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Helping Students Afford Your Institution
- 1. April 21, 2009 YES, WE CAN Tangible Tactics for Helping Students Envision Affording Your Institution Joshua Paul James Tower, Inc.
- 2. Economy Changed Plans 35% NO 65% YES 21% Will work while attending school Won’t be able to attend school 20% 16% Will select a community college 13% Will commute from home YES 11% Avoiding private school options 8% Expect to have financial issues 7% Will attend part-time instead of full-time 7% Reconsidering school choices Source: E-Expectations, Class of 2009, James Tower, Inc., April 2009
- 3. Elimination of Colleges Based on Cost 50% 46% 45% 42% 40% 40% 39% 38% 35% 30% 30% 27% 27% 25% 20% 15% 10% 5% 0% Before Before After After Considering Applying Acceptance Financial Aid Students Parents Source: How America Pays for College, Gallup/Sallie Mae , August 2008
- 4. Cost-Saving Measures Considered by Students Who Eliminated Schools for Cost 80% 78% 70% 65% 60% 54% 50% 40% 30% 26% 20% 19% 17% 10% 0% Less Living At Community Part-Time Milliary Postponing Expensive Home College College School Source: How America Pays for College, Gallup/Sallie Mae , August 2008
- 6. $21,700 $39,300 = + $47,524 $15,210
- 7. Elimination of Colleges Based on Cost 50% 46% 45% 42% 40% 40% 39% 38% 35% 30% 30% 27% 27% 25% 20% 15% 10% 5% 0% Before Before After After Considering Applying Acceptance Financial Aid Students Parents Source: How America Pays for College, Gallup/Sallie Mae , August 2008
- 8. Your Affordability Marketing Plan Get the right message to the right people at the right time using the right communication channel
- 9. What do we know about today’s prospective students? • Prospects’ Goals • Decision Making Emotional Logistical 2008 2009 2009 • Communicate, Connect, Take Action
- 11. Page where admissions and Fin Aid are separate.
- 12. Page where admissions and Fin Aid are separate.
- 15. Marketing Affordability • Who to address? • When to say it? • What to say? • How to say it?
- 16. 9 Types of Prospective Audiences Students Parents Influencers Out-Bound In-Bound In-bound Known Known Unknown • Target prospects • College fairs • No contact until • Name buys • High school visits application • Research online • Prior • Campaign • Use web site relationships response • Student search • Inquires information to make decisions
- 17. When In Your Process? Suspects SOPHO- MORES First Contact JUNIORS Prospects Applicants SENIORS Accepted Students Deposited Students MATRICULATION
- 18. What Do I Say? • Real Success Stories • Relevant Examples • Steps in the Process • What to expect in the process? • Simple Education • Ask them to reach out to you.
- 19. Get the right message to the right people at the right time using the right communication channel
- 20. 2008 Commercial for Walt Disney World
- 21. Step 1: Shore Up Your Web Site
- 22. Step 1: Shore Up Your Web Site
- 23. Step 1: Sure Up Your Web Site
- 24. Step 1: Sure Up Your Web Site
- 25. Step 1: Shore Up Your Web Site
- 26. Step 1: Shore Up Your Web Site
- 27. Step 1: Sure Up Your Web Site
- 28. Step 1: Sure Up Your Web Site
- 29. Step 1: Shore Up Your Web Site
- 30. Step 1: Shore Up Your Web Site
- 31. Have parents that want Step 2: help with their college Does not rank financial plan, but don’t Know Your affordability in Step 2: Know Your Data know where to look at Data his top 3 criteria. this point in the process. Does not understand the “paying for Are worried about college” process. affording your institution.
