CRi Revenue Management Suite
The funding of post-secondary education in Canada is an increasingly complex financial maze. Yet the trend is clear: governments are paying a shrinking portion of institutional costs, leaving students, research partnerships, and fundraising to pay a growing portion.
What can institutions do? It is more important than ever to gain control over revenue through strategic management. That’s what CRi Revenue Management Suite is all about. Relevant research and analysis enable institutions to make strategic decisions, and break free of intuitive practices and policies that have been ineffective in the past.
No. 1 – Tuition Elasticity
Optimize your tuition rates with research and analysis
As some governments begin to loosen their control over tuition rates, pricing becomes a vital issue. Underpricing or overpricing programs can jeopardize enrolment goals. Comparative pricing can merely compound the pricing mistakes of others. The answer? Optimize your own tuition rates based on research specific to your market and programs.
An optimized tuition fee brings four imperatives into balance
- Your revenue goals
- Your strategic enrolment goals
- The market’s perception of the value of your program and degree
- The actions of your competitors
By identifying and adjusting all the variables in a tuition pricing exercise, you can model a wide variety of strategies for each program area, including
- Optimal revenues
- Quality of students
- Recruitment options
- Competitiveness with closest peers
To find out more about Tuition Insight™ contact Kirk Kelly or call 514-488-7987
No. 2 – Residence Strategy
Unlock the strategic potential of student accommodation
On-campus student residence is a traditional feature of post-secondary institutions, and it is often managed in a traditional way. Viewed with insight, however, residence offers the institution a wealth of opportunity to attract good students, retain students, and provide a memorable life experience that students will promote by word of mouth. Residence can also contribute to revenue targets.
Institutions that develop an effective residence strategy enhance an asset they already own and invest in a better on-campus culture. They not only optimize their current residence program, but also clarify their vision for future residence facilities.
Residence demand research from CRi can identify
- The drivers of student satisfaction with their current accommodations—on and off campus—and their intentions for the next move
- The features, amenities and services that mean the most to your students—and the ones that mean the least
- Optimal pricing of residence upgrade choices such as dorm singles and apartment-style living
- Key residence variables that enable institutions to model different scenarios and prices
- Potential for adding more residence space and related revenue
Let CRi help you measure unmet residence demand and create an advanced residence strategy for your institution.
To find out more about Residence Insight™ contact Kirk Kelly or call 514-488-7987
No. 3 – Retention Strategy
Addressing all the costs of first-year attrition
Homesickness. Mental illness. Money problems. Poor time management.
Almost half of students who start post-secondary education never finish. A third of students who drop out never even make it past first term. First-year attrition at post-secondary schools has steep costs—personal, social and economic.
Looking strictly at institutional revenues, early dropouts take away future tuition fees, government grants, ancillary fees for student activities, and potential alumni donations after graduation. Money spent recruiting and orienting these students is also lost.
Although some student crises originate after the school year begins, the vast majority are predictable before a student even sets foot on campus. CRi’s research-based retention strategy lets you know in advance who is at risk.
With this information, you can reach out with additional early support and potentially change their outcomes. Timely intervention lets you help at-risk students make it through the critical early months, creating a win-win situation for those students and your institution. Your school maintains a consistent revenue stream, and earns a strong reputation for positive student engagement.
To find out more about our research-based Retention Insight™ contact Kirk Kelly or call 514-488-7987.
CRi offers a range of research and consulting services to address many of the challenges in post-secondary education:
Improving campus culture
Delivering quality services
Engaging students and employees
Analyzing markets and competition
Raising the effectiveness of courses with online learning
For more information about our services, contact Kirk Kelly or call 514-488-7987