Chapter 1Understanding Your Current Markets
What does today’s market look like?
Understanding the total market can seem like an overwhelming and time-consuming task, but the right research can summarize it and equip your team with the knowledge to build a successful strategy.
Consider tools and research – such as NCES Postsecondary Education reports or Encoura's Market Analysis – to learn the demographics, academic interests, and geography of today’s high school students and reflect on how your institution currently serves these areas, student types, and interests.
Which students are interested in my college?
Next, consider where your college or university currently has brand recognition. One key approach to measure your brand recognition – or more importantly, reputation – is to see which markets you have the most student interest. If you aren’t sure where to start, consider areas from where you’ve had students send test scores or from where you’ve had students express interest.
Once again, take a closer look at these markets to learn more about these students, including their demographics and interests. Drill down to the state, geomarket, and county levels to get the most insights. These are the students who your institution’s brand has been attracting.
Which students are actually enrolling?
The last step in understanding your current market is to pinpoint which students you’ve had the most success enrolling. Again, leverage your CRM student records or team up with a reliable enrollment partner like Encoura to identify which markets have been most successful for your college.
Encoura’s Insights Cloud shows colleges how their funnel compares to similar schools to help assess competition by state and evaluate potential new markets.
By this point, you know a lot more about the national market, your brand’s reach, and the type of students who you best attract. It’s time to put this knowledge to use. In Chapter 2, we’ll use these insights to explore new markets for your institution.
Identify Your Best Opportunities with Market Analysis in Insights Cloud
Save time, plan with confidence, and empower your entire team to strategically plan for enrollment success. With Market Analysis, you can visualize five years of historical market data – and compare your current and historical results to your competitors – to inform your future recruitment strategies.
