Financial aid, scholarship, and net cost estimators
Just reading this afternoon a WebProNews article, "24 Ways to Get a Customer and Keep a Customer" at http://archive.webpronews.com/2008a/0701.html
The article reports that in the online world 75% of buyers experience a lack of information that keeps them from making a purchase "always, most, or some of the time." When that happens most people will move to a competitor who provides the missing information.
High Demand for Website Net Cost Information
That made me flash back to yesterday's (finished!) work on my advance workshop presentation for the ACT Enrollment Planners Meeting next week. According to the 2007 Noel-Levitz survey of college-bound students, 76% would use an online tuition cost calculator "if they could" and 80% would use an online "financial aid estimator" if they could.
But most can't. Less 25% of both private and public institutions provide those services. (The Noel-Levitz survey at www.noellevitz.com/expectations)
Can we conclude that colleges that do offer these services gain an advantage over their competitors who do not? From what I'm hearing about the popularity of those programs from people who have them, I'd not want to be in my competitive set without one.
Little Online Help for Net Cost
Check 7 schools that offer a variety of scholarship and cost calculators at http://bobjohnsonconsulting.com/blog1/2007/12/5_online_financial_aid_scholar.html
What's required for each one? Some are extremely simple, designed to provide a merit scholarship estimate with just a little academic information (Dominican University), some require family income data similar to what's needed for a FAFSA, and some compare net cost over 4 years with lifetime earning potential for various occupations (University of Toledo).
The marketing impact of college and university websites will advance when more schools start to provide information that's in high demand. Until then, a wise few will enjoy their competitive edge.