TL;DR: Facing a drop in enrollment and revenue, an educational institution lacked a clear path forward. To address this, a comprehensive analysis that included a market assessment, competitive benchmarking and stakeholder feedback was conducted to pinpoint the core problems. By implementing targeted strategies based on these findings, the institution increased enrollment by 13%.
Background
A mid-size private education institution faced a product-centric problem. Enrollment, a measure of product adoption, was in significant decline versus comparable institutions. The institution, recognizing this downward trend, sought strategic guidance to repositon itself as a top choice for prospective students. Leadership knew there was a problem with decreasing enrollment and revenue, but lacked a clear strategy to fix it.
Challenges
The core issue was a product in decline. Leadership needed help in identfying and addressing the root causes to reverse the trend and acknowledged several key areas which required attention:
- Product Differentiation – Review various offerings available at the instuon and their peers, and assess the perceived or actual value offered
- Decreasing Revenue – Investigate the root causes that led to declining enrollment and the subsequent impact on revenue
- Fair Market Pricing – Assess tuition and fees to determine if the instuon’s cost-benefit was competive versus institutions of similar size
- Selection Criteria – Understand the factors influencing institutions selection
Strategic Approach
To revitalize the product, a comprehensive approach was used to confirm that the institutions’s offering was wanted by the market it intended to serve. This involved a two-pronged approach using both qualitative and quantitative methods to understand the market, and the institutions’s place within the market.
- Market Analysis: Demographic and census data and census tract comparisons to identify shifts in the prospective market, economic trends, positioning, and market trends to determine growth potential
- Competitive Benchmarking: Competitor instituons were evaluated to assess student population, acceptance criteria, academic offerings, pricing (tuition / fees), service quality and intangible service offerings
- Exploratory Research: Quantitative studies of advocate populations, qualitave studies involving key internal and external stakeholders provided insights on institution perceptions, competive gaps and potential service enhancements
Key Findings
The research identified several strategic opportunities to differentiate the institution’s product offering:
- Academic reputation was a significant factor influencing enrollment decisions
- Specific regions were underutilized for targeted marketing and recruitment
- Relationships with feeder schools could be strengthened to create a steady pipeline of students
- Limited alumni engagement meant opportunities for mentorship programs and fundraising were underutilized
Recommendations & Implementation
The findings were presented to the Board of Directors, outlining the following strategic initiatives:
- Enhance Academic Reputation: Invest in top-notch faculty, strengthen student services, and bolster placement opportunities
- Target Key Zip Codes: Deploy localized marketing efforts focused on city and suburban areas that showed high potential for student enrollment
- Strengthen Feeder School Partnerships: Develop formal collaborations with select feeder schools to encourage seamless student transitions
- Alumni Engagement: Create initiatives that involve alumni in mentorship, networking, and promotional activities
Results and Impact
Following the implementaton of these strategies, the institution achieved a 13% increase in enrollment. Improved brand positioning, enhanced community relationships along with operational effciencies enabled the organization to regain their competitive advantage and secure sustainable growth in enrollment and revenue.
