15A04 Marketing For Rookies RSims

15A04
Marketing for Rookies

Tuesday, July 15, 2008 12:00-1:30 p.m.
Marketing for Rookies Ruth K. Sims
Marketing for Rookies
Ruth K. Sims Senior vice president National Conference on Student Recruitment, Marketing, and Retention July 2008
What is marketing?
Page 1
$92,336,675,000
Source: National Center for Education Statistics
1
Enrollment professionals benefit from marketing fundamentals
Page 2
1. Admissions v. Marketing
Branding, advertising, public relations
2. Marketing is more than promotion
Page 3
3. Include The Four Ps plus one

Place Price Product
People Promotion
4. Marketing is a dialog not a lecture
Page 4
5. Move from awareness to commitment

Cognitive Awareness Knowledge Affective Liking Preference Conviction Conative (Action)
Hierarchy of effects (Lavidge/Steiner)
Purchase
6. Consider both sides of the brain

Thinking Feeling
High involvement Low involvement
1. Major purchases 2. Psychological (car, home) products (artwork, jewelry, cosmetics)
3. Minor purchases 4. Self-satisfaction (grocery and (candy, fast food household items) restaurant)
The FCB Grid
Page 5
7. Climb the communications ladder

Change/Adoption
1-to-1, in-person conversation Small group discussion Phone conversation Person speaking to large group Handwritten personal letter Personal e-mail Online chats Blogs Computerized personal letter Mass-produced, non-personal letter Brochure direct mailed RSS feeds Organizational newsletters, magazines Institutional Web page Media advertising, media news
Awareness/Information
8. Choose strategy with care
General advertising or direct marketing?
Page 6
9. A brand is . . .
. . . the sum of beliefs, ideas, and impressions that a person has of your institution. Favorable attitude B Low familiarity C Unfavorable attitude D A High familiarity
Why do we care about branding?
Getting the right people to think about you in the right way. - Steve Yastrow, Yastrow
Marketing
Branding is irrelevant if it doesnt lead to marketing results.
Page 7
10. Marketing is also internal
Practice!
1. Pick one where your institution excels 2. Pick one where you dont
Price Product
People
Place
Promotion
Page 8
2
Developing your marketing plan will take collaboration
Who owns marketing at your institution?
Promotion Price Place Product People
Page 9
Develop a 7-step marketing plan
I. Purpose and Objectives II. Environmental Analysis III. SWOT Analysis IV. Key Marketing Strategies V. Marketing Tactics/Implementation Plan VI. Financial Forecast VII. Measurement and Tracking
3
Start by asking questions
Page 10
10 questions to answer
1. What are our organizational goals and how can marketing support them?
Page 11
2. What does our target market want and need?
Counselors Parents Alumni Adults Students Transfers
Only market research can answer some questions

Data collection and review Paper/mail surveys E-mail/online Telephone Focus groups In-depth interviews
Page 12
3. What external trends will affect us in the future?
Change is coming at you
Page 13
4. What is our competitive context?
Why understand the competition?
Most people dont know what they want until they see it in context.
Dan Ariely, Predictably Irrational, 2008
Page 14
5. How well are we performing today?
6. What messages appeal to our markets?

Students
School has my major Quality of programs in my area of interest Quality of classroom teaching Scholarships and financial aid
Parents
Quality of classroom teaching Quality of programs in childs area of interest Quality of academic resources and facilities Safety of campus location
Page 15
Goal of market research

MARKET DEMAND: Establish what students want COMPETITION: Identify an unduplicated market position
Key marketing messages
PRODUCT: Verify what your institution does best
7. Are we priced correctly?
Other Schools (Group B)

100%
90%
80%
70%
60%
50%
40%
30%
Optimal pricing: $10,500 - $12,000
20%
10%
0%
TOO EXPENSIVE
TOO CHEAP
GETTING EXPENSIVE
BARGAIN
Page 16
8. What marketing tools will be most effective for meeting our goals?
Hot or Not?
Colleges that put up sites on social networking sites to describe their programs, campuses, and students
Hot
61%
Not
39%
Colleges that advertise on social networking sites, like MySpace or Facebook

Hot
53%
Not
47%
Individual admissions counselors from colleges setting up pages on social networking sites to connect with interested students
Hot
56%
Not
44%
Page 17
FTIC: Would you give a valid e-mail address? When?

Yes!
84%
When?
As an inquiry As an applicant After acceptance After my final decision 34% 38% 15% 12%
Lurkers
The funnel has changed
Page 18
Action planning
Activity/ TimeDescription table Responsibility Budget Control/ Evaluation Procedures
Create an action plan for one of the following

A Web strategy A special event A public relations strategy An internal communication to support marketing
Page 19
9. What kind of investment should we make in marketing?

