Never has it been so critical to do more with less. A Customer Relationship Management (CRM) system can help your university save money in a number of fundamental ways.
Universities, like all businesses, need to ensure they are financially sustainable at a time when the real value of their main source of income is falling. Student fees have remained static for a decade, meaning each domestic student enrolled is now worth only two-thirds of what it did in 2012 (in real terms). Some look to other revenue streams from international markets, and others look to increase their research income, but this isn’t always the right option.
Here’s where your CRM comes in; it is a powerful tool used to automate manual workflows, saving time and resources essentially providing not only savings in staffing costs but the unified approach helps make the student recruitment process, as well as other areas of communications, more cost-effective too.
We list five ways a CRM can help save you money:
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Segmenting your data
Segmenting your data has numerous benefits. Collecting and collating data from various sources into one centralised system, then grouping and segmenting it by various dimensions such as acquisition source and student journey stage. This process provides granular performance insights and allows targeted personal communication. The results can be seen in improved engagement rates and increased effectiveness of campaigns through personalisation at scale. Additionally, data segmentation reduces manual costs and improves understanding of the audience.
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Automated workflows
Automated workflows provide a multitude of benefits that can significantly improve the efficiency and effectiveness of your recruitment process. By automating repetitive and manual tasks, reducing errors and improving data accuracy and consistency, you are able to create a more productive environment for your teams. Time is better spent on those parts of the process that require human intervention.
In addition to managing costs by better utilising resources, workflows ensure you are able to provide 24/7 coverage - making sure you never miss an enquiry and a student always receives a response. Automated workflows are also scalable and flexible, allowing you to adapt to changing requirements. Furthermore, they improve compliance with regulations and standards and streamline communication and collaboration between teams.
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Technical debt
Legacy systems are outdated and drain resources. Plagued by slow performance and posing a security risk, this technical debt is high on the priority list for your IT teams. A CRM system can replace these legacy systems, centralising data management, improving accessibility, and providing a holistic view of performance. Cloud-based CRMs are also future-proof and can integrate seamlessly with your Student Information System (SIS).
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Results-driven recruitment
A CRM can help you achieve your student recruitment targets by driving efficiency and providing a foundation for effective campaigns. It unifies engagement channels and provides metrics for performance monitoring, enabling data-driven decisions and focused resource allocation. A CRM helps redefine campaign success through trend monitoring, optimising future campaigns and improving metrics such as email open rates and response time.
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Student lifecycle management
CRM helps attract best-fit students for your university. Once identified, the system helps you manage expectations during the recruitment and enrolment process. Once enrolled, a fully engaged student is far less likely to leave before the end of their studies – positively impacting financial sustainability. It also streamlines processes impacting student experience, such as case management and tracking attendance/attainment for timely interventions.
Saving with an education CRM
Tribal’s Student Marketing & Recruitment solution is an education CRM that revolutionises the student recruitment process. Our platform will help you deliver efficient and effective campaigns with in-depth insights across every platform, ensuring return on investment for your student recruitment efforts.
With detailed audience segmentation and seamless automation, you will be able to unify your student marketing and recruitment with Tribal.
TOPICS:
Student Marketing & Recruitment