- 32. Step 3: Be Proactive • Start conversations 1. Acquiring information • Personalized 2. Getting your affordability • Automate message out
- 33. Step 4: Create communication/Build relationships To: a_bailey@gmail.net From: beth.jones@socrates.edu Subject: Ways To Afford Socrates Ashley, You’ve been to campus and experienced what Socrates feels Online Chat like. I want to personally How You Can Make Socrates invite you to an upcoming online Affordable chat to learn and ask question Friday, May 8, 2009 at 3:30pm about how we are making Socrates affordable for you and our Did you know Socrates University family. is one of the most affordable colleges in the area. Learn about Friday, May 8, 2009 at 3:30pm your options for affording Socrates Sign up and receive a reminder and get your questions answered. Sincerely, Beth
- 34. Important Tips • Make it simple • Make it easy • Be proud of your affordability • Be audience-centric • Individualize messages • Allow them to take action
- 35. Take Aways • Align marketing and affordability messages • Tell your affordability story • Integrate into enrollment communication flow
- 36. QUESTIONS Josh Paul James Tower, Inc. jdpaul@jamestower.com
Editor's Notes
- SelfCompanyTopic - New angles in communicating affordability - Start with - Why this is even a topic of discussion - Examples both good and needing improvement from higher ed and other relevant industries - Real tactics and tips that you can take back to campus and apply - Lets begin by understanding some of the realities of the situationThe examples you see may have to be adjusted when implemented at your institution, but the tactics and framework will still apply.We are going to move through a lot of really useful information pretty quickly. Feel free to ask question a long the way or at the end. Or reach out to me after the presentation any other time.
- How many of you have ever received a car brochure in the mail. Probably the only industry that comes close to higher education in the qualifty and innovation of their publications.You love the car…that’s what I’m talking about…I am going to be looking a new car this year. No price…in the trach
- No mention of affording, even tuitionLink to financial aid – loses marketing
- No mention of affording, even tuitionLink to financial aid – loses marketing
- Marketing with price only
- Sticker shock without any “how to pay” next step or affordability marketing languageExamples are from across the country, so that you see the most vivid illustration and best practices. Plus, we don’t want to focus on the school. We want to focus on the tactic.
- 4Ways To DiscussWe are going to focus on tangible tactics vs. conceptual recommendationsWho to address?When to say it?Messages: What to say?Communication: How to say it?
- Who – vested interest in seeing the process throughName buys – out-bound prospects – student searchKnown in-bound prospectsUnknown in-bound prospectsReach out to taregt feeder high schools. – Tell them the story so that the don’t have to figure it out for themslevesStudentsParentsGuidance Counselors
- Throughout the processDon’t bury itBalance emotional with logistical – know where each prospect is in their thinkingMention Sallie Mae slide – they are leaving the process without a single interaction with you.
- Make It Clear To Prospects That They Can Afford Your InstitutionWhat is possible? – Real Success StoriesHow is it possible? - ExamplesWhat to expect?How to make it happen? – ProcessSimple education – here is how this all works?Ask them to reach out to you.Balance emotional and logistical – other industry – real estate?
- How to say it? – intro sideThe goalsStep one: Sure up your web site and bring them into the processStep two: know your dataStep three: be proactiveStep four: Build relationshipsDisney AdOne example of a company that learned how to say it.A vacation can be a big purchase. Disney has a reputation for memorable vacations, but Disney also as a reputation for expensive vacations.Old: http://www.youtube.com/watch?v=brvybZkFn-E&feature=relatedNew: http://www.youtube.com/watch?v=5S5qdaqLsSgBlog10 ways to communicate affordability in 10 minutesPersonalized web site content and featuresPersonalized email - broadcast and automatedBlogsVideoArticlesProcess - Personal checklistsMessage boards Always pair your tuition information with ways to “afford it” informationFeedback - Ask them to reach out to youExternal resources – government, not-for-profit, other web sites - RSSScheduled Online ChatsThe goalsStep one: Backstop the web site, bring them into the processStep two: know your dataStep three: be proactiveStep four: Build relationshipsReal success stories /personal accounts - – from students and staff – let them know you understand their concern about priceFictional stories/ExamplesWhat to expectMessage boards – let them know they are not only one worried about payingArticles – making ____ affordableAlways pair your tuition information with ways to “afford it” informationAsk them to reach out to youExternal resources – government, not-for-profit, other web sites - RSSPersonal checklistsChatFeedback
- Each year JT, NL, and NRCCUA conduct a research project called E-Expectation to help colleges and universities understand what prospective students and their families expect from their web sites. This year we wanted to help schools under more about the economies impact on enrollment.16% select a CC11% avoid private schools7% reconsider school choices3000 applicants = 1050 = One Third5000 applicants = 175010000 applicants = 3500Recent Longmire & Co. survey found that 24 percent of surveyed students who were considering enrolling in a private college say they are now likely to attend a public one70 % of prospective college students to alter their plans for the upcoming school year
- Step 1: Backstopthe web site, bring them into the processWhy your web site
- Step 1: Backstop the web site, bring them into the processIntegrationDon’t hide it
- Step 1: Backstop the web site, bring them into the processIntegrationDon’t hide it – Be blatant if you have toI have worked with institutions where ask us not to put their tuition and fees on their website. The focus groups and research that we do with students tell you that they want the straight story. They want to the information about cost.But it is your web site, so you get to frame cost and the ways your school can be affordable. You get to lead them through your affordability story.
