Friday, July 17, 2015

When virtual school families experience buyer's remorse

Many virtual schools utilize email nurturing campaigns, or behavioral campaigns, to help move new leads toward purchases (or enrollments when it comes to virtual schools). The level of sophistication associated with these campaigns is astounding. Thousands, even millions, of dollars are spent on these campaign efforts to increase conversion rates for new students.

And when the new leads convert?  -- the sound of silence occurs. It could be weeks or even months before families hear from the schools. And when they do it is typically school-related information provided to families in a cold, dry manner - meant to inform not to inspire.

Retention rates at virtual schools are astoundingly low heading into the academic year because so many of these schools forget there are two "buying" seasons. First, the new family goes through the initial decision process -- to enroll or not to enroll? Once they do commit, the new family then undertakes an entirely different route centered on the concept of remorse, specifically buyer's remorse.

Virtual schools that understand this, and truly care about their new families, will not only conduct a nurturing campaign to convert to enrollment, but they will also conduct one that helps families overcome their remorse in "buying" the virtual school. And remember, with virtual schools being free (tuition-free) it is much easier for families to step away from their recent decision.

The first step in developing a buyer's remorse nurturing campaign is to understand the key fears families go through when experiencing this remorse.

Do you know them? If not, don't start your nurturing campaign just yet or else it will be a waste of time and money.

No comments:

Post a Comment