According to AdAge,* some upper-tier schools (e.g. Cornell) are investing more in marketing than they ever have before.
Frankly, I’m not surprised. Universities no longer have the power, students do.
Not too long ago, institutions of higher ed could self-select simply by seeing who applied and rejecting those they didn’t want, especially schools of Cornell’s stature.
That’s not the case any more. Schools now fight over the best and brightest students for many reasons, but it’s my opinion these two are the most important:
- The economy has forced some top students to consider less expensive options like schools close to home, less expensive colleges, community college, or (gasp!) putting off school all together
- As the “echo-boom” tails off, there are simply fewer 18-year-olds
(Here’s a story that mentions both)
So as uncontrollable factors (like the economy and demographic shrinkage) continue to influence the realm of higher ed, competition between schools—even the most exclusive schools—will rise.
The power of institutions to self-select will diminish as competition heats up. And all of that power will be transferred to students.
It’s my conviction that schools like Cornell who are investing in their communicative efforts now understand the power of student choice. And it’s my conviction that those institutions that invest in marketing now will ultimately come out on top.
The lesson for biz today in all of this?
Respect your customer’s choice. There are any number of factors that could cause them to stop doing business with you at any time. Invest in marketing now and reap the rewards later.
*I’m sorry if this link stops working because AdAge makes you pay for content after the story is up for a few days.
Related Posts
No related posts were found, so here's a consolation prize: I hate “quality” “products” (and so should you).
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