Designing for Competitive Advantage

Transcription

1 Designing for Competitive Advantage COE Forum

2 Before We Begin Please Let Us Know How We Can Be of Service 2 Paperless Meeting How Can We Help? Building Your Library Downloadable agenda, attendees, and presentations Let us know if we can help you access materials on your device Printing boarding passes Suggestions for your stay in Washington, D.C. Quiet place to make a call Unlimited copies of EAB publications Fill out an order form and let us do the heavy lifting by shipping direct to your campus We Value Your Feedback Please take a moment before you leave today to complete the meeting assessment forms. We would appreciate your feedback on the individual presentations as well as the overall meeting experience.

3 A Peek Behind the Research Curtain What s In A Name? Capturing the Urgency at Each Year s COE Forum Executive Summit Defining Value in a Shifting Market Recruiting the Silent Funnel Designing Programs for the Millennial Workforce Three Myths About Competency-Based Education Extending Our Influence Marketing Across the Program Lifecycle Redefining Competitive Advantage Higher Ed in the New Learning Economy Catalyzing Growth and Innovation Competing on Student Outcomes Employer Partnerships in the Post-Recession Era Creative Disruption: Data Analytics and Health Professions New student preferences and consumer behaviors Increased internal and external scrutiny of program ROI Underexplored student audiences and fastmoving industry fields UNDERCURRENT OF MARKET VOLATILITY? Market Saturation Skeptical Prospects Uncertain Policy Climate Evolving Employer Needs

4 The One Thing That Still Seems Stable Place Matters Online Too 4 Online Students Still Local Online Student Distance from Institution, ) Eight percent of respondents indicated that they were not sure how far they lived from the closest campus/service center of the college/university in which they enrolled 54% 18% 20% 0-50 Miles Miles 101+ Miles Access to In-Person Services Valued 75% Proportion of Students Who Visited Campus or a Campus Center at Least Once During Program Sudden Generational Shift Unlikely 83% Percentage of Gen Z preferring face-to-face connection despite sending 100 texts per day. Online Leader Pivots Marketing Spend Back Home FY 2016 FY 2017 Proportion of Online Marketing Budget Spent In- vs. Out-of-State 30% In-State 70% Out-of-State 80% In-State 20% Out-of-State Source: Online College Students 2017, Learning House, 2017, Corey Seemiller and Meghan Grace, Generation Z goes to College (Jossey-Bass, 2016). EAB interviews and analysis.

5 Internal Volatility Ongoing Waves of Institutional Change 5 Increased Urgency to Assess Organizational Strategy Skeptical New Leadership New provost does not understand strategic value of COE unit; needs to be convinced to maintain investment Revenue Share Under Threat Provost proposes capturing more tuition from COE programs for central fungible dollars Increased Capacity to Reach Goals COE unit finally gets authority and staff to run its own marketing and recruiting operation after years of lobbying COE Success Helps Makes Up for FTFT Enrollment Shortfall Successful launch and continued growth of market-aligned programs generate outsized returns COE Forum members participated in the Organizational Benchmarking Initiative in 1 in , assessing their structure and processes Source: EAB interviews and analysis.

6 Marketing Wars Perpetual Challenge to Fund Core Activities 6 Increasingly Expensive to Recruit and Compete 226% increased cost per click for graduate programs from $88 Upper end of range of cost per click for RN to BSN Online $69 Upper end of range of cost per click for Online MBA Budget Resources Scarce and Hard to Maintain Three Common Organizational Challenges Centralized Marketing Handles Both FTFT and Non-Traditional Audiences Can be benefit to expertise and resources of centralized function But FTFT recruitment often comes first, leaving COE program marketing vulnerable to cuts Ownership Lies with Individual Deans, Program Directors and Faculty May lack expertise of marketing professionals May not have know-how or awareness to take advantage of existing vendors, resources Often do not have authority to make changes to web site An Ongoing Fight for Resources Even When COE Unit Owns Marketing Difficult to make the case for non-working spend Maintenance budget or cuts leave little room to try new channels More funding a constant need to keep up with competition

7 Naming the Meeting This Year Two Halves of a Whole 7 Designing for Competitive Advantage: A Holistic Approach to Growth Strategy Capacity and Authority External Market Demand Organizational Design Product Design Agility Internal Capabilities Strategic Investment Portfolio Diversity

8 Setting the Upper Limit on Growth 8 Org Design the Critical Foundation for Solving Enrollment Challenges Agility Capacity and Authority Strategic Investment Resources to Execute Aggressive Program Launch Sufficient staffing in key functions, specialized roles and seed funding to expedite launch Authority to Reposition Underperforming Programs Cross-campus partnerships to incorporate market demand analysis into relaunch Ability to Fail Fast, Fail Forward Processes and authority to stand offerings up and take them down quickly This Morning Financing Agility and Innovation

9 Anticipating Market Needs Student-Centered Product Design 9 External Market Demand Portfolio Diversity Internal Capabilities Understanding Student Segments and Motivations Getting beyond monolithic audiences to assess signals of changing market demand Portfolio Diversity that Spans Career Lifecycles Matching skills and credentials to multiple phases of professional life Aligning Opportunities with Internal Capabilities Understanding how design decisions influence internal capacity to execute This Afternoon: This Afternoon Credentials for an Unpredictable Credential Innovation Market Credential Briefing and Innovation Workshop Workshop

10 Evolving Approach to Market Demand Analysis 10 Looking Back at Six Years of COE Market Research Projects Later Partnerships and pilots initiated with a focus on holistic approach to market demand assessment: EAB pioneers use of realtime employer intelligence in program demand analysis, and partners with Burning Glass/LMI Real-Time Employer Demand Intelligence Web and Mobile Optimization Audit Competing on Student Outcomes COE Forum research identifies strategies to bridge gap between employer demand and student demand: Assessing web presence and positioning that appeals to prospects Reaching career changers and communicating outcomes Connecting Employer and Student Demand Program Growth Audit Analysis focused on repositioning programs that diagnoses multiple barriers to student enrollment. Additional Labor Market Intelligence Provider A leader in analyzing macrolabor market trends and real-time demand to align programs with market need. Credential Innovation Workshop Hands-on session to integrate student audience intelligence into credential design. Aligning Program Design to Labor Market and Student Needs

11 New Service Renewed Focus on Existing Program Growth A 360-Degree Approach to Align Programs to Adult Student Needs 11 Diagnosing Program Growth Potential Capturing Missed Enrollment Opportunities 1 Are Our Programs Aligned? 3 Employer Demand Analysis Strong employment outcomes Positioning appeals to career goals Secret Shopping the Inquiry Process 2 Competitor Saturation and Positioning Personalized, responsive outreach and follow-up Web presence captures inquiries, serves stealth shoppers Web and Mobile Optimization 4

12 Designing for Competitive Advantage 12 Capacity and Authority External Market Demand Our Agenda for Today Financing Agility and Innovation Agility Org Design Product Design Internal Capabilities Speed Networking Hallmarks of High- Performance Marketing Credentials for an Unpredictable Market Special Interactive Feature: Credential Innovation Workshop Strategic Investment Portfolio Diversity