Implementing Market Research in the Education Sector 101 When to move forward, how to get buy in, whether to engage a partner or go it alone and how to l everage this information to get started in market research for your institution
“ I already know my (Prospects, Students, Parents, Alumni, Faculty) and the market. - Mark Twain Why do I need market research?” “ It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” When Do You Need Market Research?
To provide direction for alternative courses of action (e.g. marketing campaign or messages, brand positioning, new program or course, pricing, etc.)
To help you explore changes in the market (or changes in target audience preferences)
To understand a new market, a new set of potential students
To resolve internal disagreements
When Do You Need Market Research?
vs. vs. vs. vs. vs. vs. vs. Time Time Cost Confirm/validate Target audience availability What you have is good enough Blind Cost Value Value New insight Cost It doesn’t give you what you need to know Identified Trade-offs Evaluating Tradeoffs: Research or NOT?
Internal Outside Company Objective Perspective Expertise Research Experience Time and Resources Blind Study Internal Knowledge Significant Dedicated Resources Immediate Need (can’t wait!) Existing Information Sufficient Initial Stages Internal or External Research?
Find out their preferences, rationale, feelings, and beliefs about each site.
Obtain reactions of prospective adult learners, who are considering online learning, to four different branded online websites. Web designers and marketing will use the findings to screen beta sites for further development, usability testing and/or potentially for quantitative research surveys. Research Action Information Needed Information Use 3-Step Process to Define Objectives
Analysis and reporting should tie directly back to the purpose and goal of the research.
Know where you are going and what decisions you are trying to make.
To be useful, information must be presented in a manner that is easy to understand and actionable based on the objectives of the study.
If you don’t know where you want to end up, then it doesn’t matter which direction you take. – Lewis Carroll (paraphrased)
Alice in Wonderland
“ Planning: Designing a desired future and identifying ways to bring it about.” - George Steiner
Ensuring Actionable Results
Your Expected Involvement Market Research Project Flow Issue Resolution Cycle of Involvement Project Formulation Research Design Logistics Planning Execution Analysis Conclusions and Recommendations Implementation
Experts love to talk - we listen! There is always another question after the question after the question Everyone has a unique perspective - you need to know the perspective What you learn today may be outdated tomorrow Rules to Remember
1. Identify “customer” needs instead of “market” needs 2. Make sure you are asking the right question 4. Be sure that you are talking with the right audiences 5. Educate your consultants 6. The best plan is one with a back up plan What have you learned in your experience? 3. Beware “rose-colored glasses” Lessons Learned
“ If you haven’t got the time to do it right , when will you ever have the time to do it over ?” - Evan Schwartz Business Week A bad product is a bad product is a bad product. Beware of alleged needs that have no real market . The existence of a market does not ensure the existence of a customer . Price does not determine cost; cost does not determine price. Never delay the end of a meeting or the beginning of a cocktail hour. Final Thoughts
To discuss how we can work together, please contact: Amy S. Dubin Executive Vice President Campos Inc (412) 471-8484 x512 www.campos.com [email_address] Scan the code to download this presentation and our Market Research in the Education Sector packet