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Social Media Marketing for  Business Schools?
 

Social Media Marketing for Business Schools?

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Social Media marketing is becoming more important to business of all industries every day. ...

Social Media marketing is becoming more important to business of all industries every day.

This presentation speaks specifically to Universities and Graduate Business Schools.

My goal is to convince my audience of the importance of Social Media marketing in attracting prospective graduate students and explain how it can be used to gain (or keep) a competitive advantage over other Universities.

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Social Media Marketing for  Business Schools? Social Media Marketing for Business Schools? Presentation Transcript

  • Social Media Marketing for Business Schools? Erin M. Wiles Marketing Professional www.ErinWiles.com
  • Social Media marketing is becoming more important to business of all industries every day. This presentation speaks specifically to Universities and Graduate Business Schools. My goal is to convince my audience of the importance of Social Media marketing in attracting prospective graduate students and explain how it can be used to gain (or keep) a competitive advantage over other Universities.
  • Social Media Defined: “Activities, practices and behaviors among communities of people who gather online to share information, knowledge, and opinions using conversational media.” Safko, L., & Brake, D. (2009) - The Social Media Bible
  • Social Media transfers information through: • Content (i.e. blogs or micro blogs such as Twitter) • Photos (i.e. photo sharing sites such as Flickr or Facebook) • Online videos (i.e. YouTube) • Audios (i.e. iTunes Podcasts) Safko, L., & Brake, D. (2009) - The Social Media Bible
  • “If you’ve ever used your computer or cell phone to read a blog, watch a YouTube video, listen to a podcast, or send a text message to other members of your group”...then you have used social media. Safko, L., & Brake, D. (2009) - The Social Media Bible
  • So, Why Use Social Media to Help Business Schools Recruit More Students?
  • Point I The MBA Market is Growing
  • GMAC Applications Trend Survey 2009 • Graduate schools are experiencing an influx of applications from potential students • In one year, application volume significantly increased in 3 of the 5 MBA program types: • Full-time 1-year MBA programs (↑ 21%) • Flexible MBA programs (↑ 14%) • Part-time MBA programs (↑ 7%) Murray, M., (2009) - 2009 GMAC Application Trend Summary
  • Point I Summary • If your market is growing, it’s time to increase your efforts to capture more share! • The bigger your share the more graduate student applications are submitted • The more applications submitted, the more selective your program can be • The more selective your program, the higher your University reputation is
  • Point II Social Media Marketing is Highly Valued
  • 2009 MBA.com Registrants Survey • Surveyed 97% of all students who registered to take the GMAT in the first nine months of 2008 • 97% of prospective students had visited the websites of schools where they either had applied or planned to apply • 73% of respondents considered the school’s website to be extremely or very influential in their decision Schoenfeld, G., (2009) - 2009 MBA.com Registrants Survey
  • School websites had greater influence over prospective students’ 2009 MBA.com Registrants Survey decisions about which school to apply than published rankings.
  • One Year Later... 2010 MBA.com Registrants Survey The main sources consulted by potential students in selecting a graduate school 1. School’s website 2. School-related websites* 3. School’s published rankings *New Figure in 2010 report Schoenfeld, G., (2010) - 2010 MBA.com Registrants Survey
  • School websites and school 2010 MBA.com related websites have a greater Registrants Survey influence than published rankings
  • Point II Summary • One contributing factor to the high website statistics is the fact that they detail vital program information such as tuition, course descriptions, etc. • However, the website can act as a trunk that branches out to supplementary websites, videos, or social networks that can further enlighten and convince a potential student to apply • If 97% of students are visiting your University’s website, it would be in your best interest to use and showcase all social media marketing efforts to persuade and recruit potential students
