You’ve just landed a great job, in your mind, as the head of school at a private school. The excitement is palpable. But as you settle in, you realize you’ve stepped into a nightmare. The school’s finances are in shambles, enrollment is down, and everyone’s pointing fingers. Sound familiar?
Let’s dive into this mess, shall we?
Your school is charging a whopping $40,000 in tuition, putting you at the top of the competitor list. But here’s the kicker: you’re only bringing in an average of $28,000 per student. That’s a $12,000 gap per head! And with 175 students instead of your capacity of 190, you’re hemorrhaging money faster than a leaky faucet.
Now, you might be tempted to blame the weak economy or promise that things will magically get better. But let’s face it: that’s just wishful thinking. The real question is: can your school survive by selling its educational program? Or are you secretly hoping for a miracle $200 million donation to fall from the sky?
Here’s the brutal truth: hope is supportive, but it is not a strategy. You need action, and you need it now.
So, what’s the game plan? Let’s break it down:
- Show me the money: Before you do anything else, you need to convince the board or alumni to cough up some cash. This isn’t just about keeping the lights on; it’s about jumpstarting real change.
- Get inside your customers’ heads: What do your current families love about the school? What makes them cringe? And most importantly, do they feel they’re getting their money’s worth? Remember, at $40,000 a pop, expectations are sky-high.
- Separate the wheat from the chaff: Identify what’s truly valuable to your customers and what’s just fluff. If you’re not delivering enough value, it’s time to make some changes.
- Crack the code: Why are new full-pay families choosing your school? And why are others walking away? This insight is gold.
- Rally the troops: Your faculty needs to understand the gravity of the situation. Get them on board with a solid plan.
- Speak the same language: Train your faculty to describe your program consistently. A unified message is a powerful one.
- Overhaul your marketing: Based on your findings, create a customer-centric experience that showcases the value they’re willing to pay for.
Remember, enrollment management isn’t just about filling seats. It’s about creating an irresistible offer that families can’t refuse. It’s about understanding your market, delivering real value, and communicating that value effectively.
So, are you ready to turn this ship around? Or are you going to keep rearranging deck chairs on the Titanic? The choice is yours. But remember: in the world of enrollment management, there’s no room for complacency. It’s time to roll up your sleeves and get to work.