30% of companies spend between 35% of revenue on marketing 45% spend over 6% (most of those between 6-10%)
Source: Go-To-Market Strategies (GTMS), gtms-inc.com
Cost to recruit a single student

$2,500 $2,000 $1,500 $1,000 $500
$172 $68 $121 $312 $398 $1,322 $1,941 $2,489
$712
$0 2-year public
25th Percentile
4-year public
Median Cost
4-year private
2007 Noel-Levitz, Inc Noel-Levitz 2007 Cost of Recruiting Report
75th Percentile
Page 20
10. How will we measure success?

Response rates Funnel changes Before and after research Revenue
Marketing means measuring

Your College First Time In College (FTIC) New Student Funnels: Fall 2002-2007 April 23, 2008
Stage/Year Inquiries Conversion Rate 2002 4,195 55% 2003 3,754 66% 2,477 2004 4,561 59.5% 2,715 2005 3,999 63.9% 2,544 2006 4,391 64.8% 2,847 2007 4,989 59.2% 2,954
Applicants/Adm 2,308 its Yield Rate Enrolled 80.8% 1,864
79.4% 1,966
76.6% 2,081
77.9 1,981
75.8% 2,159
74.4% 2,197
Page 21
Common marketing mistakes

1. 2. 3. 4. 5. 6. 7. 8. Disconnect between expectations and reality Intuition-based decisions without research Starting with tactics Under-funding the Web Generic positioning Last minute, one-time strategy Changing creative because youre bored Not integrating marketing efforts with admissions
Other marketing-related presentations

Today 2:00 15B02 Working the Funnel with E-Mail Marketing 15B09 Market Research as Change Agent Wednesday 8:15 16A10 Facing the Giants 9:45 16B04 Pricing Research 16B07 Communicating with Parents 2:00 16D03 Compelling Recruitment Communications 16D11 Sustainable Brand Strategy 3:30 16E02 What are e-Expectations? Thursday 8:15 17A07 The New Hot Market: Subpopulations 17A11 Admissions Video 101 11:15 17C03 Strategic Research 1:45 17D07 Influencing the Influencers; 17D11 Virtual Events
Page 22

15A04 Marketing For Rookies RSims

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15A04

Marketing for Rookies

Marketing for Rookies Ruth K. Sims

Marketing for Rookies

Marketing for Rookies Ruth K. Sims

Source: National Center for Education Statistics

Marketing for Rookies Ruth K. Sims

Branding, advertising, public relations

2. Marketing is more than promotion

Marketing for Rookies Ruth K. Sims

3. Include The Four Ps plus one

4. Marketing is a dialog not a lecture

Marketing for Rookies Ruth K. Sims

5. Move from awareness to commitment

6. Consider both sides of the brain

High involvement Low involvement

1. Major purchases 2. Psychological (car, home) products (artwork, jewelry, cosmetics)

Marketing for Rookies Ruth K. Sims

7. Climb the communications ladder

8. Choose strategy with care

General advertising or direct marketing?

Marketing for Rookies Ruth K. Sims

Why do we care about branding?

Branding is irrelevant if it doesnt lead to marketing results.

Marketing for Rookies Ruth K. Sims

10. Marketing is also internal

Marketing for Rookies Ruth K. Sims

Who owns marketing at your institution?

Promotion Price Place Product People

Marketing for Rookies Ruth K. Sims

Develop a 7-step marketing plan

Marketing for Rookies Ruth K. Sims

Marketing for Rookies Ruth K. Sims

2. What does our target market want and need?

Counselors Parents Alumni Adults Students Transfers

Only market research can answer some questions

Marketing for Rookies Ruth K. Sims

3. What external trends will affect us in the future?

Change is coming at you

Marketing for Rookies Ruth K. Sims

4. What is our competitive context?

Why understand the competition?

Marketing for Rookies Ruth K. Sims

5. How well are we performing today?

6. What messages appeal to our markets?

Marketing for Rookies Ruth K. Sims

Goal of market research

Key marketing messages

PRODUCT: Verify what your institution does best

7. Are we priced correctly?

Other Schools (Group B)

Optimal pricing: $10,500 - $12,000

Marketing for Rookies Ruth K. Sims

Colleges that advertise on social networking sites, like MySpace or Facebook

Marketing for Rookies Ruth K. Sims

FTIC: Would you give a valid e-mail address? When?

The funnel has changed

Marketing for Rookies Ruth K. Sims

Create an action plan for one of the following

Marketing for Rookies Ruth K. Sims

9. What kind of investment should we make in marketing?

Source: Go-To-Market Strategies (GTMS), gtms-inc.com