UNIVERSITY MARKET INSIGHT CONFERENCE 2016 INCORPORATING THE MARKET RESEARCH SKILLS ACADEMY

Transcription

1 UNIVERSITY MARKET INSIGHT CONFERENCE 2016 INCORPORATING THE MARKET RESEARCH SKILLS ACADEMY ASTON UNIVERSITY, BIRMINGHAM NOVEMBER 2016

2 Trends in Higher Education Marketing The Knowledge Partnership Tom Hayes November, 2016

3 Political Four Rationalizations for Internationalization of Higher EducationEducation Long Term Economic Effects Academic Cultural/Social

4 Major International Strategies Corporatizing and Marketing Universities International Benchmarking and Stratifying Universities Internationalizing the Curricula and Student Learning

5 Top Universities in the World 1 Harvard University United States 2 Massachusetts Institute of Technology United States 3 Stanford University United State 4 University of California Berkeley United States 5 California Institute of Technology United States 6 University of Oxford United Kingdom 7 University of Cambridge United Kingdom 8 Princeton United States 9 Columbia University United States 10 University of California Los Angeles United States Source: US News

6 Top 10 Universities in the World 1 Massachusetts Institute of Technology (MIT) United States 2 Stanford University United States 3 Harvard University United States 4 University of Cambridge United Kingdom 5 California Institute of Technology (Caltech) United States 6 University of Oxford United Kingdom 7 UCL (University College London) United Kingdom 8 ETH Zurich Switzerland 9 Imperial College London United Kingdom 10 University of Chicago United States Source: QS World Rankings

7 2015 World University Web Rankings 1 Massachusetts Institute of Technology United States 2 Stanford University United States 3 Harvard University United States 4 University of California, Berkeley United States 5 Cornell University United States 6 University of Washington United States 7 University of Michigan United States 8 University of California Los Angeles United States 9 Columbia University in the City of New York United States 10The University of Texas at Austin United States Source: 7

8 Top 10 Universities in the World by Reputation Harvard University United States Massachusetts Institute of Technology (MIT) United States Stanford University United States University of Cambridge United Kingdom University of Oxford United Kingdom University of California, Berkeley United States Princeton University United States Yale University United States Columbia United States California Institute of Technology (Caltech)United States Source: Times Higher Education

9 World s Top Universities by Reputation Source: Guardian.co.uk

10 Top Ten Universities in Europe 1 University of Oxford United Kingdom 2 University of Cambridge United Kingdom 3 Imperial College London United Kingdom 4 Swiss Federal Institute of Technology Zurich Switzerland 5 University College London (UCL) United Kingdom 6 London School of Economics United Kingdom 7 University of Edinburgh United Kingdom 8 Karolinska Institute Sweden 9 LMU Munich Germany 10 Ecole Polytechnique Federale de Lausanne Switzerland Times Higher Education 2016 Source: 10

11 What Does This All Mean? We Can Complain about the Ratings We Can Ignore the Ratings We Can Look Beyond the Ratings Understand the Competition is Greater than Ever Understand How the Market has Changed Understand How the Customer has Changed 11

12 Trends That Have Impact Changing Demographics A Strong Brand Position Living the Brand Establishing the Value Proposition Rise of New Media Monitoring the Environment

13 National enrollment over time Takeaway: Private non-profits like Xavier have seen a steady, yet very slow rise nationally

14 Tuition Dependency: Private Universities Takeaway: Xavier is a Master s institution with about 90% of revenues from tuition (represented by the largest green bubble) because of competitive marketplaces, Xavier needs an engaging and appealing brand identity

15 Median family income: Every quintile has fallen

16 National demographics: WICHE data Takeaway: Colleges are becoming increasingly diverse

17 Establishing Your Brand

18 Branding Is More Then What You Do To a Cow DEFINITION OF BRAND The sum total of all existing associations made with your institution Including the good, the bad, and, possibly, the ugly DEFINITION OF BRANDING The process of influencing those associations DEFINITION OF POSITIONING Your researched and documented desired brand associations Your logo, visual identity, and/or marks are simply reflections of your brand. Your brand is where you are now. Your positioning is where you want to be. Branding takes you from point A to B. You are successful when your brand equals your positioning. 18

19 Differentiation Is The Key To Branding What motivates your external stakeholders to want a relationship with your institution? What does your community believe in and do very well? Most institutions have identified aspirant institutions that they seek to be more like; this runs counter to the entire concept of branding. What are competing schools not doing or not emphasizing? Your brand positioning 19

20 Marketing budget According to the 2014 Gartner Research marketing study, companies spent on average 10.2% of their annual 2014 revenue on overall marketing, with 50% of companies planning to increase [in 2015] to an average of 10.4%. This has not been the case in higher education but marketing has an increasing role at colleges and universities nationwide.

21 76% of colleges and universities engaged in comprehensive brand strategy in % plan to continue that work in State of Higher Ed Branding, mstoner, 2015

22 Where absolute superiority is not attainable, you must produce a relative one at the decisive point by making skillful use of what you have. Karl von Clausewitz (On War, 1832)

23 It s A Service World Living the Brand!

24 Changes in the Service Sector 1)Shift in the Base of World Economies 2)Your customer's Expectations Are Shifted by Forces Outside Your Industry 3)Technology, Technology, Technology!

25 Agricultural Shift in World Economies Industrialization Service

26 Differences Between Services and Packaged Goods Intangibility Inseparability Variability Perishability Trust is a key component The customer participates in the process

27 Value = Benefits Costs

28 Benefits = Solution to a problem

29 Costs = Financial Time Hassle Opportunity Physical Psychological Social

30 Know the Financials

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34 Be Able to show ROI 43

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36 Balancing Financial Aid AR1 Top students AR2 AR3 AR4 AR5 Lowest scoring students

37 Considerations Target Enrollment Discount Rate Retention Diversity Merit versus Need

38 Fall 2016 Full-Time Freshmen Yield

39 Fall 2016 Full-Time Freshmen Revenues and Discount

40 Other Considerations

41 Time Treasure Talent Alumni Relations

42 The Rise of New Media

43 The Tools The Web Blogs and Video Blogs Podcasts Social Network FaceBook, Twitter, Instagram Tracking Tools Technorati Google Alerts and Tracking

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45 Fun Fact Google now processes over 40,000 search queries every second on average (visualize them here), which translates to over 3.5 billion searches per day and 1.2 trillion searches per year worldwide.

46 How Do I Know What s Working? 1. Immediate behavioral measures 2. Related outcomes: Branding framework 3. Short term performance measures 4. Periodic market research measures 5. ROI Measures

47 Immediate Behavioral Measures Did it Register? Is recall accurate? Ad Tracking Concrete Response Feedback Mechanisms Collect Anecdotes Dedicated urls Web metrics Hits Domain origins States/countries Click through Dedicated 800 numbers Provide Update address Pass it on Sign up Respond to invite Tell us what you think Quick polls Monitor database of comments for Send to a friend function Line up influentials Ask what they think Track buzz Ask to forward reactions Collect language

48 Related Outcomes Dashboard indicators

49 The Metrics of University Communications UM vs. National Peers: 12 Months

50 The Metrics of University Communications UM vs. Regional Peers: 12 Months

51 The Road to Xavier 68

52 Road to Xavier 69

53 Goals of Road to Xavier Enhance yield results Provide online business processes (financial aid, online forms, etc ) Heighten interest and better relationship with Xavier Influence perceptions of cost, academics, value and fun Provide Xavier admission team with actionable data 70

54 Thank you!