancement Series: Do the Students in Your Admit Pool Know Your Name?

February 25th, 2015

Ask yourself this: Do the students in my admit pool know me by name?

If you confidently answered “YES,” congratulations! You have most likely established a relationship with each of the students you are hoping to enroll. If, like many admissions counselors, the answer to that question is “no,” or “I don’t know,” you have some work to do.

I know you are thinking: “But I have 250, 500, 2500 (insert your number here) students in my admit pool! How can I be expected to know every one of them?” Most likely, if you were given a few minutes to pull your files and review your notes, you would be able to offer a synopsis of any one of those admitted students.   And, no matter how many students you are working with, there are some that stand out so distinctly that you could rattle their names and stats off the top of your head.Yield-Enhancement-Series

But, is your name on their minds? You may have dozens or hundreds of names to track, but the typical prospective student will only have a handful.

Right now, you are the face of your college or university to the students in your admit pool. Successful admission professionals know that developing a connection with a student can greatly increase his or her commitment to the college and improve the likelihood of enrollment. In the midst of yield season, they know that strengthening that bond is crucial.

Want proof of the importance of your personal relationship with a student? Consider this: In our most recent nationally co-sponsored study, The Excitement Factor, we asked 12,000 college-bound students if the colleges they were considering had taken a personal interest in them at any point in the recruiting process. The response was shocking. Two-thirds said “No” or “Don’t Remember” and in our view “Don’t remember” is the same as “No.” (If you want a copy of the full report when it’s released, just click here.)Personal_Interest_460x287

I have spent over 20 years in the higher education field, and have experienced firsthand the joys of helping students find their perfect fit. One of those special connections happened when I was an admissions director during a particularly challenging yield season.

It was a warm spring day when a woman walked into our offices with a giant smile on her face and a gorgeous, gourmet chocolate cheesecake in her arms. After introducing herself as the mother of a newly-enrolled student, she asked to speak to Julie, one of our superstar admissions counselors. As she presented Julie with the cheesecake she said, “I just want to thank you and your staff for helping my son through the admission’s process. He has officially enrolled and we are all so excited for him!” She explained that they had initially found the entire process to be overwhelming but “you were so patient and responsive that it took a lot of the stress off of us. Every single person that Brandon came into contact with here was so kind and helpful. It made the decision so much easier,” she added.

In case you are wondering, that chocolate cheesecake was delicious but not nearly as sweet as the taste of success our whole team felt that day.

If I can help you with your recruiting efforts in any way, please feel free to call or email me. I would love to talk to you about our powerful and effective Yield Enhancement System (YES). My contact information is at the bottom of this post.

Continue the conversation on Twitter @LongmireCo.  Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.

Karen Full picKaren 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

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Yield Enhancement Series: Is Your Admission Team Primed for Success?

February 16th, 2015

You know that you are in the heart of the most critical period of the recruitment cycle. Over the next few weeks roughly 60% of your prospect pool will make an emotional commitment to either your college or another. You have already invested months (or years) working toward building the best possible incoming class of 2015 freshmen and, if you are like most admission professionals, you have steep enrollment goals to achieve.Yield-Enhancement-Series

Now, ask yourself this: Is my team primed for success?

If you answered with a resounding “YES,” you are probably in the company of only 5% of admission professionals that reported that they “were not at all concerned” about making their class for 2015. According to its September 2014 Higher Education Outlook Survey, KPMG reported that 85% of higher education leaders are either “very” or “somewhat” concerned about maintaining enrollment levels—a 14% increase from the 2013 report.

Here are things that any institution can begin doing tomorrow to improve the functioning and production of the admissions department: Identify the strengths of each and every member of the department, fully align their tasks with those strengths, and lead them with an understanding of how someone with their strengths is most productive.

http://www.dreamstime.com/stock-photography-time-now-motivational-reminder-green-sticky-note-image31832382All too often enrollment and admission managers wait too long to act on this. There is no reason you have to wait. When generals are in the heat of battle, or football coaches in the third quarter, they take stock of who the players are and put them in a position which will most benefit the team.

While this may sound simple in concept, it requires a radical change in thinking on the part of many organizations. They work more on trying to fix a department member’s weaknesses than maximizing their strengths.

When we work with enrollment management departments we use a similar model to enhance productivity. You would be amazed at the results achieved when people are allowed to discover and play to their strong suits. Gallup Press published a pair of books on this topic called Strengths-Based Leadership and Strengths Finder 2.0. I highly recommend them. The information and guidance can be put to immediate use.

In our Interactive Training Workshops for admission counselors, we see team members revitalized by the commitment that their leadership has made by investing in their future with professional development. At this point in the recruiting cycle our clients often see the training as a way to inject some sanity and organization at a time that is fraught with varying degrees of chaos and pressure.

Now, when you need your team to be performing at the highest possible level, is the ideal time to energize and organize them with a focused training program.

Consider this: the admissions department is responsible for the bulk of a college’s annual revenue. For state supported colleges, the percentage of total revenue generated through tuition may be well over 60%. For privates, it’s often 80% or more. Investing in the people who are responsible for generating interest among prospective students, managing the “sales” process and “closing the sale” offers the greatest possible return on investment.

We see it work every day: Hire the right people, put them in roles that let their strengths shine through, and give them the proper training and tools so they can populate the institution with students who will be successful and committed to the institution long after graduation.

Continue the conversation on Twitter @LongmireCo.  Click this link for more information about Longmire and Company’s Yield Enhancement System (YES).

[Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.]

RHL_Photo_100x100Bob 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.

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Posted in Conversion and Yield, Counselor Training, Organizational development

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