Converge 2014: Using Data-Driven Decision Making to Inform Academic Program Development - Power-Barnes

Utilizing Market Research to Inform Academic Program

Development, Facilitate Collaboration and

Impact Your Institution’s Bottom Line

Marie R. Power-Barnes

October 15, 2014

Converge 2014 – Nashville, TN

College Background

Chartered 1972 One of NJ’s 12 Senior Public Institutions of Higher Learning NJ’s Only College Designed Exclusively for Adult Market Accredited by Middle States Comm. on Higher Education Distance Learning Model : Online Courses, Credit Transfer, Prior Learning Assessment, Credit by Exam, Credit for Professional and Military Training, including programs evaluated by American Council for Education College Credit Recommendation Service

Marie R. Power-Barnes, Converge 2014, Nashville, TN

Fast Facts*

Current Enrollment: 21,495

Undergraduate 20,143

Graduate 1,352

Average Age: 36

Degrees Awarded: 50,147

Geographic Scope: Serving students in all 50 states and approximately 60 countries throughout the world *June 30, 2014


Tuition Undergraduate

Comprehensive Annual Tuition:

NJ Residents $5,871

Out of State Residents $8,647

Per Credit Undergraduate Tuition

Graduate

NJ and Out of State $617 per credit

MBA $666 per credit

Nursing (MSN)

BSN NJ Residents $407 per credit

BSN Out of State Residents $491 per credit


NJ Residents $407 per credit

Out of State Residents $491 per credit

Our Approach

Provide best information to potential adult student to assist them in making an informed decision regarding their choice of institution

Attract self-directed adults –

we are not the best fit for everyone

Inform, not recruit


Identifying New Academic Program Offerings -

the early days…


College Degree = Job Stronger Economy Academic Expertise Drove Program Development Undergrad Higher Education Market dominated by 18 – 22 year olds


just a few years back…


Awareness of Increased Competition Changing Economy Watch and see mode Emerging fiscal concerns Growth in online and adult market


today…


Post recession economy College degree NO LONGER GUARANTEES a job Marked shift in higher education student demographics - “adults” are the largest proportion of students enrolled in higher education today Technology has dramatically changed both expectations and access Competition for enrollments is FIERCE (public, private and for-profit) Revenue and Margins now strongly influence, and in many cases define, new academic program development , often causing friction and disconnect between Academic Affairs and Operating Units (Enrollment Management, Marketing, Finance, etc.)

Our Students Choose Our Programs Based on How Their Lives Will be Impacted


Career and financial advancement Balancing of quality and cost – affordability is key Reputation of the degree/granting institution Degree programs relevancy to today’s job market and economy Availability of additional specializations/skills to enhance current job status or make student “more marketable”

Identifying Quality and Relevant Program Offerings That Meet Market Needs and Support the Institution’s Mission:


Academic Expertise and Experience

Market Research

“In God we trust. All others must bring data.”

W. Edwards Deming


Three Basic Facts Life (according to MPB):

Spell check is not your friend;

Elastic is not your friend;

Market Research IS your friend – no matter

what your position is in the institution!


Our Challenge

Increased competition impacting enrollment growth Key competitors with deep pockets Strategic focus to grow graduate enrollments to 12% of current enrollments by 2017 (6.1 % at time of review) No “marque” graduate degree Ever-changing job market impacting student decisions


The Approach

Internal Stakeholders: In-depth discussions with Academic Affairs (Provost and Deans) and Enrollment Management regarding challenges and desired outcomes : Meeting growth goals Increased competition for students Limited resources Target market identification Market relevancy Program development State approvals Accreditations Course development Implementation viability Mission fit


Our Charge

Answer the following key questions:

What graduate programs will be in high demand in the next 5-10 years to meet the needs of projected job growth?

What are the degree trends among graduate programs in the New Jersey/New York/Pennsylvania market?

What are the biggest opportunities for Thomas Edison State College, given its position in the market?


The Research Process

Partnered with Converge Consulting to assist with Market Research Information gathering:

Analyzed IPEDS data of graduate degrees offered by program in PA, NJ, NY market

Analyzed job information from Burning Glass to determine Job growth Required skills Starting salary Top hiring companies

Analyzed Bureau of Labor Statistics information to project job growth from 2010 - 2020 Conducted Google searches to understand job trends in tri-state area


Criteria for Inclusion

Strong growth in number of posted job openings 2007 - 2011

Strong growth in degrees granted in the tri-state area 2007 - 2011

Programs with fewer than 100 degrees conferred in the past five

years were not included


Caveats

Degree information is self-reported by institution

Institutions determine CIP codes for their own programs

Programs that IPEDS classifies as different may actually be similar

Matching of degrees to jobs is not an exact science

There may be more than one degree that matches a job or vice versa

Some job classifications have incomplete data


Relevant Findings

Most of the recommended programs fell into one of four disciplines

19 Programs were recommended for further exploration, and were

prioritized into three tiers based on:

Job growth

Degree growth

Number of institutions currently granting degree

Presence of a dominant player in the market

Cost of current programs/opportunity for a low-cost provider

Fit with existing programs


Degree A Program Recommendation

20

Degree B Program Recommendation

21

Outcomes

One of 19 recommended programs fully adopted and implemented Several program recommendations adopted as specialties within existing degrees Several existing degrees retooled to reflect intelligence obtained through study Strengthened collaboration between operating units evaluating opportunities Since study, MULTIPLE requests for program demand and feasibility analysis have been made. All handled internally. Some programs have been pursued, other have not, and one existing program was re-examined and afforded a dignified death, all based on market facts and trends and collegial collaboration.


Your Internal Process

Evaluate your resources – internal Market Research department, Institutional Research, Marketing, Academic Affairs, Enrollment Management - who can do it and how will you pay for it? One person band or a village? Collaborate, collaborate, collaborate! Determine internal, external or mixed responsibilities for project Establish project time line Identify vendors (where applicable) and resources Research, report, recommend Re-examine!


Analyzing Current Market Share

Define your Competitive Set for EACH degree program you are evaluating – for example, you would have different competitors for your Nursing MSN and Business MBA programs. Collect most recent data on degrees granted. Degrees reflect demand; enrollments can be aspirational! Calculate your market share within your defined competitive set. Analyze your position. Be real with the numbers. 52% share of a program with 36 degrees awarded is nothing to write home about!


Analyzing Future Market Share

Analyze US Department of Labor, Bureau of Labor Statistics job growth projections as they relate to your chosen degree programs. Note that often you will not find a direct correlation to a given degree. Evaluate employment market in your state or target geographic area, including trend, historical and real-time data. Watch job trends, national reports, etc. Utilize Google searches and alerts. Triangulate current and future market share data with institutional and trend data, internal surveys and other data sources, internal growth goals, etc. to formulate recommendations.


Considerations

Strategic /Identify New Markets/Complement Mission Market Driven Differentiated from Competitors Relevant Analysis of Cost and Revenue/Enrollment Potential Margins Marketing Implications


Resources:

NCES College Navigator: http://nces.ed.gov/collegenavigator Burning Glass http://www.burning-glass.com US Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook http://www.bls.gov/ooh


http://nces.ed.gov/collegenavigator

http://www.burning-glass.com/



http://www.bls.gov/ooh

THANK YOU!

Marie R. Power-Barnes Thomas Edison State College

[email protected] 609-984-4839, ext. 2050


mailto:[email protected]

mailto:[email protected]