V WHAT MOTIVATES PROSPECTIVE STUDENTS? EXAMINING THE DECISIONTO-ENROLL PROCESS A Collaboration between Datamark and Kaplan University RESEARCH OBJECTIVE AND METHODOLOGY Gain insight into the decision-making process 2 phases of the decision process: Initial idea-to-research and research-to-enrollment Online Panel distributed across: Prospects, applicants, enrollees Undergrad, graduate programs Online and ground schools KEY QUESTIONS ADDRESSED Why do prospective students seek higher education? How much time do prospective students spend gathering information, and how do they go about it? How do prospective students narrow their choices? What influences a prospective student’s decision to apply to a particular school? What factors carry the most weight in a prospective student’s decision to enroll? KEY FINDINGS Initial Interest and Motivations Prospective students are seeking more education to achieve a set goal. Research The majority of prospective students start the research process within one to two months of deciding to further their education. The primary source of information are school websites and internet searches. Selection The most important factors in narrowing down their school consideration list are the program of interest is offered and the cost of the program. Application About one-third of prospective students did not apply due to financial reasons. Of those who did not apply, 62% still intended to further their education. Enrollment The three most important factors when deciding which school to enroll in are accreditation, amount of financial aid provided and program cost. TOP LIFE/CAREER SITUATIONAL MOTIVATORS HOW LONG DOES IT TAKE STUDENTS TO DECIDE ABOUT GOING BACK TO SCHOOL? WHERE DO STUDENTS GO TO RESEARCH SCHOOLS? HOW MUCH TIME PASSES BETWEEN THE RESEARCH & APPLICATION PHASES? HOW DO THE PROSPECTIVE STUDENTS NARROW DOWN THEIR SCHOOL CHOICES? NUMBER OF SCHOOLS NARROWED TO CONSIDERATION REASONS FOR NOT APPLYING DECIDING TO APPLY DECIDING TO ENROLL LEARNING APPLIED Prospect marketing Remarketing Dialog Admissions CONCLUSION: Focus on the prospective student’s end goal Focus on the key consideration variables Provide the right information at the right time WHAT DOES THIS MEAN FOR A SCHOOL? Why is it important to understand decision to enroll? Decision to enroll does not start at the generation of the inquiry Decision to enroll has multiple touch points Segmentation Student experience WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? Decision to enroll different for students with more risk factors WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? … decision to enroll less obvious for students who are traditionally not marketed to WHY IS IT IMPORTANT TO UNDERSTAND DECISION TO ENROLL? … for profit tuition prices likely not sustainable at current levels IDENTIFY DECISION TO ENROLL EARLY IN FUNNEL IDENTIFY DECISION TO ENROLL EARLY IN FUNNELL … CREATES VIRTUOUS CIRCLE Identify Decision to Enroll Early Higher market share and growth Lower Acquisition cost (pull vs. push) Higher quality alumni advocates Higher Quality Inquiries Lower Admissions cost, re-investment in academic quality Improved LTR, graduation rates, job placements HOWEVER, IDENTIFYING EARLY NOT AS EASY … …. Current screening technologies have high value but do not answer the fundamental question … “WHY” Inquiry Score Compliance Fraud Device IP Inquiry Authenticity Phone Verification Inquiry Age Inquiry Contactability Inquiry Velocity And risk a series of costly binary decisions around “good” or “bad” ESPECIALLY TAKING MULTIPLE TOUCHPOINTS HOW TO INCORPORATE RESEARCH Understand the student Understand (and measure) the journey Find white space and differentiate Segment the enrollment process Post enrollment should pull pre enrollment UNDERSTAND THE STUDENT FA Advisor • Attitude towards debt First Term • Academic concerns / preferences • Personal challenges • Revisions to motivations / dedication Academic Advisor • Academic concerns • Personal challenges • Revisions to motivations / dedication • Program challenges Professors • Personal challenges • Instructor concerns / tickets (eg logging in, but not posting) • Poor quality posts • GPA • Attendance • Participation Admission advisor • Motivations/ dedication • Past schooling (credits, GPA) • Best contact medium/time/day • Computer access • Standardized test scores • Time commitment 360° student profile IT Support • IT development needs • Hardware specs / literacy MEASURE THE JOURNEY Experience FIND WHITESPACE AND DIFFERENTIATE • • • • • • • Other Outcomes Academic • • • • • • • • • • • • • For working parents Most personalized experience Best customer service Most unique and different Best student community experience Best students Most practical, real world education Most support to make you successful as a student Most degree choice/breadth Most challenging Best professors/faculty Hardest, most rigorous academic program Most difficult to be accepted into Most/best career placement Most prestigious Most successful alumni Most respected by employers Best/most memorable ads/marketing Most affordable For women School 1 School 2 School 3 School 4 School 5 School 6 School 7 School 8 School 9 School 10 ADJUST ENROLLMENT PROCESS AND SUPPORT SERVICES STRUCTURE Diagnostic recap Decision to enroll differs across student populations Online universities viewed largely as same by students Needs and attitudes differ across student "life stage” Key recommendations Incorporate use of segment profiles by degree and by selected program in marketing efforts, inquiry scoring, and in enrollment reengineering Test and prioritize differentiated positioning, leverage big data Decision to enroll is a life changing decision Dynamic messaging across all touch points over the life stage of the student. Segmented contact strategy Price and out of pocket are key drivers to enroll Don’t underestimate the value of support services Current price levels at many for-profits are not sustainable. Re-engineer the business model MAKE POST ENROLLMENT PULL PRE ENROLLMENT PRE ENROLLMENT MARKETING Profiling Value Based Pricing ADMISSIONS Advisor Matching Support Services POST ENROLLMENT ASSESSMENT SUCCESS PATHING Risk Assessment Modularized Education Skill Based Diagnostics Program Evaluation GRADUATION Placement Thank you.