Provider Marketing research Indicates that The Bigger the Marketing Budget the Smaller the ROI. Most Colleges Are “UnderFunded” So Let’s Consider Why Most Providers Spend Too Much on Marketing.
It’s ironic really but over the last few years I’ve reviewed the marketing of providers where the budget has ranged from £35k to way over £500k, and the most efficient were those with smaller budgets. They had to be to meet recruitment targets.
By and large, those with a bigger budget were bigger colleges, and most were quite good at marketing, but they didn’t achieve the economies of scale they should have. And they tended to go for the unimaginative marketing tactics where the brute force of big budgets make life easier for the marketer.
Now to the Question: Why Most Providers Spend Too Much on Marketing
There are many reasons why most providers spend too much on marketing.
It can range from a lack of time to a lack of knowledge.
Marketers that are short of time are more likely to grab at quick solution’s and these are often more expensive. For example it takes no time to outsource to an agency whilst doing the job yourself takes time. The sad thing is that it costs more to outsource marketing than to do it yourself. You understand your market far better and by doing it yourself you don’t have to pay the agency for both their overheads and a good profit margin.
Some marketers argue that agencies have more in-depth knowledge than they have. My question here is why are your staff not being upskilled with new techniques on a regular basis. We all need regular CPD. Sadly too many people see it and an expense they can dispense with .. and then give money to an agency instead!