In its most recent Higher Ed CMO Study, SimpsonScarborough reported key findings on higher ed marketing budgets compared to corporate marketing budgets.
Corporations invest 6.4% of total revenue in marketing. That’s 4x more than higher ed institutions, which invest only 1.6% of revenue in marketing. Higher ed institutions allocate just 3% of their marketing budgets to MarTech.
Corporations outspend them by a factor of eight, allocating 26% to MarTech. They also spend 25% more on advertising than higher ed institutions.
While many institutions report plans to grow marketing investments amid stiff competition, the picture is still bleak for marketing leaders. Here are six effective strategies to make the most of limited budgets:
No. 1 Focus on Cost-Effective Channels
Emphasize digital marketing channels such as social media, email, and SEO, which often offer cost-effective ways to reach and engage with prospective students.
No. 2 Make Data-Informed Decisions
Use data analytics to identify the most effective marketing strategies and allocate resources where they can have the greatest impact.
No. 3 Create Compelling Content
Develop high-quality, relevant content that resonates with the target audience to attract and retain prospective students.
No. 4 Test and Iterate
Implement A/B testing and iterative approaches to refine marketing campaigns based on real-time performance data.
No. 5 Leverage User-Generated Content
Encourage students, alumni and faculty to contribute content, reducing the need for expensive content creation.
No. 6 Evaluate Vendors Carefully
Explore your options regularly, create apples-to-apples comparisons of their offerings, and be open to new providers that may be more cost-effective than better-known brands.
Implementing these strategies allows higher ed marketing and enrollment leaders to optimize their limited budgets and achieve meaningful results without overspending.
Taken from the new Capture Higher Ed white paper, “The New Rules of Enrollment Marketing: The biggest trends facing higher education enrollment and marketing leaders — and what you can do about them”
