April 2010 Lawlor Focus

"Showing the Love" During Yield Season

For many admission offices and colleges, the effort to convert admitted students into deposited students culminates on May 1. The month of April is an important time to “show the love,” as one chief enrollment officer described it to us, and let accepted students (and their parents/guardians) know they are wanted and that the college is a good fit for them. But the “yield” phase is still far from over. In an era of multiple deposits and waffling commitment, the time between when a student deposits and matriculates is another important period to continue engagement efforts—by all areas of the college or university that come into contact with students and their families—so that institutional fit and worth can be reinforced.

Prospective students and their families, seeking to maximize the worth of their educational investment during these tough economic times, are continuing to express some degree of skepticism about colleges’ ability to deliver value. Research from Public Agenda shows that only 32 percent of Americans now believe that “colleges today care mainly about education and making sure students have a good educational experience.” So until admitted students actually matriculate this fall, colleges and universities—especially small private institutions whose hallmark is personal attention—will need to continue to “show the love.”

Trendwatching.com has noted that more and more companies and organizations are assuming the role of “brand butlers” as they engage their consumers, adopting the philosophy that “serving is the new selling.” The focus is on assisting people, especially since they’ve become accustomed to enjoying instant access to information and services via online tools. Indeed, as more people utilize their smartphones and mobile devices to access the Internet, the mobile revolution is giving rise to engagement opportunities via mobile web sites, targeted text messaging and location-based applications such as Foursquare or Gowalla.

Event marketing plays an outsized role in yield efforts, as well. By segmenting their invitation lists to target specific populations, colleges and universities can host yield events that engage admitted students with messages that are relevant to their particular concerns. Campus visit events also need to be staged with maximum engagement as a goal, so that prospective students authentically experience the caring attributes of a campus community.

Unfortunately for many institutions, the most meaningful indication to some prospective students and families of an institution’s level of care and concern about them is the amount of financial assistance it offers. The latest available data from the National Center for Education Statistics show that even as higher education institutions’ operating margins shrank during 2008-09, the proportion of students who received aid climbed. According to a recent NACUBO report, the discount rate at private colleges hit a record high of 42 percent, with the largest share of discounting aid awarded on the basis of non-need criteria like academic merit. Faced with such a competitive environment, colleges that can effectively communicate and demonstrate their concern about individual families’ financial situations will come out ahead. No doubt, this past month has been a busy time for enrollment management personnel listening to—and in some cases, negotiating with—families about the degree of “financial love” the institution is expressing.

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Continuing to engage students and families at a variety of institutional brand touchpoints during this yield period is crucial to an institution’s overall success this fall. Whether it is a face-to-face event; a phone call with the housing, registrar, or financial aid office; an e-mail exchange with a professor or coach; or simply another campus visit, the concept of being a “brand butler” and providing “concierge service” to students and families is imperative.

Providing personal attention, listening and caring, and displaying a high level of responsiveness can reinforce value and help create distinction. And improve yield. If you show the love now, you will most likely feel the love come September.

In the news

CBS MoneyWatch.com recently featured the “Top 20 College Twitters to Follow.” Lynn O’Shaughnessy, author of “The College Solution” blog, advised, “If you want to learn more about student loans, scholarships, financial aid, college admissions and much more, I’d suggest you discover the college experts on Twitter.” The Lawlor Group’s own John Lawlor, tweeting under the handle @johntlawlor, made the list.

Did you know?

Smartphones are expected to account for more than half of the U.S. mobile phone market by 2011.

Source: Nielsen