Why is global reach important to Business Schools? ⢠Rankings. ⢠Accreditation. ⢠Income. ⢠Investment. ⢠Grow
Student recruitment in 2014 and beyond: Global Reach and Effective Marketing Rob Read MD, Media Minds Global
In a world where globalisation is becoming more and more of a necessity especially in terms of student recruitment, the question of how you reach potential students on a wider basis is ne which arises in every marketers agenda.
To consider: •How to give your MBA programme a more global reach •What factors attract people to do an MBA and how can you use this to your advantage •How to do effective marketing on any budget
Why is global reach important to Business Schools? • Rankings • Accreditation • Income • Investment • Growth • Attracting international faculty • Prestige
Why is global reach important to the MBA Student? • Networking • Career prospects • Internationalisation • Opportunity
Factors that have affected global migration of students
• Growth of China • Global Downturn • Cost implications • Job opportunities/job security
How Economic downturn and political decisions have affected the MBA market • UK – Loss of Indian applicants since Visa change • Growth of online MBA • Impact of Chinese Business Schools • Move towards part time, specialist or Executive programmes
So…how do you give your MBA programme a more ‘global reach’?
• Branding – but where? • Investment from large corporations. But how? • International partnerships with other business schools? • Advertising? • Use other programmes in your business school portfolio?
Can you effectively market MBA programmes, globally, on any budget?
“In a recession, the business imperatives are all about strengthening the business and taking advantage of weakened competitors” Sir Martin Sorrell
The effect of recession on marketing
• Economy swings are small...advertising swings are large • Advertising budgets are the first thing to be examined • Big profits = big advertising; small profits = no advertising • Focus on brand automatically shifts to focus on bottom line
Option 1: Reduce Budget
• Save money • Could lose market share • Short term
Option 2: Maintain budget
• Rely on ‘added value’ • Safe option • Leaves door open for competition
Option 3: Increase budget • Ideal opportunity to increase market share while others retreat • Short term costs but long term effects • Only possible if you have liquidity to do so!
So how do we make the most of these options?
• Highly flexible advertising rates • Tendering/procurement offers competition • Added value and ultimately Return on Investment (ROI)
Procurement: a sign of the times?
“ I felt about as good as anybody would, you're thinking you're sitting on top of the most complex machine ever built by man, with a million separate components, all supplied by the lowest bidder.“ John Glenn, first American in space
The ever-changing media landscape
• Newspapers steadily losing circulation, merging or closing • Time-poor consumers looking at ways of getting information faster and cheaper • Online offers numerous new media opportunities that are cheaper, quicker, and more proactive • Surge in reader generated content • Social Media – more options on a worldwide scale to engage with audience
So I have a product: how can I market my brand?
• PR – Generate ‘buzz’ – Editorial/news/stunts
• Buying advertising space – Get message right – Get format right
• Relate to your target audience – Who is your audience? – What do you want to achieve from your campaign?
The role of advertising: online • • • • • •
Targeting – by country/age/profile etc New means of reaching “Generation Y” Less wastage Easy to track response Easy to reduce/increase campaigns based on results Varied opportunities –Google, Facebook, Twitter, YouTube, iTunes, VODcasts, enewsletters, viral, RSS feeds, pop ups, roll-overs, skyscrapers, banners, MPUs.... Online advertising offers a way to reach the target audience quickly, cheaply and effectively
Digital marketing options • • • • • • • •
Display advertising (banner, MPU, skyscraper) E-newsletters RSS feeds Mobile Online video Digital screens in public places Pay-per-click Google Adwords) Social Media Industries traditionally worried about negativity; but those who address those issues positively can enhance the strength of your brand
The role of Viral marketing
• Only works if you have a good idea! • Two ways of it working: – Have your own idea and market it yourself (cheaper option, but potentially time-consuming) – Pay someone to come up with the idea and hope it takes off (can be very costly – cost per view, and initial upfront cost for concept)
How could you reach potential students through advertising? • • • • • • • • •
Choose your territories wisely Negotiate your advertising rates Use your alumni network Turn to social media Play to your strengths Keep your creative fresh Track your campaigns Use primary research Don’t be complacent
Conclusions • Recession provides opportunity to gain market share • Ad investment can lead to trust, applications and brand value • Advertising has never been so cheap – take advantage but work within your means! • Know your target market – what media do they consume and how you can reach them in the most cost-effective way • Know what you want your campaign to achieve from the start. Best way to make media work – is it for brand, or is it for response?
Thank you
