2020: Strategic Marketing within International Enrollment Management (NAFSA 2014)
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In the spirit of true, comprehensive International Enrollment Management, let’s take this conversation a step further: Now that you’ve got the attention of those prospective students, what do you do with it?
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2020: Strategic Marketing within International Enrollment Management (NAFSA 2014)
- 1. Strategic Marketing within International Enrollment Management Cheryl DarrupBoychuck, CIEO of USjournal and FundsV United States cheryl@FundsV.com Markus Badde, CEO of ICEF Germany mbadde@icef.com Chris Price, Adventus Education and Barton Carlyle United Kingdom chris.price@adventuseducation.com Tony Lee, Head of Digital Marketing at INTO University Partnerships United Kingdom tony.lee313@googlemail.com Handouts: http://www.USjournal.com/2020.pdf
- 2. Objectives 1. Synthesize the very latest and most relevant data, based on solid research in global student mobility trends and regional financial situations 2. Identify appropriate target markets that connect International Enrollment Management (IEM) strategies to individual institutional strategies 3. Illustrate how appropriate technology and social media can enhance individual campuses’ Customer Relationship Management (CRM) strategies Strategic Marketing within International Enrollment Management
- 3. Cheryl DarrupBoychuck, CIEO USjournal and FundsV cheryl@FundsV.com Strategic Marketing within International Enrollment Management
- 16. Cheryl DarrupBoychuck, CIEO of USjournal and FundsV United States cheryl@FundsV.com Markus Badde, CEO of ICEF Germany mbadde@icef.com Chris Price, Adventus Education and Barton Carlyle United Kingdom chris.price@adventuseducation.com Tony Lee, Head of Digital Marketing at INTO University Partnerships United Kingdom tony.lee313@googlemail.com Handouts: http://www.USjournal.com/2020.pdf Strategic Marketing within International Enrollment Management
Editor's Notes
- Cheryl welcomes everyone; hand-outs are accessible on NAFSA’s Conference Connection. Presenters introduce themselves.
- Cheryl reviews objectives: Synthesize the very latest and most relevant data, based on solid research in global student mobility trends and regional financial situations Identify appropriate target markets that connect International Enrollment Management (IEM) strategies to individual institutional strategies Illustrate how appropriate technology and social media can enhance individual campuses’ Customer Relationship Management (CRM) strategies
- In the spirit of true, comprehensive International Enrollment Management, let’s take this conversation a step further: Now that you’ve got the attention of those prospective students, what do you do with it?
- Simplifying the application process is absolutely critical, as more than half of all international applicants to U.S. institutions fail to complete their application. I think most of us would agree, there’s a lot of room for improvement in streamlining the U.S. admissions process – and significant opportunity to differentiate from your peer institutions. https://www.noellevitz.com/documents/shared/Papers_and_Research/2012/2012RecruitmentFunnelBenchmarks.pdf - pg 8
- This piece comes to us from Hanover Research. Consider those four themes: Simplicity, Technical Flexibility, Security, and Administrative Efficiency. Each of those themes directly relates to the funds verification component of the process. If you were to re-build your international admissions process, it would be wise to begin with “proving financial capacity” at its core. http://www.hanoverresearch.com/insights/improving-the-online-college-application-process/?i=higher-education
- Now, depending on the host institution’s policies, the “proof of financial capacity piece” can be placed early in the admissions cycle to improve your “yield” or “conversion” from initial student inquiry to financially-qualified applicant. Or, the funds verification piece comes later, after the student has been admitted from an academic perspective. We know financial issues matter deeply, from every angle. As Markus revealed in his survey results, “cost of study” was cited as the 2nd-most important driver of study location choice. Financial issues ranked 2nd in terms of concerns from the agent perspective.
- Interestingly, financial issues are on the minds of NAFSA members – many of whom are campus-based. In my professional volunteer capacity, I serve on the Editorial Board of NAFSA’s award-winning magazine, International Educator. Of course, we pay a lot of attention to reader statistics, not only for the digital version of the magazine, but for other NAFSA publications – including NAFSA.news, a weekly newsletter to our 10,000 or so members.
- The second-most popular cluster of trending data from 2013 focused on the financial component of international education. You might remember, for example, the article about how enrolling large numbers of foreign students can help universities balance budgets; that stirred up a bit of controversy.
- What do we do about it? What’s next in terms of verifying financial capacity? What will “standard practice” entail in the year 2020?
- I’ve been researching the issue for the past eight years. I’d say that SWIFT (Society for Worldwide Interbank Financial Telecommunications) will play some role in a comprehensive solution. As a matter of fact, FundsV placed second in SWIFT’s Innovation Lab back in 2010 in Vancouver, where we caught the attention of SWIFT’s Standards Board.
- They asked us to assemble a Working Group to develop global standards in international student funds verification, ultimately in compliance with the International Standards Organization, or ISO. Of course, funds verification is an issue not only for inbound students to the US, but for globally-mobile students heading to all the major host country destinations. We also contributed to the business justification for SWIFT’s new “Authorities” message class, which was released last year. That empowers bank account holders to point their online banking data to the authority who requested it.
- …essentially eliminating paper documents – along with the scanning and uploading that goes with it.
- Now, the comprehensive SWIFT solution is a few years off, when we’ll be able to engage SWIFT’s 10,000 member banks around the world. What’s available now is a network of 3,500 banks that empower users to transfer their online banking data. That network also features a growing number of partners “on the ground” who can verify financial documents before uploading them into the system.
- What’s most exciting about this initiative is the fact that students and parents and sponsors are embracing a sense of empowerment to pro-actively control their digital data. They’re emerging from this “victim mentality.” Consumers – including prospective international students and their parents – are fed up with marketers abusing their data. Consumers themselves are more engaged in the fight against fraud. Increasingly, we’ve found that students who register with FundsV want to know the *minute* they satisfy the requirement, so they can restrict access to their profiles, to minimize risk – while significantly improving the efficiency and integrity of the process.
- There’s a growing movement to enable erasure of online history – allowing kids and their parents to delete public-facing online information. In Europe, legislators are proposing laws known as the “right to be forgotten.” Interestingly, industry initiatives to self-regulate disclosure practices have largely failed because compliance is voluntary and major industry players have not adhered to the initiative. http://www.slideshare.net/jwtintelligence/jwt-100-things-to-watch-in-2014?utm_source=slideshow&utm_medium=ssemail&utm_campaign=weekly_digest
- Thank you for joining us; hand-outs are accessible on NAFSA’s Conference Connection. Please complete your evaluation forms.