How College Campuses Are Leveraging Real-Time Feedback to Increase Revenue

How College Campuses Are Leveraging Real-Time Feedback to Increase Revenue

How College Campuses Are Leveraging Real-Time Feedback to Increase Revenue

From improving to retention to offering food and retail choices that students truly desire so they don’t have to go off-campus, there are myriad ways to increase revenue on the college campus. Using real-time feedback is how you find the strategy that works for you.

Here’s a smattering of ideas showing how campuses are increasing revenue and how real-time feedback contributes to forming these strategies.

Improve Retention of First-Year Students

Making continuous adjustments for improvement in services to first-year students can make all the difference in the world when it comes to retention. First-year students drop out for a multitude of reasons, but real-time surveys taken at strategic moments can provide the insight administrators need to help keep students happy.

During those crucial first few months of freshman year, it’s especially important to hear from your students. That’s when they’re most impressionable about their new college experience, and it’s when it counts the most to make a favorable experience for them in every way you can.

From dining hall experience to dorm rooms to academic support and social events, every experience matters. Real-time feedback can provide instant data on how students feel about every aspect of life on campus, allowing administrators to make the adjustments that count the most.

Increase Revenue With Campus Loyalty Programs

When you think of customer loyalty programs, what first comes to mind probably isn’t the student body. Grocery stores, airlines, and Starbucks have been increasing revenue for years with loyalty programs, but the same principle can work on campus as well.

What loyalty programs do, for starters, is keep student dollars on campus. Encouraging students to buy their food at on-campus venues rather than in town, for example, is one way to focus a rewards program.

But not all rewards programs are created equal. What works on one campus may not fly on another. To find out which types of rewards your students will appreciate, make use of real-time feedback.

Tailor Dining Programs to the Students You Have

Campus around the country are saving money by offering unique dining solutions for the student body they have. South Georgia College, for example, has partnered with off-campus eateries so that students can use their meal cards off campus and late at night.¹

The money savings came when the college was able to close its cafeteria after hours. It was impractical to keep it open so late, and by offering students the option to use meal cards at select off-campus late-night eateries, everyone turned out a winner.

If your cafeteria is open late, use real-time feedback by querying the students who use the late-night facilities. Find out whether South Georgia College’s solution would work for your students.

Another school partnered with a national chain of restaurants and opened up an on-campus branch. They had discovered that their students were spending more money eating off-campus than they were on their meal plans each month. What the students wanted was a casual environment for sit-down meals in a restaurant. Real-time feedback would help you determine whether this would work on your campus, too, to keep student dollars on campus.

Find More Ways for Students to Shop On-Campus

By rewarding students for funding their campus cards, you encourage on-campus spending. Real-time feedback allows campus administrators to pinpoint what rewards students value the most.

Do they want more flexibility with meal cards at sports events, or do they prefer bonus points that are redeemable at the campus book store? Choose important touch points during the student’s week to ask, in real time, what kind of rewards they’d like to see.

These are only a few examples of how real-time feedback can help you find out what matters to students the most. Armed with this insight, you will be better equipped to make the right decisions about the best ways to increase revenue on your unique campus.

Go here to learn more about Touchwork’s real-time solutions.

References

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About the author

Johann Leitner is the founder and president of Touchwork, a marketing management software company.