When a process works and has been successfully repeated for decades, it is very difficult to get rid of it and replace it with something new.
However, consumer habits are constantly evolving, and this evolution is happening at an unprecedented rate due to the rapid advancements in technology and the emergence of new generations of students who are native technology users.
To remain competitive, it is essential to continuously analyze the market and search for new processes and strategies that align with current market behavior and meet the evolving needs of our customers.
Hence, we pose the question... should educators rethink how they are managing their pricing and promotions?
- Stay competitive
- Instant availability
- Pricing accuracy
- Save time and money
- Open up to new revenue opportunities
- Find an ally in digital tools!
Without a doubt! - The old method of sending PDF price lists via email or using complex pricing tables that are difficult to comprehend no longer meets the requirements for efficiency and immediacy. Moreover, it hinders the agents' ability to provide instant program quotes to meet the current needs of students!
To top it off, students who mostly belong to the Millennial and Gen-Z generations, are eager for solutions that make their lives easier, including the simplicity and speed of obtaining information and purchasing any type of product or service, including international education programs.
The solution to this problem is simple: digitize your pricing and information.
A profound change like this already happened in the travel industry with the arrival of Airbnb, Booking.com, Expedia, and other technologies that facilitate access to different types of accommodation, by providing information on prices and availability in real-time.
We deeply analyzed this topic in this lecture held at ICEF Digital Day 2022 where we compared the travel industry with international education.
But let's return to the focus of this article: if as educators, we challenge ourselves to reconsider the way we manage pricing in educational institutions, what potential benefits could be of interest?
In the education industry, educators often maintain strong relationships with their main agents, which can be enough to secure sales. But why not make it easier for them to sell your offerings? Why would you complicate their lives when you have handy alternatives to improve both parties' operations?
By embracing digitalization, institutions can ensure they’ll stay competitive in a rapidly evolving market, where students and agents are increasingly demanding more streamlined and user-friendly processes.
Digitizing pricing and information enables educators to offer real-time updates on program availability and pricing, which makes it easier and more efficient for agents to provide quotes to potential students in any market.
Say goodbye to your emails getting lost in agents' inboxes. They'll know exactly where to find your latest pricing and can include it in their quotes with the click of a button!
This not only improves the customer experience for the agency and the student but also leads to increased sales and revenue for the educational institution.
Digital pricing is a great way to eliminate errors that can occur in manual processes, such as typos, incorrect calculations, or outdated pricing.
While digitalization doesn't guarantee that your pricing will be error-free like magic, with regular maintenance and double-checking each time you make a pricing update you can be sure your agents have access to the correct information on the platform they use to quote and sell your programs.
Digitizing your prices and information also gives you great flexibility, allowing you to make unlimited changes, knowing that your agency network will be updated with the latest information in real-time.
For example, you can launch last minute promotions based on how your programs are performing in a specific region and update your entire network from one unique source.
In contrast, with manual processes, you would be forced to stick with what you initially put down, even if you made a mistake or come up with a better idea.
Save time and money
Digitizing pricing and information can significantly reduce the time and effort required for your marketers to generate quotes for their agencies or directly for students.
It also allows for more efficient communication with agents, freeing up your staff to build stronger relationships with agents instead of only responding to inquiries that could be automated.
In addition, digitization allows for savings on printing materials, which is good for both your pocket and the environment.
Open up to new revenue opportunities
When you digitize your prices, not only do you enjoy all the benefits mentioned above, but it also opens up a world of possibilities for how to market your products without any extra effort.
For example, if you use a platform like Edvisor to work with your agencies, you can use that same information to sell online to students who come to your website (and then pass them on to one of your agencies if you see fit).
Additionally, by having your prices online and working with online quotes and bookings, you can also play around with other strategies such as cross-selling insurance or accommodations directly to increase your average ticket size. This not only benefits your business, but also provides a more streamlined and convenient experience for your customers.
Find an ally in digital tools!
Moving pricing to digital platforms can be incredibly beneficial for educators. Instead of having to manually update price lists and calculate international currencies, making the switch to digital allows you to share price updates in real time, saving lots of valuable time.
It also helps ensure that prices are always accurate, reducing the likelihood of mistakes.
Digital pricing gives ultimate flexibility, enabling educators to respond quickly to changes in the market - providing a much more dynamic service than ever before!
Edvisor simplifies your daily operations through innovative technologies, whether you choose to sell directly or work with an agency or both - whatever makes your life easier.
What are you waiting for?