Marketing to a targeted audience is more effective than shouting to the whole world.
It's important to define the profile of the ideal student, and for the marketing plan to evolve with changing needs. A good budget is necessary to make sure that the entire plan is feasible to execute.
Developing a comprehensive five-year plan for your educational institution involves various key components, with marketing and budget planning playing a pivotal role in ensuring the long-term success and sustainability of the institution. Marketing planning is essential for promoting the school's programs, attracting students, and maintaining a strong presence in the educational landscape. This includes strategies for student recruitment, advertising, and outreach efforts to engage with the community effectively. Additionally, a well-crafted budget plan is crucial to support the school's initiatives.
Putting a complete budget in place is essential. You need to know what your plans will cost.
Learned about the 10% for marketing, and the importance of an annual budget
My role is with curriculum and compliance. I haven't done the marketing side. Now I am very interested to know what percent we spend on marketing.
I have learnt about the 10% rule, I did not know about that.
Comment on Bobbet Mullings's post:
I agree with you Bob specially adapting the 10% rules.
Marketing and budgeting is crucial to any business. As a business owner myself I use the 1/3 rule. I've learned that the sweet spots in business working in this way for me but may differ for education institutions. For my businesses I dedicate fund in this manner. 1/3 of profit goes to Income. 1/3 goes into business operations. 1/3 goes to business capital account/savings.
It is important to include even small details within your budget.
This only applies to for profit organizations. If you are a public, tax payer institution, you can wastes as much money as you want. I wouldn't, but just saying you can if you want and get even bigger budgets year after year. It's the only place negative feed back causes positive growth.
Marketing stratagies and 10% rule. Will make me more conscience of the day to day operations of our school.
The 10% rule is something new too!
Budgeting is very vital in business planning.
The 10% rule is new to me. It seems a daunting task to make sure that all marketing is no more than this 10%. I will be giving this concept a great deal of thought in the coming weeks.
As the title preludes you have to plan and market properly, otherwise it would be hard for teh person. Also just like everyone else the 10% rule is very interesting!
Yes agreed, the 10% rule was a new one for me too.
The 10% rule is interesting as I would think there should be some variance based on the market your school is in. some areas are easiter to market than other areas and I think this should be taken into consideration.
I agree with Regina that the 10% rule was new information. It explained a great deal about how some things are structured in our organization
