Isn't it amazing how strong content can remain relevant over time? We have once again been reflecting on a report distributed by the Parthenon Group a few years ago that we still find relevant today. Companies can, therefore, initiate a storm of free marketing just by giving them something exciting and inventive to talk about. Additionally, according to The Pollack Group, another method of marketing to college students is by providing products and services that are affordable. How do I market the opening of my new clothing store? The Differentiated University approach is just one of many ways to consider market segmentation in higher ed. Student segmentation and predictive modeling are becoming mainstream discussion topics for university administrators. If you are wondering whether this is true for your institution, just look at your marketing budget. Use sidewalk chalk to create eye-catching ads on campus thoroughfares and post flyers on campus bulletin boards, where they're sure to catch receptive students' eyes. Â. Consisting almost exclusively of 18- to 24-year-olds, the college demographic is remarkably age stable. A few years ago, The Parthenon Group (now part of Ernst & Young LLP) offered an excellent way to think about segmenting the higher education student market. Less relevant is a description and list of institutional features that may or may not have any value for an aspiring academic, industry switcher or career starter. Marketing directly to students with more disposable income can bring early success to any marketing campaign. This blog post was originally published in 2014, but has since been updated and revised to include new links and additional content. The college market is geographically stable.
There is no value in choosing a market segment a brand can’t or won’t support. College students are trendsetters. To help us ensure you are the right fit, we ask that you take the time to complete a short application: https://www.business.com/contributor/apply/
This particular study on audience segmentation was called: The Differentiated University. For instance, if you provide college students with discounts, this can be a great way to attract new college customers and maintain existing ones. Identifying, understanding and reaching the right segments within the higher education market requires thinking through the most meaningful, useful ways to divide and organize various groups that comprise it.
Therefore, by marketing products and services that are affordable, they will be more likely to become a customer.
The actual student segmentation is valuable from our perspective since it allows a university or college to focus on potential, specific student audiences. We know they are good, but you're probably going to need some help. College students change addresses often, but love to get mail nonetheless. Additional elements leading to institutional and student success. Colleges and universities do serve a wide spectrum of constituencies that spans cultures, generations and demographics. You Have Your Student Segmentation, Now What? As Parthenon and one of the authors, Jeff Selingo, have pointed out elsewhere, universities typically center their marketing and operations around the Aspiring Academics segment which is only about 1/5 of the total student population looking for education opportunities today. Behavioral segmentation. The purpose of our community is to connect small business owners with experienced industry experts who can address their questions, offer direction, and share best practices. What is the easiest way to market my business? Even when they're not making purchases, they're influencing them. And they don't just spend it on Ramen noodles. Making segments useful and actionable means looking beyond basic, overly generic grouping approaches such as undergraduate vs graduate students, or online vs residential student. Create a well-designed website that appeals to the college demographic and link it to your social media profiles for maximum effect. Because they grew up in an ad-saturated world, college students are harder to reach with traditional advertising. Our Recruiting Intelligence blog addresses the various factors that contribute to a successful international student recruitment and enrollment program. 5 Ways to Financially Survive the Pandemic, How COVID-19 Will Change Academic Parenting.
Moreover, by providing them with incentives, this will also make them more likely to shop with your company. And that’s another important aspect of segmentation. A space to discuss the ways in which we market and communicate about higher education and the collegiate experience. Compare the best text message marketing services and... Our teams have compared the best answering services... Our team has compared the best call center services... Should I offer free samples to potential clients? Don't neglect students' email inboxes, though, as most students check their email at least once daily. Marketing to college students is cost-effective because they respond more favorably to grassroots messaging than to flashy ads.Â. As the authors point out, competency-based credit models may fit their needs and hybrid or online providers will offer interesting alternatives for this group. Among them are several reasons why they are worth a slice of your offline and online marketing budget: The needs and buying habits of a student at a four-year university, for instance, will differ considerably from those of a student at a two-year college. Their approach, titled The Differentiated University, “separates students into six distinct and defined segments based on their motivations and mindsets rather than just demographics, allowing college and university leaders to develop more sophisticated strategies for reaching the next generation of students with offerings and operating models to most effectively and efficiently serve them.”.
