Subscription-based business models have become the norm in many industries. Netflix, Hulu, and Disney+ are the best options for entertainment. Amazon Prime has made online shopping easy and convenient. Our meals are also tied to monthly payments and scheduled delivery. These subscription-based for-profit businesses are geared towards lowering the cost to acquire new subscribers, increasing the total subscribers and keeping them happy through value-generation.
In the face of an impending pandemic, the future of higher education can learn a lot from this model’s huge successes. Peer institutions are vying for lifelong learners. Institutions also have to contend with decreased enrollment and decreased auxiliary services. A global pandemic. We can sub out subscribers to students and donors, and we can see that they are not as different as we might think. This article will be of interest to educational projects of various types, from those who focus on the request to do my chemistry homework to sites with a full education. Let’s see how we can turn the success of Netflix into success in higher education.
1. Lower Acquisition Costs
Many schools continue to face difficulties with the online application process despite the ease and convenience of online resources. Cloud for Good currently has over 120 different application processes at the graduate level. This is a remarkable number. There are many risks associated with a complex application process. These include incomplete applications to traditional four-year colleges, abandonment of executive education students and decreased productivity among faculty and admissions staff. Netflix boasts over 195,000,000 paid subscribers. They can choose from three paid service plans (Basic Standard Premium) or none at all.
Schools should reduce the time it takes to checkout and encourage applicants to provide additional information once they have completed their check-out. Many of our clients have made this a major focus in executive education. In order to reduce abandonment rates, admissions must be simplified. You can make a difference by using prominent calls to actions, progress indicators, multiple payment options, and simplifying the checkout process.
2. Steady Increased Retention
People will stay where they feel valued and cared about. Retention is dependent upon creating value, whether it’s in an educational institution or streaming entertainment service. Netflix keeps its subscribers large by creating and curating exclusive content.
When you consider the virtual student experience, quality advising is even more important. Central New Mexico Community College uses Salesforce Advisor Link to connect students and advisors on one page. It is an online community. The adviser can help the student to create a success plan if they are at high risk. This will ensure that the student follows the right steps to get the mental health services and financial aid options.
Another Cloud for Good client, the University of Vermont, has used Salesforce technology to reopen its campus and keep it safe. The institution established a Covid-19 Service Center that provides a single point for all Covid communications. It also facilitates rapid testing, safety initiatives, and other Covid communications using Salesforce’s Service Cloud. UVM has provided the necessary tools for their faculty, staff, and students to succeed. They also showed that they are committed to keeping them safe.
What will UVM’s retention rates look like compared to other schools who reopened with the same safety measures? UVM’s retention rate will be higher than other schools that reopened in a turbulent time. This is because UVM has been able to provide value and security to its retention strategy. To stand out from the rest of the schools in the eyes prospective students, higher education must not rely only on their academic records.
3. Fundraising Increase
All types of organizations are always asking how they can convert one-time donors to monthly or annual recurring donors. Most consumers don’t realize that Netflix will charge them monthly for their subscription. However, they are happy to pay that agreed-upon monthly fee. It is not common to think of recurring monthly streaming TV or two-day delivery charges in the same manner as a donation to your alma. What is the reason for this?
In this instance, recurring donors are your subscribers. It all boils down to lower acquisition costs and creating predictable and steady revenue. The lessons learned from the pandemic will help us to positively transform higher education’s future. Based on my viewing habits, Netflix recommends content for me. Based on my preferences, it will show me different thumbnails and artwork. This same AI technology can be used by higher education to predict who will subscribe, at what level and what steps to take to keep them there. Advancement offices can allow alumni to subscribe to first access to VIP events. This could include front-row tickets for the big basketball or football game, or meet-and-greets with prominent alumni.
How can we move beyond that tradition and add more value for students while retaining? There are many lessons to be learned from others’ success, and none are more successful than the subscription-based tech giants. If you need to prepare an essay on this topic and more, you can buy a cheap essay.