(r) SAT vs. ACT
Each year many parents seem to wonder about the differences between the SAT and the ACT. In the past, the tests have been different enough to warrant serious consideration (see below).
Source: bachelordegreefacts.com However, the impending changes to the SAT and the fact that the two tests will become more similar than dissimilar may reduce the anxiety level among parents. At least there is an opportunityto reduce that anxiety (see below). Irrespective of test differences or even of one's testing preference, the need for an early diagnostic testing process is helpful. In most (but not all) cases, companies use a prescriptive tutoring process. This prescriptive process requires information in advance of the tutoring program which allows for a certain level of personalization. Ordinarily things start with a diagnostic assessment. The diagnostic seeks to identify knowledge gaps which in turn facilitates the tutor-match. In the test prep & tutoring world, personalization is a marketing buzz-word. Therefore, an assessment that could compare student results between three tests (current SAT, (r)SAT, and ACT) would be a logical place to develop a student's study plan. The Washington Post wrote an article on this need and provided access to a test developed by Dr. Gary Gruber. Here is a link to the free online assessment; it is also available in paper & pencil format. If nothing else, it could provide a starting point for further analysis.
In terms of Test Prep & Tutoring Strategy, we suggest developing the ability to offer ACT vs. (r) SAT Diagnostic Testing Services but continuing to assume that many if not most of your students will choose both tests. We reason that most tutoring students fall within the 40%-47% of students who apply game theory and take both tests. This combined with a deliberate event strategy should serve the mutual interests of students and tutoring firms.
Separately, begin cross-training your tutors with (r) SAT material (if you haven't already).
SAT & ACT Scores Delayed
Speaking of the SAT & ACT, scores from the October SAT and the September ACT administrations were delayed. The impact may have affected early action and early decision application deadlines but both organizations seem to have had contingency plans. Read more SAT Scores Delayed. Read more ACT Scores Delayed.
LSAT Primed for a Rebound?
The headline is that Law School applications have been declining--actually they've hit a 40 year low--over the past few years. Those "in the know" believe applications, will grow again in 2016. The rationale behind the presumed rebound seems to be based from a belief that the length of the application trend and thus the LSAT prep trend has hit the bottom and that the supply of Law School graduates will not meet the hiring needs in the near term. The climb will be slow and steady but it will be there. Read more...
In terms of Test Prep & Tutoring Strategy. It never hurts to have LSAT instructors on your team, especially if they had terrific SAT or ACT scores. In fact, a tutor who can instruct LSAT, SAT, and ACT may also be able to instruct GMAT & GRE. They aren't easy to find but are certainly worth the effort!
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The Association for Test Prep, Admissions and Private Tutoring (TPAPT) TPAPT offers a specific and detailed knowledge of the US K-20 industry through the collective expertise of its membership. We're ridiculously focused on test prep, metacognition, and educational access. Our mission is to empower individual tutors, independent firms, as well as communities and schools in a way which improves their respective student outcomes. Learn more: info@testprepprofessionals.com
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Thursday, November 19, 2015
Monday, November 2, 2015
Qualifying Leads
Fall Event Test Prep Marketing Strategy III: Lead Triage
Last month we noted the importance of scheduling events in the Fall and then leveraging registration information beyond the "day of the event." We reasoned that events generate leads (prospects or potential clients) which may in turn generate enrollments. Further, we noted that event registrants, whether they show up for the actual event or not, are viable prospects for follow-up.
We expanded upon the idea of valuing registrations in terms of potential conversion. Conversion is the process of taking a prospective client (lead) and converting them into a paying client. We used a hypothetical case wherein a boutique competitor (us) with a good reputation tended to convert lots of leads into clients after speaking with those folks on the phone. We reasoned that scaling this success was possible through increasing the number of client conversations. In order to do that, we planned to leverage event registrants including no-shows.
Easy enough to say, less so to implement. However, if we apply some basic sales-management techniques, what may seem daunting becomes more manageable. This is where Lead Triage (my term) comes in.
We know what the word Lead means so let's explore Triage. In this case, triage is analogous to that which occurs in a hospital ER. In that scenario all patients are initially qualified and those with the more serious issues are prioritized. The principle behind lead triage is similar (though not as dire).
Once a lead is captured--let's say through an event registration--that lead is qualified and placed into a group. The follow up that occurs is generally determined by need. For our purposes, need is often dictated by the Official Testing Administration Date or perhaps the final exam week at a local school. The touch-points or engagements for these leads can be mapped out based on the initial qualification and assessment.