ABSTRACT - Market segmentation is an important topic to higher education researchers and administrators. A New York Times story quoted Harvard Business Professor Clay Christensen, author of "The Innovator's Dilemma." Don't just sell stuff to students.
Consider the motivations of each student segment and how you can serve their needs best.
Also, by making your marketing efforts funny, this is an excellent method of making your marketing memorable in the minds of your potential college customers. If they find your ad to be especially hilarious, you have a greater chance of going viral. As such, decide what type of student you want to reach with your product or service before you begin marketing it. Resources like StartClass by Graphiq help brands segment college student consumers by family income level and target specific colleges. Profile your student targets. What matters most in this model is why the educational product fits the individual and how it will help him/her achieve what they want to achieve. Once you know your different target student groups, universities and colleges will have to tailor their services and reach the appropriate consumers. Right there, that's significant.
Let's take a look and see what new insights you (and all of us) can take away from this research. This conceptual model of market segments presents an innovative and useful way to examine the student market for higher educational services. The Differentiated University approach is just one of many ways to consider market segmentation in higher ed. Something to think about. They are more likely to respond to word of mouth, including recommendations from their friends. This resource is available to inspire our community of international enrollment professionals to share best practice and learn from each other. Market Segment: Define who your potential buyers are, also known as the market segment. How much of your operating budget will go into those ancillary services?
Enrollment marketers need to think beyond the creative design of the next ad campaign and how their social media can take it up a notch. We are always looking for fresh perspectives to join our contributor program. We work hard to only publish high-quality and relevant content to our small business audience. Although college students are no strangers to splurging, they are also often on a tighter budget than most. And what will the return on investment be if you make that investment? Students aren't just students. College students are educated, brand-loyal consumers.
Discover the world's research Be the first to know.Get our free daily newsletter. Every college has a newspaper, and many have student-run TV stations and magazines. All content ©2020 International Education Advantage, LLC. excellent way to think about segmenting the higher education student market. Enterprising marketers can literally decorate a college campus with their message.
Even though they may not make a lot of money, college students spend a ton of it. Modern-day college students grew up with the world wide web and spend hours at a time online studying, surfing the net and socializing with their friends. F or example, women with children under 18, college students, etc.
One of the most frustrating answers to the question “who is your audience?” is all too common in higher ed — “everyone.” But that answer doesn’t help anyone. Or should. The long-term viability of most institutions will depend on tailoring services and attracting distinct, alternative student segments. The actual student segmentation is valuable from our perspective since it allows a university or college to focus on potential, specific student audiences. The college student segment in the United States is made up of nearly 20 million people. Only the Aspiring Academics and Coming of Age segments are really following the traditional education path post high school. Share your thoughts », Call to Action: Marketing and Communications in Higher Education. That level of effort involves product development along with strategic marketing, predictive modeling and analytics.
Advertising in them is both an inexpensive and an effective way to reach college students.
A lot. Businesses often ignore â or even reject â their student customers. More than 15 million U.S. college students spend more than $200 billion annually.
Marketing to this young, influential group is a powerful way to create lifelong customers. How much of it is being spent on marketing staff and activities specifically focused on this 20% slice of the market? College students are "trial receptive," meaning that they are open to new ideas and have yet to develop strong brand affiliations. Let's remember that this data is now a few years old... but do these trends sound familiar to you? Their need for the social experience is limited and flexible support for spouses and children will go a long way as enticements for student recruiting. You must identify and define subsets of the market that have common characteristics, priorities, interests or needs that can be used to shape marketing strategies to target the particular segment. Instead, modern-day scholars are buying everything from electronics and entertainment to apparel and spring break vacations. Instead, focus on building relationships with them. Applying and refining the concept of motivation and mindset for other broad segments — alumni, donors, peers, funding agencies, parents — will spark new ideas for sophisticated marketing strategies. The thinking follows the traditional development of a market segmentation and the corresponding attributes of the buyer profile. It could be quite a bit higher than the ROI on your last direct mail piece targeting Aspiring Academics. They should. That's where the hard work is going to be. This type of market segmentation divides the population on the basis of … Academic calendars, teaching and support staff, teaching schedules, facilities are centered around the traditional student schedule. Many are still true today.
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