- Step 1: Backstop the web site, bring them into the processExamplesRelevantCovering various situationsShow bottom lineInclude call to action
- Articles
- Step 1: Backstop the web site, bring them into the processVIDEO, video, videoYou want prospects to listen. You can put a lot of information is a 60 second videoHighlight students who were able to afford your institutionHave them present the questions that they had before engaging your institution.Have an admissions counselor acknowledge and discuss what makes your school affordable or the financial aid process
- Step 1: Backstop the web site, bring them into the processBLOGAffordability or paying for college specific and make it prominent and accessibleOr insert that affordability posts into your primary admissions blog – monitor the response to your blog posts – set your blog up so that it flags those students in your system and reach out to those students. You can also use personalized emails to direct prospects who you know are worres about financial matter to certain key blog topics from time to time.
- Step 1: Backstop the web site, bring them into the processPROCESSProspects don’t want to read a lotWhile they know paying for college is critical, it is very low on their list of interestsParent and counselors just want clear answers.Make is short, scanable, and actionable
- Step 1: Backstop the web site, bring them into the processMESSAGE BOARDReal questions from other studentsThey are not alone
- People know that I help school with Admissions Marketing, so when they hear that I am presenting this topic, they are confused. I am presenting a variation on this presentation in a panel format next week at Potomac and Cheasapeake. One of my panelist asked if I was going to have any financial aid people on the panel. I am intentionally not addressing this topic to financial aid professionals.Very Eye Opening data produced annually by Gallup and Sallie Mae Almost 50% before consideringAround 40% before applying
- Step 1: Backstop the web site, bring them into the processCALCULATOR52% of prospects say it increased their interest, compared to 27% of students who have inquired and 27% of students who have been accepted.
- Step 2:Know your dataIn the same way, colleges and universities are using data to identify the at risk students to address potential retention risks, you can use your recruitment data to ID target prospects who are at risk of leaving your enrollment process due to financial concerns.Two-way conversation - Grow information over timeSurveysProfilesAsk attitudinal question in inquiry forms
- PassivePut the information out there. Let people find it. After the are accepted, point them toward the financial aid office.Be proactive - Getting information - Directing them to see messages or take actionEx: email message broadcast – take actionWeb site contentWeb site functionalityEmail automated – result of another actionTraditionally – Phone, Mail, Manual EmailPersonalized web site content and featuresPersonalized email - broadcast and automatedTraditionally – Phone, Mail, Manual EmailStart conversationsReach out to those students early and often. Provide them information that they find valuable, give them opportunities to take action and interact with you, PersonalizeIf you knew someone was coming to you office who had concerns about affording your institution, wouldn’t you prepare to discuss this with them. Same on web site, except you can have better information for more students.AutomateYou can do it manually, but you will see a lot strong results and be a lot less tired at the end of the week if you can automate your enrollment communication flow to different segments of students.5 WaysIndividualize web site content, navigation, and functionality (connect web site to SIS or CRM)Email content and calls to actionTiming of emails (automation)Be proactive - Getting information - Directing them to see messages or take actionEx: email message broadcast – take actionWeb site contentWeb site functionalityEmail automated – result of another actionPersonalized web site content and featuresPersonalized email - broadcast and automatedStart conversationsPersonalizedAutomates
- Build relationshipsBack and forthKeep them connectedKeep gathering informationProvide valueMake it personalApplied to all methods of communication. You can automate a lot of this relationships building and affordability conversations using your admissions web site and email communication sstem.
