As many people know, the scope, nature, and procedures for the field of higher education are changing. The rise of technology has made Online education increasingly appealing and prevalent in the contemporary landscape. As such, many if not most savvy educational organizations have launched cutting edge, accessible online programs. These programs can enable students to complete their programs through distance learning alone or a blend of campus and online learning most commonly known as Hybrid Learning.
Either way, the student’s need for learning flexibility is met. In recognizing the importance of online learning, many educational organizations are seeking strategies and solutions that will make this method of learning increasingly affordable and accessible. If this is the case for you, now is the time to learn about how performance-based enrollment marketing solutions can not only make your school’s educational processes smoother and simpler, but can make your school stand out in a sea of options available to the online student today.
Performance-Based Pricing (PBP) is a form of payment for marketing services where the funds exchanged are based on the actual results of the marketing initiatives selected. In most cases, the funds are paid monthly or quarterly. In terms of online program services, the PBP process can involve a wide range of programs. Some of them include technology, digital marketing, recruitment, enrollment management, and market research. The services you select can be a la carte, which means that you are choosing and paying for the services you want as opposed to buying a comprehensive program. With the PBP process, you can always add on more programs or services as needed. The PBP system differs from a revenue sharing agreement because it typically does not include a long-term contract. In most cases, paying for quantifiable results is a huge win for all parties.
The Benefits of Performance-Based Pricing
The benefit of PBP agreements is that they are a true partnership. Specifically, the programs work directly with your educational facility to make sure that the strategies utilized are always in alignment with the school’s identity and needs. Additionally, the PBP programs help ensure that the educational organization’s message remains on-brand. This partnership approach enables you to retain control over the brand, meaning that you’ll be able to shape and perpetually optimize the message that your students are receiving. A huge selling point for PBP programs is the accountability factor. Don’t you think an agency will always put its strongest efforts forward to generate tangible results if the only thing you’re paying for is actual success?
Is Performance-Based Pricing Right for My Educational Facility?
When you start contemplating the use of recruitment, enrollment, and marketing for your education brand, it’s important to determine which business products and services would be ideal for you. The decisions you make will typically be contingent upon two factors. The first is your willingness to invest in specific products or services. The second is determining what objective or goal you’re attempting to realize through the investment.
If you’re contemplating whether the PBP program would be advantageous for your organization, know that it can be a great methodology for several reasons. The first pertains to transparent partnership. This means that you’ll be able to work alongside someone with the benefits of communication and openness. Additionally, you are not required to sacrifice a cut of your profits. This means that all of the revenue you generate will be yours. Also note that the PBP process typically operates with a monthly payment method and optional annual renewal contracts. With this set-up, you’ll be able to retain control over which services you attain while paying for something that is adjustable. Ultimately, this means that you’ll retain the support that you need while also maintaining control over your objectives and strategies. Finally, you’ll receive expert advice and assistance from an industry expert who can guide you through the process of building effective, customized recruitment strategies that enable you to remain true to your school’s brand vision.
How Does Performance-Based Pricing Work?
Once you realize that PBP is the ideal methodology for your company, you may be wondering how it works. This depends on what your educational facility needs. While the online services are typically one big package for revenue sharing services, PBP is somewhat different. Specifically, the PBP process involves a system of unique yet interdependent services. Each of the services enhances the others. The services can include:
• Enrollment services
• Marketing services
• Technology solutions
• Contact center services
• Market research services
The market research services inform the strategies that will be utilized throughout the advertising process. These marketing services will enable you to reach prospective students so you can get them into the educational facility’s contact center. From there, they’ll be encouraged to enroll in your school. Note that student enrollment affects your technology support needs. Enrollment also impacts your market research process and procedures as you work to identify potential and current student needs.
When you utilize the PBP methodology, you’ll be able to choose which parts of the cycle your company needs. For example, if you don’t have market research capabilities, utilizing this service might prove advantageous for your organization. On the other hand, you might find yourself overwhelmed with applicants such that you’re in need of enrollment assistance. With PBP, you’ll be able to attain assistance for your company’s specific needs and weaknesses.
If you run an educational facility that offers online learning programs, now is the time to implement strategies which optimize this element of your academic organization.
The Banner Edge Media team can help give your institution the competitive edge in an ever-changing digital landscape with its Performance-Based Pricing options that are tailored to fit any budget and any goal. Contact us today to learn more.