What is the right price position for your institution?
Students often list “cost” as one of their top factors in deciding to enroll. But cost is not the real issue—it’s value. Do prospective students believe that an education from your institution is worth what you are charging?
RNL’s Price Sensitivity Analysis provides a research-based method to answer your key research questions related to your price. This analysis analyzing your position in the context of your competition, explores the market, perceptions, and sensitivity and market response to various price and aid strategies.
This analysis can help you answer critical key questions:
- What is the optimal tuition level for your market?
- How is your institution positioned among competitors in terms of price?
- Is a tuition reset, freeze, or increase viable for your prospective students?
- How could changes in price impact enrollment?
- What is most valuable in your market… brand, price, aid, or key aspects of the student experience?
- How could price or strategy changes at competitors impact your market share?
Harness insights to inform your price strategy
The Price Sensitivity Analysis uses a two-step process to assess value perceptions accurately:
1. Competition analysis
First we identify the institutions to which you are losing admitted students. Additionally, the competition analysis provides a deep dive into historic enrollment patterns by different student groups. This allows your consultant to help you understand key trends and your position within your competitive set.
2. Price sensitivity survey
Armed with the market position data from the competition analysis, you RNL consultant collaborates with you to design a custom instrument to test your critical price questions for your prospective students and when appropriate, their parents. With these insights, you can develop an effective pricing strategy that is aligned to your mission and institutional goals. By integrating a conjoint design with characteristics of a higher education market place, RNL enables you to understand not only how your brand, price, and value work on their own, but how to best integrate the pieces into an effective strategy.
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