In today's competitive higher education landscape, marketing is a critical component of any successful university's strategy. Universities must invest in marketing to attract prospective students, engage with alumni, and build their brand. However, determining the right amount to spend on marketing can be challenging. So, how much should universities spend? Unfortunately, the answer is – it depends. In this post, we will explore some factors that universities should consider when deciding how much to allocate for their marketing budget.
The first step a university should take to answer such a big question is to consider its overall financial situation. It's important to have a solid understanding of the university's position, including revenue streams, expenses, and cash flow. A university that is financially stable and has a healthy cash reserve can afford to allocate a higher percentage of its budget toward marketing. Conversely, a university that is facing financial challenges will likely need to allocate a smaller percentage of its budget toward marketing or focus on cost-effective strategies, like content development.
Once an understanding of the overall financial situation has been established, universities should then consider their specific marketing goals. For example, if a university is looking to increase enrollment for a particular program, it may need to allocate a larger budget toward targeted digital advertising campaigns. Alternatively, if a university is looking to improve its overall brand recognition and reputation, it may need to invest in brand-building initiatives such as sponsorships, events, and thought leadership content.
This is also the perfect time to determine a target audience. Different target audiences may require different marketing strategies and tactics, which can impact the overall cost of the marketing campaign. As an example, targeting international students may require additional resources for translation, localization, and international advertising campaigns.
It may be tempting to look at other universities in order to see how you stack up. But as we’ve already established, each university has its own goals and parameters that will dictate what it can and cannot do. By all means, keep tabs on what others are doing and take inspiration from their campaigns, but don’t use those findings as a barometer of your own marketing success.
As you can see, determining how much a university should spend on marketing requires careful consideration of the university's financial situation, marketing goals, and target audience. While there is no one-size-fits-all answer to this question, a well-planned marketing budget can help universities achieve their goals and stand out in a competitive higher education landscape.