Enrollment Decline — Schools Have Lost Their One Competitive Advantage
Many colleges and universities are having a tough time these days with enrollments.
But there is one reason that I rarely see mentioned and it's super important to acknowledge — geography.
For the past decades, most schools have had a single competitive advantage — their location.
They draw students from their surrounding communities. But what happens when many courses are offered online? And when students increasingly choose courses they do not have to attend in person?
Here's what happens — your program becomes commoditized. It looks like every other online program offered by every other school.
com·mod·i·tize— to render (a good or service) widely available and interchangeable with one provided by another company (source: Merriam-Webster).
Your geographic competitive advantage is now gone.
Now you have to focus on differentiating your offering in some other way.
You probably can't compete with schools that have a stronger brand.
You may not be able to afford lowering prices in a race to the bottom.
Your best alternative is to modernize your curriculum.
Make that your competitive advantage.
PS: It's a lot more affordable than a fancy new building most students will never visit.
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I'm Mathew Georghiou and I write about how games are transforming education and learning. I also share my experience as an entrepreneur inventing products and designing educational resources used by millions around the world. More about me at Georghiou.com