We'll take another page from traditional sales management and introduce the concept of the "Sales Funnel." Once our leads are qualified and grouped, they should go into a funnel. Picture an actual funnel and then add your touch-points over time between the top and the bottom of the funnel (see below). This is a traditional sales funnel.
One benefit of the funnel is to create a bit of order. Another is to allow for a linear sort of process (the engagements or client touch-points). Finally, one can take the number of folks who trickle through to the "Sale" and divide by the Number of those that initially went in to the top in order to calculate conversion %. One more thing, it is fine to have more than one lead funnel. For example, if you offer SAT Tutoring as well as Academic Tutoring, you may have two separate funnels. Ultimately this is about creating order and process as well as sales.
One last note about Lead Triage. Leads, unlike fine wine, tend not to improve with age. Generally, the sooner a lead is engaged, qualified, and assessed, the higher the conversion rate. So, when it comes to Lead Triage one should look to: 1) quickly qualify the lead 2) assess needs and 3) engage with the potential client as early as is practicable. Hope it helps!
Learn more about Test Prep & Tutoring Professionals Boiler Plate Events & Sales Management Training.
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Tuesday, October 13, 2015
Client Engagement
Increasing the number of client interactions II
Fall Test Prep Marketing Strategy II: Engagement
Last month we noted the importance of scheduling events in the Fall. We reasoned that events generate leads which in turn can generate enrollments. Interestingly, many folks with whom I speak tend to view event success based upon the number of attendees and enrollments. This is fair to be sure, particularly if one is hoping to use the event to fill tutoring slots or a class taking place within a few days of the event. As fair as it is to measure event success in this way it is arguably short-sighted. Events registrations are arguably as important since they allow one an opportunity to engage potential clients for what could be a lengthy client life-span.
Leads from events come in the form of registrations and registrations, whether they show up for the actual event or not, are viable prospects for follow-up. Therefore, even an event "no-show" has value.
Without going into too much detail, the test prep & tutoring industry is reliant upon a supply of willing clients. It has also been commoditized to the point where discounts & deadlines permeate much of the promotional strategy. Because of this, a sophisticated sales management strategy is required with lead pipelines, automated emails etc. Add in a business dashboard and big data, and one pretty much has the ability to measure conversion rate, conversion time, and return on promotional investment. The process becomes less about the product or service and more about algorithms and metrics. As dehumanizing as this may seem, it is a sound business practice and good companies engage in sound practices.
How then, do boutique companies compete? Let's first assume that the boutique product is exceptional and that the company's personnel is bright, engaging, and affirming to students. Next, lets assume that although the product and delivery is superior, the marketing and promotional strategy is drowned out by the web presence and dollars of larger players. Finally, lets assume that when someone does call or email our boutique company and interact with the owner or staff, those prospective clients almost always enroll. If this sounds familiar, it should; most of the companies for whom I have worked or consulted seem to have this dynamic in common.
In essence we are saying the product is good, the word of mouth isn't bad, and that when a client interaction occurs between company and prospective client, conversion is excellent. The problem then becomes scaling the number of client interactions.
One solution is to simply interact with more prospective clients. After all, conversion is strong once a client interaction is triggered. Therefore, we could argue that increasing the number of client interactions becomes important.
Event strategy is one way to increase the number of interactions. And here is where the magic can start to happen; rather than focusing on enrollments, focus on interactions. This means that registrations, even when they don't ultimately attend a free event, should be engaged. Once the paradigm is shifted good things generally happen quickly.
As I mentioned last time, normal events include: Free Practice Tests, College Admissions Talks, Graduate School Admissions Talks, or some sort of SAT/ACT/GMAT/GRE Information Workshop.
The events themselves should be 45 minutes to and hour in length and should be designed to create value for the participants. After all, these participants are giving up their time to attend. If you need help figuring out what to use and when, click the link at the end of this article and we'll guide you. When it comes to Event Outcomes one should look to: 1) capture the prospect (or lead) information and 2) represent one's brand in a positive way, and avoid the misconception that events should immediately generate sales. While this is certainly an excellent and desirable outcome, the true goal is to expand the client base. To learn more about this perspective check out this link on the long tail approach to marketing.
Learn more about Test Prep & Tutoring Professionals Boiler Plate Events & Sales Management Training.
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