When families search for an international school, it can be challenging to differentiate one option from another. In today's digital age, having a strong online presence that accurately reflects your school's unique selling points is crucial. Understanding your market position empowers your school to stand out, attract the right audience, gain a competitive advantage, and make informed strategic decisions.
This blog post will explore the importance of market research and offer guidance on how to research and evaluate the market position of your international school.
The Importance of Market Position Research for International Schools
Market research is critical for international schools to understand and respond effectively to the evolving educational landscape. It provides invaluable insights into changing trends, students' and parents' needs, and competitive dynamics, helping to make data-driven decisions on marketing strategies and overall school management. Moreover, it enables schools to identify growth opportunities, refine their unique value propositions, and ensure they continue to meet the expectations of their diverse, global audience.
Here are five reasons why market position research, such as a competitive digital marketing audit, is important for international schools.
1. Differentiation
International schools operate in a highly competitive educational landscape. Understanding the school’s market position allows you to identify its unique selling points and differentiate it from other schools.
2. Targeting the Right Audience
International schools cater to diverse student populations, including expatriate families, local families seeking international education, or internationally mobile students. By understanding the school’s market position, schools can identify the target audience they want to focus on and tailor their marketing strategies accordingly. This helps schools reach families more likely to be interested in their programs and services.
3. Competitive Advantage
Knowing the school’s market position enables you to assess strengths and weaknesses compared to other schools in the same region or niche. By leveraging your strengths and addressing perceived weaknesses, schools can develop a competitive advantage that attracts more students and expand their brand reputation.
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4. Strategic Decision-making
Market position analysis provides valuable insights into trends, demands, and preferences in the education sector. This information allows schools to make informed strategic decisions regarding curriculum development, facility expansion, hiring practices, or investment in technology. Understanding the market position helps schools align their offerings with the needs and expectations of students and parents, leading to improved student recruitment and retention.
5. Reputation Management
International schools often strive to build a positive reputation in their target market. By understanding their market position, schools can monitor their brand perception, identify areas for improvement, and actively manage their reputation. This involves addressing negative feedback or misconceptions, strengthening positive aspects of their offerings, and maintaining strong relationships with students, parents, and the community.
How to Conduct Research and Analyze Your School's Market Position
That is a lot of value from a market position analysis! But how do you go about it? There are three steps to help you with market positioning analysis: Market Research, Benchmarking, and Ongoing Presence and Reputation Monitoring.
Market Research
Define Research Parameters
Clearly define the scope of the research, including the geographical area, target audience segments, and time frame for data collection.
Select Research Criteria
List the schools you want to benchmark. Identify key influencers that match the goals of your school and find their social media profiles, news articles, and websites. Scan social media channels for profiles closely matching existing and potential families suited to your school culture.
Analyze Data and Identify Trends
To identify key market trends, perform a first-blush analysis of the schools, influencers, and family profiles. Look for patterns, shifts in demand, emerging educational approaches, technological advancements, or changes in parental expectations. Identify both short-term and long-term trends that may impact the competitive landscape.
Benchmarking
Now that you've identified your parameters and criteria and begun to analyze the data, you're ready to dive deeper into the evaluation and benchmarking process. Here are the next three steps in your research process.
Review Competitor Information
Fill in the blanks of what you don’t know with detailed information about the direct and indirect competitors that have already been identified. This includes analyzing their curriculum offerings, teaching methodologies, extracurricular activities, facilities, reputation, fees, and any unique selling points.
How does each school, including yours, compare with the trends you identified in step one?
How does your own school’s online presence compare with what you know to be true about the school?
Evaluate Competitive Advantages
Compare your school's own offerings and strengths against the competitors. Identify areas where the school stands out or has a competitive advantage, such as specialized programs, innovative teaching methods, unique facilities, or partnerships. Assess any gaps that need to be addressed.
SWOT Analysis
Conduct a SWOT analysis to assess the school's internal strengths and weaknesses to compare the school to its identified competitors. This analysis will help identify potential opportunities to leverage and threats to address to improve the school's competitive position.
Ongoing Presence and Reputation Monitoring
You have invested considerable time and effort in developing your competitive marketing audit and implementing new strategies and tactics like storytelling and SEO to improve your school's digital position in the market. The work doesn't stop there; regularly monitoring the results is essential to continually maintaining and improving your position against competitors.
Here are three ways to monitor your brand presence and reputation.
Monitor Online Platforms
Regularly monitor various online platforms such as school websites, social media channels, review websites, and education forums. Keep track of mentions, comments, reviews, and feedback about the school.
Leverage Analytics Tools
utilize online analytics tools to measure website traffic, social media engagement, and other relevant metrics. Gain insights into audience demographics, behaviour, and engagement levels.
Reputation Management
Develop strategies to manage and enhance the school’s online reputation. This may involve showcasing success stories, sharing positive testimonials, publishing relevant content, and actively engaging with the online community.
By thoroughly researching your market position, conducting benchmarking analysis, and effectively managing your online presence, international schools can differentiate themselves, target the right audience, gain a competitive advantage, and make informed strategic decisions. Understanding your market position enables your school to thrive in the highly competitive international education landscape, attracting and retaining students while building a strong reputation.
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