October 12, 2022
By Dr. Harry Bloom, Senior Vice President, Client Solutions
What matters most to your school families? And how are you doing in meeting their needs, relative to what they are paying? Exploring the answers to these questions is key to ensuring strong, steady enrollment. Indeed, schools that achieve high perceived value on the outcomes that matter to current and prospective families, relative to their tuition level, are able to maximize their enrollment and financial vitality.
Given the importance of perceived value in light of tuition level, good managerial practice entails consistent monitoring via market research and benchmarking to ensure:
Most Schools Face a Relative Perceived Value Challenge
If we examine the universe of independent schools at any given time, roughly one third of schools are increasing enrollment or are full, one third are working very hard to maintain their enrollment, and one third are experiencing declining enrollment. Thus, at any given time, two thirds of schools need to pay a great deal of attention to assessing their school’s relative perceived value and take steps to optimize it relative to their tuition.
How Data Science Can Support the Management of Relative Perceived Value
There are five key steps your school can take to ensure it is effectively managing relative perceived value and thereby ensuring its health:
This systematic approach has been used by numerous schools to materially impact finances and relative value proposition. It can work for your school as well. It all starts with a recognition that deficits in relative perceived value proposition can be effectively managed but require defined leadership and a data-informed, disciplined process to achieve improvement. Your school’s enrollment, financial, and marketplace vitality are in the balance, and now is the time to take action.
You can learn more about how your school can actively manage its perceived value during the SAIS webinar, “Using Data Science to Enhance Strategic & Financial Planning,” on Wednesday, November 2, at 2:00 PM Eastern.
Dr. Harry Bloom, Senior Vice President, Client Solutions, Measuring Success
Dr. Bloom’s for‐profit experience includes brand and product management at Procter & Gamble and General Electric and management consulting work with McKinsey & Company. In his independent school work, Dr. Bloom has developed and implemented a number of marquee programs, including the Atidenu Recruitment and Retention program, the Recruitment and Retention Academy, the Governance & Fundraising Academy, and the Day School Financial Benchmarking and Reengineering program. These programs have helped well over 100 independent schools enhance revenue, increase efficiency, and strengthen their financial vitality. Dr. Bloom has a master’s degree in business administration from Columbia Business School and a doctorate of education from Yeshiva University’s Azrieli Graduate School of Jewish Education and Administration.
In this recording, we joined SAIS President Debra Wilson for the new Trustee Education Series focused on best practices in independent school governance, including boundaries, confidentiality, committee structure, and more. The curriculum is designed for heads of school, board chairs, and trustees.