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Developing a new target market

A quick overview and step by step process when developing a new target market.
by

Ross Grippi

on 23 August 2011

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Transcript of Developing a new target market

Whether you are recruiting new students to campus or selling a product to current or future clients of the CollegeBoard, the following slides outline some parallels when developing new markets.
Declining
population of graduating
seniors in Ohio
Tuition Revenue
driven institution
$$$
Strengthen the student body by increasing
geographic diversity
WHY?
10 Steps to Develop
a New Target Market

Developing a New Target Market
Economic downturn
STEP 1
Market Research/Institutional Analysis
Utilize programs similar to EPS or resources containing market trends for college bound students.
Focus specifically on social economic statistics, mobility/transient students, academic data, ethnicity
Determine competitor colleges to identify “fit”
STEP 3
Utilize Professional Network & Colleagues
Share resources to develop a comprehensive list of counselors/contacts
Counselor luncheons encompassing multiple institutions that share similar ideals and philosophy
STEP 2
Strategic Planning & Implementation
Partner with colleagues both internally and externally to develop a unified strategic plan
Brainstorm with staff and colleagues to develop creative ideas
Set goals and timelines for implementation, completion and evaluation
STEP 4
Master Your Target Market
Initially, spend time introducing yourself and learning about the market
Significant amount of face to face contact
Evaulate the level of college counseling and transient students (in the case of the College Board, identify the products being utilized at institutions in the assigned market)
Introduce your college/university or products/services
Personalized contact - Follow-up to your visits, luncheons, breakfast meetings, etc.
STEP 5
Establish & Strengthen Relationships
STEP 1
Market Research/Institutional Analysis
STEP 2
Strategic Planning & Implementation
STEP 3
Professional Network & Colleagues
STEP 4
Master Your Target Market
STEP 5
Establish & Strengthen Relationships
STEP 6
Narrow Focus & Write a Proposal
STEP 7
Persistence
STEP 8
Close
STEP 9
Exceptional Customer Service
STEP 10
Evaluate & Back to Step 1
Building on Step 4, exhaust all of your resources to expand your professional network and build relationships that will help you market your institution or product
Stay in contact, but use your creativity and resources (i.e. social networking, email, personalized messages)
Keep your network updated on new programs, services or products
Be personal in your approach
STEP 6
Narrow Focus & Write a Proposal
Within the market, identify specific schools or institutions where you can be successful and spend the majority of your time working with those schools
Identify the products and vendors at each institution and market your product(s) accordingly
Use success stories to sell the institution or College Board products
Be creative in your approach to distribute information
Focus:
If a school sends 99% of their students to Big Ten schools, it is probably better to focus your time elsewhere.
If a college /university has used Royal or Ruffalo Cody for 30 years and tells you nine times they aren't interested the College Board for search, sell another product
Important: Don’t be afraid to ask questions to gather information. Asking questions will assist in gathering additional information and help reach your goals and objectives set forth in the comprehensive strategic plan.
Visit or meet with the same people IF you have had success and know they are making decisions or counseling students
Identify new contacts if you are not having success
Continuous follow-up about your programs or products
Set-up appointments to sell specific programs or products not have generalize meetings
Be creative in your approach to distribute the information
Detailed, creative proposal
Internal persistence
STEP 7
Persistance
STEP 8
Close
Personalized contact and discussion to answer final questions (Students/Parents or Directors/V-Ps)
Discuss financial aid, payment plans, etc. (budget)
Make it work! Outline a strategy for the future.
Bagels and Coffee with a personalized note
Don’t always make a sales call, but try to make a personal connection and establish a relationship
Creativity:
Important: You may not be able to be creative for every visit or contact, but over a period of time you can infuse various methods of creativity to create awareness and a positive impression which will have a long standing impact.on your relationship.
Personal messages and contact via traditional methods and social media
Minimal investments that create awareness and maintain a positive working relationship
STEP 9
Exceptional Customer Service
Know your products so you can provide quality training and exceptional service through enrollment/implementation
Consistent follow-up to strengthen relationships with counselors and students or consumer of the product
STEP 10
Evaulate & Proceed to Step 1
Evaulate - if the experience of the first student or sale was a success and culminated in a positive experience or increased enrollment, sell the campus/program or another product
This business has a high turnover rate so you must continue to develop new relationships and contacts

Questions or Comments?
Ross R. Grippi II
Full transcript