As I discussed in a webinar earlier this week, your institution is probably optimized already. By that, I mean to suggest that there’s very little net revenue left to be squeezed out of students through a new discounting regime.
Which means, colleges need to accept the budget realities that come with your net price range or find ways to meaningfully increase enrollment. Between the demographic cliff and the search cliff, the surest way to achieve that is by improving yield.
In fact, it’s probably the only way to create a genuine and lasting increase in enrollment.
Of course, increasing yield is easier said than done. There are market realities impacting your yield rate as well.
To increase enrollment by improving yield, you’re going to need to innovate, reinvent, and invest in your yield operations.
That’s where artificial intelligence comes in. No – I don’t mean asking Chat GPT to write your emails or installing clearly-robotic chat bots on your website.
Instead, it’s bringing together high-level data science with a sophisticated machine learning engine that uses gamification theory to interface with your admissions counselors.
The intersection between those three is where you can move your office to achieve enrollment growth, more productive (and satisfied) admissions counselors, and ultimately, more revenue.