  • Point III Traditional Marketing Efforts are Not as Effective
  • Traditional Marketing Efforts •Television •Radio •Newspaper •Magazines •Direct Mail •Online Advertisements Schoenfeld, G., (2010) - 2010 MBA.com Registrants Survey
  • Traditional advertisements had (at best) a “somewhat” 2009 MBA.com influential effect on influencing Registrants Survey a prospective student to apply
  • School websites and school related websites have a greater influence 2010 MBA.com than traditional school publications Registrants Survey and school related publications
  • Social Media Marketing Campaigns • Social media marketing campaigns are naturally cost-saving in comparison to traditional marketing campaigns • Social media (aka “inbound”) marketing efforts are more cost effective and average 60% lower cost per lead than traditional outbound marketing efforts Burnes, R. (2010, February 16) - Hubspot‘s 2010 Inbound Marketing Survey
  • Point III Summary • Traditional marketing campaigns are costly and aren’t as effective • Social Media marketing campaigns are naturally less expensive and generate higher returns
  • Point IV Your Students Want Social Media and Will Share It
  • Student communities are Schoenfeld, G., (2008) key drivers of overall 2008 GMAC Data-to-Go Series Impact of School Culture: Part-Time student satisfaction with MBA Programs an MBA school culture
  • Satisfaction with school culture Schoenfeld, G., (2008) correlates with assessment of 2008 GMAC Data-to-Go Series Impact of School Culture: Part-Time overall program value MBA Programs
  • Satisfaction with school culture also correlates with whether a Schoenfeld, G., (2008) 2008 GMAC Data-to-Go Series student would recommend their Impact of School Culture: Part-Time MBA Programs school to others seeking a graduate business education
  • Point IV Summary • Social Mediums such as Facebook, Twitter, and Linkedin foster virtual communities • If current students want to have a close-knit community, then Universities should foster that both inside and outside the classroom • Virtual communities through Social Media will contribute to a better student experience and lead to future prospective student referrals
  • Point V Your Competition is Doing It
  • GMAC Applications Trend Survey 2009 • Nearly one-fifth of the average recruitment budget (19%) for graduate management schools was allocated to electronic marketing outreach: • email campaigns • online chats • instant messaging (IM) • social networking sites • website enhancements Murray, M., (2009) - 2009 GMAC Application Trend Summary
  • Dartmouth Study 85% of University Admission departments utilize at least one form of Social Media • 61% use Social Networking • 48% use Video Blogging • 41% have a Blog • 36% use Message Boards • 16% have a Podcast • 10% use Wikis 15% of University Admission departments fail to use any form of Social Media Barnes, N. & Mattson, E., (2008) - 2009 Social Media and College Admissions: The First Longitudinal Study
  • GMAC: New Media Come to Business School • The Fuqua School of Business at Duke has a You Tube and iTunes Channel • The Mays School of Business at Texas A&M is on Facebook and shares videos, news, and reports from students abroad • The Paul Merage School of Business at University of California-Irvine uses a Twitter feed to reach prospective MBAs New Media Come to Business School (2009, March)
  • Point V Summary • Budgets are quickly being allocated by competing Universities to invest in Social Media outlets • 85% of Universities are using some form of Social Media • These efforts are producing results
  • Point VI Your Competition is Doing It Well... VERY Well
  • Top 50 Universities Using Social Published Social Media Media successfully Rankings from • From private to public, large CollegeSurfing.com scale to small scale Universities • Given Gold, Silver, or Bronze rankings CollegeBound Network Editorial Staff (2010, February 10)