- Make it simple – in their languageMake it easy to understand, complete processes, and reach out to you using the communication method that they preferBe proud of your affordabilityPersonalize – use your data – go beyond name and addressAllow them to take actionBe audience-centric - Give them the answers they are seeking (audience centric)
- Summary/Take awayintegrating personalized “affordability” messagingdata-driven online tactics tell your “affordability story” within existing recruitment channels reach a powerful balance of emotional and analytical appealsmessaging into your enrollment marketing communication flowThe turn-key tacticsDevelop audience-centric marketing messaging and examples illustrating how a family can afford your school through graduation.Align marketing and affordability messaging and tactics throughout your online recruitment communication flow.Use personalized admissions web sites, content automation, and data-driven email campaigns to engage the right audience with the right information at the right time.
- What are students doing once they have eliminated a school based on cost?Most are selecting a less expensive schoolThis is a just the nature of our consumer’s behavior. Very qualified prospective students love you school, see the price tag, and walk away.
- You all do a great job talking about value. Today, we are going to take it to the next level. How to talk logistics without wiping the sine of the value and what you can do about it.Why this topic? Why now?Story – Planning a vacation – Disney – my wife and I are taking our two-year old to Disney is a few weeks and in the midst of planning our days. We have been planning this trip for months and our conversation always has two steps and does not end as happy as it starts. It does like this Six day park hopper, we can spend the morning ______________ and then the afternoons_____________, and then go _____________ after dinner for the fireworks. We can also add the water park option because Blizzard Beach has a new kids areas that our daughter might like. Oh yeah, breakfast at the castle, dinner at the Luau, and We get very excited and say Ok, lets go to the computer and price it out……We end up with a 4 day one park per day pass. Eating most meals at our resort, and no water park or luau this trip. The logistics and realities as we understood them planning our trip in front on they computer really wiped away the “this is so worth it…I’m going to go for it.” feeling at the beginning of the process. You could have the most appealing marketing material, best campus visit program, most friendly counselors, but you are probably subject to the shine being taken off your story unless you take steps to communicate affordability at the right time in the process.We did keep breakfast at the castle though.
- The enrollment reality has two sides: Families are struggling – Uncertainty is growing – Fear is risingThe reality is that those in this room and those back in your offices are working very hard to make and keep attending your institutions affordable. The challenge is different for each school, but from the lowest cost of attendance to the highest tuition and fee in the room, your target students can afford your institution.The key is helping them understand that at the right time in their college selection process.-----------------------------------------------------------------------------I spend most of my helping colleges and universities enhance their marketing and enrollment strategies. The one thing that never seized to amaze me is that anyone can afford any college.It is not as simple as that, but through savings, scholarships, grants, payment plans, and loans, prospective students from any socio-economic background can afford to attend the right schools for them.The key is helping them understand that at the right time in their college selection process.How many of you know how much time users are spending on your tuition and fees page? How do they get there? Where do they go from there?-------------------------------------------------------------------Attention gettingSallie Mae surveyHow is the game different? – more than just cost benefit anymoreYour goals: help students and families see the path to affording your school.From high level ideas to the actual steps they need to takeEngage students and families facing turbulent economic times Examples from other industries – marketing 12 months ago vs today Auto – lose your job dealReal estatePCHeadlinesIf you have done the work to ID a prospect who would be successful at your institution, spent the money to court that student, why would you not want to show that prospect how they can afford your institution?
- This Gallup Sallie Mae survey comes out in the late summer. This data is from last August, before the financial meltdown last Fall. It will be very interested in seeing if this # jumps.
- What are we talking about when we talk about marketing?Enrollment communication flowTell you story so that your audience does not have to piece it together for themselvesWhile students are still seeking a diverse marketing mix, we going to primarily going to be focusing on your web site.Why?Your web site is ground zero for your marketing and recruiting efforts. Most other media are designed to get prospective students attention and drive them to you or your web site.You web site has a lot more flexibility to balance value messages and affordability messaging side by side.
- PersonaBehaviorWhat are their goals?What do they want to know?Does his schools have what I want (or think I want)? Can I see myself fitting in here/Can I get in?How to apply?Can I afford this institution (now and later)How can I afford this institutionWhat steps do I need to take to afford this institutionThey want to take action and then just forget the financial partYou can help them half do that – make it easyOver 70% take time to read information cost and process content42% I need to find more to do on a college web site than just click and read. Prospects are going to the financial and logistical information earlier than ever before. - If it is only housed in Financial Aid, are they missing your value statement