The Value of Customer Relationship Management in Non-Traditional Higher Education (Part 2)
This is the conclusion of Kevin Mokhtarian’s two-part series discussing the importance of customer relationship management (CRM) in higher education. In the first article, Mokhtarian shared his thoughts on how the marketplace has evolved and why institutions must now look to CRM systems as a mechanism to improve retention and institutional success. In this piece, Mokhtarian outlines some CRM features that can be operationalized to help institutions succeed.
A good CRM system must include a feedback loop. This mechanism captures student issues or questions and manages contact points for additional service, enhancing the relationship with each interaction.
Incorporating CRM drives faster service. Various communication elements can be automated to speed up response time. It can shorten the overall length of the enrollment process, reducing “recruit attrition.” It opens the door to e-document submission and manipulation. It assists in spotting trends which become feedback for marketing, program administrators or other departments included in the process. And CRM provides real numbers to use in making decisions. You can track each aspect of the lifecycle. For example, where in the process do you lose prospective students? Bottlenecks that impede progress are identified.
Careful consideration must be given to ensure a successful rollout of CRM. There should be buy-in from each department. One break in the delivery chain can doom the entire process, from a student’s perspective. Each step of the process must be defined, documented and monitored. When IT support is needed, it will have to be provided quickly.
Implementing CRM will be costly. Payback will come in the form of increased enrollments as students respond to superior service; efficiencies gained in the process, thus eliminating overlapping tasks; better opportunity to recruit for the “next program;” and greater conversion of student to alumni with a corresponding potential for donations.
The most important aspect, of course, is the “R.” Implementing CRM is about developing and maintaining relationships. To summarize, the adult student is approaching a return to school from a consumer perspective. Their expectations are high; students typically assess potential institutions for value as much as types of programs offered. Furthermore, great service and strong relationships can help the consumer recover from an error they encounter at any step of the cycle, or disappointment in an outcome (especially given the nature of the business in higher education, where students pay but must earn a degree; they cannot simply “buy” it).
The entire process can be improved via CRM software that helps institutions “listen” to their clients and manage data. A strong CRM system can help institutions recognize necessary changes to meet demand, and these changes can be made quickly. Further, these changes can be balanced with accreditation, financial and institutional considerations. A strong CRM system can also integrate components such as career services and counseling into the student experience.
Ultimately, all of these factors combine to provide students with a sense of greater value. As students perceive this great value in their institution, it gains a competitive advantage in the education marketplace.
To see the first installment of Kevin Mokhtarian’s two-part series, please click here.
Author Perspective: Administrator