  • Mashable! Social Media Recognition • University of Phoenix has created a virtual recruitment location on YouTube with hundreds of videos that emotionally connect with each type of targeted student • Emory University is engaging, fund raising, and connecting students with alumni through social media • Stanford University showcases their faculty and student’s projects or achievements throughout their social media outlets Reinhard, C., (June 2009). Lavrusik, V., (July 2009). Lavrusik, V., (July 2009).
  • Point VI Summary • Experts in Social Media are noticing and applauding the efforts of savvy Universities • These Social Media efforts are aggressive and are reaping huge rewards
  • Point VII Your Future Target Market Will Expect It
  • BusinessWeek: Gen Y is at the Door University Business Schools: • Trying to understand the mind-set of the potential Gen Y MBAs • Increasing the use of technology in the classroom • Embracing social media such as Facebook, blogs, and Twitter “(Gen Y’s) don't just use the new technology that has revolutionized business over the past decade— they eat, sleep and breathe it.” Door Symonds, M., (January 2010) - Business Schools Beware: Gen Y is at the
  • Point VII Summary • Prospective MBA students now may not fully appreciate new technology and Social Media, but the next generation “eats, sleeps, and breaths” it
  • Conclusion Universities need to enter into the social media world in order to: • Recruit more potential students (of all generations) • Provide more service and value to their current students • Stay competitive with other Universities
  • One Example My influence and independent initiative* to get my University on the Social Media bandwagon. www.BucMBA.com This school-related website features a student-run blog with links to social networking sites and a YouTube portal to showcase students and their work. *With permission of the University
  • Social Media Marketing for Business Schools? Erin M. Wiles Marketing Professional MBA (Expected May 2010) www.ErinWiles.com emwiles@gmail.com Twitter @emwiles
  • References Barnes, N. & Mattson, E., (2008). Social Media and College Admissions: The First Longitudinal Study. University of Massachusetts Dartmouth Center for Marketing Research. Retrieved from http://www.umassd.edu/cmr/studiesresearch/mediaandadmissions.pdf Burnes, R. (2010, February 16). Survey: Inbound Marketing Cost Per Lead Is 60% Lower Than Outbound. Message posted to http://blog.hubspot.com. Retrieved from http://blog.hubspot.com/blog/tabid/6307/bid/5587/Survey-Inbound-Marketing-Cost-Per-Lead-Is-60-Lower-Than-Outbound.aspx CollegeBound Network Editorial Staff (2010, February 10). The Web 2.0 College Olympics. Message posted to http://www.collegesurfing.com. Retrieved from http:// www.collegesurfing.com/content/web-20-colleges/ Lavrusik, V., (July 2009). 10 Ways Universities Are Engaging Alumni Using Social Media. Retrieved from http://mashable.com/2009/07/23/alumni-social-media/ Lavrusik, V., (July 2009). 10 Ways Universities Share Information Using Social Media. Retrieved from http://mashable.com/2009/07/15/social-media-public-affairs/ Murray, M., (2009). 2009 Applications Trend Survey. Graduate Management Admission Council. Retrieved from http://www.gmac.com/NR/rdonlyres/ 32D2B92A-776F-4DFA-9903-C251B1B7862D/0/2009AT_SR_Web.pdf New Media Come to Business School (2009, March). Graduate Management News. Retrieved from http://www.gmac.com/gmac/NewsandEvents/GMNews/2009/Mar/ Bschool_NewMedia.htm Reinhard, C., (June 2009). YouTube Brands: 5 Outstanding Leaders in YouTube Marketing. Retrieved from http://mashable.com/2009/06/01/youtube-brands/ Safko, L., & Brake, D. (2009) The Social Media Bible: Tactics, Tools, and Strategies for Business Success. New Jersey: John Wiley & Sons, Inc. Schoenfeld, G., (2009). 2009 mba.com Registrants Survey. Graduate Management Admission Council. Retrieved from http://www.gmac.com/NR/rdonlyres/ 99B4D1C3-4347-4F12-969C-0D9DB1E5481F/0/RegistrantsSurvey2009SR.pdf Schoenfeld, G., (2010). 2010 mba.com Registrants Survey. Graduate Management Admission Council. Retrieved from http://www.gmac.com/NR/rdonlyres/ B363A4D7-E477-41D1-B2B1-4F72B49AA668/0/mbacomRegistrants_2010Survey.pdf Schoenfeld, G., (2008), Impact of School Culture: Part-Time MBA Programs. Graduate Management Admission Council. Retrieved from http://www.gmac.com/NR/ rdonlyres/E0E72085-ABBB-474D-83C0-55AC86D038F3/0/PTMBA_SchoolCulture2008.pdf Symonds, M., (January 2010). Business Schools Beware: Gen Y is at the Door. Retrieved from http://www.businessweek.com/bschools/content/jan2010/ bs20100121_624849.htm