Offering value for money whilst generating it.02nd March 2020
Watching a student graduate and progress into their career is considered the most rewarding part of working in education. Knowing that you have given them that opportunity will always last long in their memory. However, universities can’t build success on memories alone, there are continual calls to offer value for money whilst generating it.
There are many priorities for an SLT team, setting the strategy, keeping an eye on your institutions financial gain and ensuring student engagement doesn’t take a back seat. The general consensus for businesses outside of the education sector is that the customer is always right, and without them, a company will fail. However, there has to be a balance between them feeling valued and them spending money, this also applies to students.
So what should you focus on to work towards a profit? Let’s walk through a few headlines for consideration.
Maintaining your identity is tough with technological developments introducing a plethora of new software and systems. Making sure that there is the clear direction in what you are investing in and why will always put you in good stead to grow with any changes that you are faced with. A business model is a key factor in making sure that both reputation, profitability and engagement are at the forefront of everyone’s mind.
With regards to NSS Ranking and application numbers, the reputation of your institution is an integral part of success. Students and staff alike want to feel proud of the institution they attend. It is therefore essential to keep up to date with the latest trends, but maintain an identity of traditional values.
A Digital Campus allows reputation to be broadcast across the world. College and university leaders are facing increased financial pressure and complexity as enrolment growth slows, traditional classrooms are evolving into remote locations that extend beyond the confines of one central campus. Using technology to enhance the reputation and entice students to apply is a key strategy, it’s time to act on it.
The cost of higher education continues to rise while financial support from the external sources continues to decline. Students and parents are becoming more price-sensitive and are making conscious decisions to reduce their spending at their chosen educational institution.
With funding on the decline, having the ability to profit from student spending is key. Offering an experience which keeps students contributing will make for good reading in the future, especially if the decrease in support from external sources continues to fall.
Research suggests that students are savvier with their money now more than ever with 64% checking their account at least once a week and a huge 83% stating they either know exactly how much they’ve got. Online banking is a significant factor in this rise. Utilising this technology and having the ability to purchase online offers such as course equipment and academic materials will help add to your profitability.
With the ever-changing student demographics accessing the physical and digital campus every day, universities and colleges have to adapt and make sure everybody is catered for. Having your students and staff engaged will no doubt have them ‘buying’ into your strategies. Continual communication and fresh ways of appealing to academics will generate a real relationship for the future. Engagement through a Digital Campus allows you to keep students updated wherever they are. The use of push notifications is one of the biggest ways to unite and ensure that everybody is connected.
Profitability is more important than ever and becoming profitable will boost chances of investment from external sources. It is hugely important that education leaders keep up to date with how technology is transforming and how they can utilise this to ensure their institutions make money. Being a thought leader on how to generate income through the use of cutting-edge techniques will put you in good stead for the future and give students an additional reason to be proud of where they study.
Do you want to know how a Digital Campus can make your institution more profitable?