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Niche Colleges Need Marketing Expertise
Many colleges and universities may begin to feel the squeeze of lower enrollment figures in the next couple of years as student loans prove harder to come by and as the demographic bulge eases. The number of annual public high school graduates will peak in 2009 and not return to the same level for about 9 years. A projected decline in white applicants will be partially offset by higher numbers of applications from Asian, black, and Hispanic students.
These projected changes could prove beneficial to niche colleges - institutions that have historically served women, blacks or specific religious groups - if their mission is properly marketed. According to a survey by Carnegie Communications, students apply to niche institutions because of the ‘school’s fundamental identity’.
The two leading issues to be addressed in marketing campaigns are:
- Perceived expense
- Perceived lack of diversity
Work with the niche colleges in your market to improve their message and remember to specifically emphasize the success of graduates, the excellence of education and unique qualities of campus life.
[Sources: Strauss, Valerie. Applicant Pool Forecast To Shrink and Diversify, Washington Post staff writer, March 2008; Carnegie Communications Release, 12.03.08]
Avoid these Sales Mistakes
Experience can be a wonderful teacher, as well as a catalyst for opportunity. But, many believe that with experience, comes perfection. This is definitely not the case. Even the most seasoned vets make mistakes, some of which are avoidable. In regards to selling services, David Palmer, senior associate at Fripp & Associates, reports this is often the case due to complacent salespeople who “believe that they ‘know it all’ as a result of producing so well for so long.” He lists ten mistakes that are made by senior salespeople:
- Industry Ignorance
- Too Few Questions
- Limited Business Knowledge
- Low Emotional Connection
- Organization Structure
- Company Imperatives
- Objection Responses
- Exceptional Presenter
- Master Negotiator
- Systematic Relationships
Palmer gives great insight, examples, and advice for each “mistake,” all of which can be found here, (in addition to a final “eleventh mistake”).
Educational Campaigns Needed to Boost Prepaid Mobile Phone Use
As the new year approaches, consumers will be looking for additional ways to cut their expenses. While they may suspend purchasing specific goods or services, they may also switch to less expensive options. This activity could mean more opportunity for your agency if you can convince your clients to market the less expensive alternatives.
For example, a recent release by the Telecommunications Research and Action Center encourages consumers to switch from postpaid to prepaid mobile phone service. Currently, 16.9% of cell phone subscribers use prepaid services. Consumers have hesitated to switch to prepaid service because of several misconceptions. An effective marketing campaign could educate consumers about important features of prepaid services including:
- Prepaid phones are available in a variety of models
- Consumers do not always have to pay expensive cancellation plans to switch from postpaid to prepaid subscriptions
- Voice mail and text messaging are often part of a prepaid subscription
Remind your mobile phone retail clients to market prepaid plans in order to retain consumers who are looking for ways to save money.
[Sources: Telecommunications Research and Action Center release, 11.13.08; Opinion Research Center release, 12.04.08]
Venture Capital and Biosciences
Despite the economic turmoil in the financial sector, private equity continues to flow to biosciences firms. In 2007, venture capital firms invested $11.566 billion in biosciences. Between 2002-2007 funding was allocated as follows:
- Biotech-Human $15.119 (billion)
- Pharmaceuticals $9.45
- Medical therapeutics $9.326
- Med/Health products (including IT/Software, products and services) $3.657
Of this funding, nearly 20% went to later stage products and the average deal was $18.32 million. So about 1 in 5 deals is linked to a product or service that is nearing a launch and will require marketing assistance. In some cases, biosciences firms market their products and services in the BtoB realm while other firms market directly to consumers.
Keep in mind that the pharmaceutical industry is increasingly blurring lines with the biosciences sector. As a result of advances in genetic research, pharmaceutical firms can now target specific populations with engineered and more effective treatments. These types of developments attract investors who are searching for return on equity and will eventually translate into demand for increased marketing.
Check out Batelle’s comprehensive report to find opportunities in your market area.
[Source: State Bioscience Initiatives, Batelle, 2008]
B to B Advertising in a Down Economy
In a down economy, businesses that sell to other businesses may be tempted to cut advertising along with other expenses. But a recent American Business Media survey reveals that only about 1/3 of B to B firms plan to cut their ad spending in 2009:
- Same 40.7%
- Increase 29.1%
- Decrease 30.3%
Firms that plan to increase marketing will allocate additional media spending as follows:
- Print 9%
- Online 48.5%
- Direct 16.5%
- Broadcast 3%
- Outdoor 0.4%
- Events 13.5%
- Other 9.1%
Remind your B to B clients that advertising, especially a campaign designed by your agency, remains key to maintaining and increasing market share.
[Source: American Business Media]
