Professional, continuing, and online education providers compete with hundreds of schools across the nation for a limited number of students—mostly non-traditional students who are looking for programs that will help them gain headway on their current career paths. So how can these universities, among a sea of competitors, catch the attention of prospective students?
Immediate access to reliable, up-to-date labor market data heightens the academic program development, market research, and marketing strategies that drive enrollment—allowing schools to pivot quickly, outpace competing institutions, and maximize time and budget.
Here’s a sample of ways that labor market data can help you through that process:
Academic Program Development
More so than traditional universities, it is the mission of many professional, continuing, and online education providers to improve career outcomes for students. The ability to accomplish this goal keeps these schools relevant to the non-traditional student market.
In order to accomplish that mission, schools need to understand a variety of factors that are informed by labor market information—including growing opportunities, the costs associated with instructor recruitment, enrollment estimates, and approximate return on investment.
Find Prospective Students
Schools need to understand a variety of factors informed by LMI—including growing opportunities, the costs associated with instructor recruitment, enrollment estimates, and approximate return on investment.
Labor market data can help schools identify target audiences for specific programs. How should you market your new bachelor’s program? Who should you target? What other occupations have similar skill sets that might transfer into this field? Where are those prospective students located?
Occupation comparisons and skills transferability information can help you answer these questions. Then, information about where those compatible occupations are concentrated and demographics information about the workforce can provide insights into how you might market to a specific audience.
Know Your Competitors
Research is essential to any solid marketing strategy—in order to measure your own successes and to improve your practices, you have to know who you’re competing against.
Many professional, continuing, and online education providers have a manual process for researching competitor institutions. But this process involves sifting through publicly available information from IPEDS, which can be extremely time consuming and, if not executed effectively, can be costly as well.
The good news? There are easier ways to gather the information you need.
How EMSI Data Can Help
EMSI data, which can be easily accessed through our labor market research software Analyst, combines 90-plus publicly available data sources and is updated quarterly. Analyst presents labor market data in a way that allows your faculty and staff to find what they’re looking for and understand it within a manner of minutes, drastically reducing the time that needs to be spent on competitor and market research analysis.