What is Program Market Research?
The goal of program market research is to understand the competition, demand, and trends for specific programs or courses within a university or K-12 environment. Program market research can also provide insight into how a program or course should be designed based on current and future demand, in addition to how it should be positioned from a creative standpoint within the larger education market. This type of analysis can provide much more confidence to an organization that a program will be successful once launched.
Why is Higher Education Market Research and Program Feasibility Important?
The world of education has only gotten more competitive over the last ten years. With the rise of for-profit education, in addition to the adoption of online learning and MOOC’s, education has become both more accessible and more competitive. Prior to launching a new degree program or course, schools must complete a stringent market research analysis in order to ensure success.
Why is K-12 Market Research Important?
Completing market research for K-12 environments is important as it can shine light onto not only what is in demand from a course perspective, but also how it should be delivered. Classrooms continue to advance in regards to what medium subjects are delivered to students in, and keeping up with trends around how information is consumed by adolescents can be demanding. Market research for K-12 can ensure that the right programs and courses are created, which will in turn deliver education in a mode that is successful.
What is the Market Research Process?
The market research process can generally be broken down into three core sections, with each focusing on the three core principles of competition, demand, and trends.
1. Primary Research
Through a combination of qualitative strategies (focus groups and stakeholder interviews) and quantitative research, information is gathered around education drivers as well as large data sets upon which to formulate and execute plans. We follow a research trajectory that begins with qualitative findings that, in turn, inform cogent, useful surveys. We partner with an Ivy League university’s Survey Research Center to manage data-gathering efforts from hundreds or thousands of stakeholders to provide quick, efficient, and illuminating data with which to make decisions about online programs. Primary research tools include:
- Focus Groups
- On ground program data
2. Competitive Analysis
Understanding the competition is an extremely important step in determining program viability. While understanding program demand is important, many times the barriers to entry and the cost to compete are too high to warrant an investment. Benchmarks are generally used to determine how a program or course stacks up compared to others, and can be a good way to determine ROI. Competitive research tools include:
- Google trends data
- Google keyword planner data
- Keyword Spy (analyze competitors paid advertising strategies
3. Secondary Research
Looking to outside resources for insights into program demand can help ensure success. Compiling and analyzing data from existing resources, including the U.S. Census Bureau, the Bureau of Labor Statistics, the U.S. Department of Labor, local/state/regional agencies, IPEDS, job search web sites, and accrediting bodies can determine benchmarks and requirements, as well as short and long term labor market demands.
What Are the Best Market Research Tools?
There are a wide array of free and low-cost tools that are available to individuals looking to complete market research around a program. The following are just a handful of what is available:
- https://www.thinkwithgoogle.com/ – Insight into consumers via surveys, trends over time in search queries, and benchmarks for display related efforts.
- https://adwords.google.com/home/tools/keyword-planner/ – Understand the cost-per-click and search volume around core keywords that your potential audience might be searching.
- http://fedstats.sites.usa.gov/ – Centralized location for federal government data including insights into career and education data.
- https://www.surveymonkey.com/ – Complete surveys of core stakeholders and faculty.
- http://www.pewresearch.org/download-datasets/ – Large data sets to help provide insight into potential program target markets.
How Can Market Research Inform What to Introduce?
The insights acquired from program market research can shine light onto what programs to introduce based on demand and current competition. Insights from BLS data and other job related data can help to determine what types of degree programs are going to be, or are currently, in demand based on career data. Google trends and keyword data can inform how saturated a market is and can also illustrate how much it will cost from a marketing perspective to enroll a student.
How Can Market Research Be Used to Define Marketing Strategy?
The competitive analysis that is performed during program market research will also focus on the brands of the competition. With education continuing to get more competitive, having a brand that is unique in the market can help to attract students and lead to more organic PR. Insights from this analysis and internal stakeholder interviews will provide insight into what the creative messaging should be for the programs in addition to what markets to enter and which demographics to target.
By completing a thorough program market research initiative, universities and schools will enter the program creation process more informed about what should be introduced and how it should be positioned within the market. This type of information will help to ensure program success and will also provide upfront insight into costs and metrics, which can prove to be instrumental during the planning and budgeting phase of a new launch.
Robert offers a decade of demonstrated digital marketing expertise, and he has provided results to clients both within and outside of higher education while working as an analyst, team lead, and director. He has planned and implemented digital marketing campaigns for a number of large universities throughout the United States, and he leads Circa on all aspects of client strategy. Before founding Circa Interactive, Robert led digital marketing teams at the higher education organization Embanet.