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Higher Education CRM Software Buyer's Guide
Table of Contents
- » What is Higher Education CRM software?
- » How is School Administration Software Different from Higher Education CRM Software?
- » What are the Features of Higher Education CRM Software?
- » What are the benefits of Higher Education CRM Software?
- » How do Higher Educational institutions leverage CRM software?
- » How to choose the Best Higher Education CRM software?
- » How to Implement Higher Education CRM Software?
- » What is the Cost of Higher Education CRM Software?
- » Conclusion
» What is Higher Education CRM software?
Higher education CRM Software is a software tool that manages communication with students at every stage of a student lifecycle from application to being alumni, streamlines the admission process, undertakes marketing campaigns, and analyzes results.
Talking about higher education and customer relationship management the terms do not sound likely to go hand in hand. In the fall of 2021 more than 17 million students enrolled in colleges only in the USA. So the enormous and ever-increasing amount of students seeking admission every year from premium educational institutions all over the world have made it necessary to provide exceptional and prompt service. They possess high expectations regarding how their concerns will be entertained and activities will be conducted, even after they have enrolled.
Universities nowadays are inclined towards providing this service as efficiently as they can by leveraging higher education CRM. Along with working as a unified system to store all kinds of student information, status, and activities, additionally, a higher education CRM also facilitates improved team collaboration. Thus resulting in increased student applications, retention, ROI, and better engagement.
» How is School Administration Software Different from Higher Education CRM Software?
There are more than one software educational institutes use apart from a CRM. School Administration software essentially takes over the daily operational functionalities. They manage important aspects of school administrative work like class division, scheduling, invoicing, billing, grading, attendance, managing examination technicalities, class credits, student status, etc. It also works as a student information system recording critical student information safely.
Higher education CRM, on the other hand, attracts students, and prospects, tackles application, admission, and communication, strengthens student and alumni relationships, fulfills their requirements, and promotes the institution’s motto.
Both of them have expertise in different areas. While they both work with student information, school administration software uses it to smoothly manage day-to-day operations, while Higher Education Software uses it to improve student engagement and reach future goals.
» What are the Features of Higher Education CRM Software?
Higher education CRM systems offer a wide range of features and functions to help you reach your management goals. These include-
› Candidate Profiling
An unlimited amount of contacts can be created and stored, segmented into different categories according to needs. Later these 360-degree profiles can be used to refer to certain information while reaching out to a prospective student, applicant, or any other parties.
› Event management tools
Robust event management tools that can organize all events like fundraising, recruitment, workshops, seminars, and related tasks. Everything can be managed and tracked from a single unified system.
› Inquiry management
One single platform to instantly manage inquiries and concerns from all channels- social media, website, email, chatbot, etc. makes a huge difference in making the entire experience convenient for the receiving end.
› Reporting and analytics
Detailed reports having granular data on applicant status, enrollment, and payment can be generated which helps to have all the information you need at your fingertips and determine which areas need your extra attention. Performance and target vs. achievement analytics of events and campaigns help navigate further activities.
› Communication Tools
Every higher education CRM offers communication tools that incorporate phone, SMS, website, Social Media, and services even for physical meetings. Different applications and communication channels can be integrated into it. This is a highly prioritized feature of a CRM that ensures the utmost student satisfaction.
› Automated Workflows
The best CRM for higher education streamlines the entire pipeline from initial inquiry to enrolment, automating the steps involved in this tiresome and lengthy process. A CRM also allows you to build more complex workflows with multiple qualifiers and triggers to take care of the entire journey efficiently.
› Marketing Automation
Email marketing and immediate follow-ups are meticulously governed and more automated communication channels can be added. Their performance is measured in periods and further strategies can be made based on that.
› Invoicing and Billing
Managing all payment-related tasks and finance operations is done very easily and accurately with payment gateway integration. Tracks are kept of done/undone payments, financial reports are created, and follow-ups are made accordingly.
› Budget management
Smart financial decision-making is easy with a CRM as it swiftly tackles all budget and resource allocation matters in one highly responsive dashboard.
› Security and Data Privacy
Student details like their identities, addresses, and critical documents are stored in the system, so typically the best CRM for universities offers robust security features like data authentication, encryption, GDPR compliance, etc.
› Integration
Higher education CRMs can integrate with other school management and school information systems to work closely in association with all other official tasks. This hugely improves the entire workflow.
» What are the benefits of Higher Education CRM Software?
When utilized best, higher education CRM software offers a wide range of advantages that help institutions to carry out a smooth and efficient service throughout the entire student lifecycle and meet their ever-evolving expectations.
These benefits include but are not limited to
› Unified database
The best higher Ed CRM consolidates every kind of information about students, creates their profiles, segments data according to choice, and stores communication history. So it works as one single source for both contact details and communication info facilitating easy access to data and swift relationship-building.
› Quick decision-making
Analysis and reports are crucial in making further strategic decisions about implementing marketing campaigns. They can point out which areas need more attention and direct toward a more cohesive approach.
› Cross-departmental collaboration
Although different departments in a higher educational institution work individually, they ultimately serve the student community together. A CRM provides the opportunity to work in close association with all other departments transparently and accurately, which ensures no data slips through the cracks.
› Reduced time and labor
A higher education CRM frees up a lot of time by automating cumbersome processes of admissions marketing and inquiries. This facilitates the team to focus on other important tasks and reduces huge administrative labor.
› Promoting values
Like any other customer-company relationship, Students also look forward to being invested in the institution’s brand value and message, so it is very important to send the right marketing message that increases enrollment rates and attracts alumni for further donation drives. This is efficiently carried out by CRMs by creating and implementing excellent campaigns.
› Increased revenues
Because a higher education CRM builds a strong foundation with students and with the industry in general, leads get converted more, and eventually, that translates into more revenue.
» How do Higher Educational institutions leverage CRM software?
There are endless use cases for higher education CRM software. Implementing the best CRM software for universities can open doors for numerous recognitions, and opportunities and scale the business front like never before.
› Building strong relationships with students
An extremely important factor while providing services to the student community which can be handled seamlessly by a CRM.
› By gaining accurate insights
Performance and results analysis is the key to strategizing further campaigns, rectifying mistakes, and understanding where to stress more.
› By maintaining connections with alumni
Alumni play a big role as trustees, promoters, and fundraisers and as a part of a university community. They are compelled to give something back to their Alma matter when kept engaged by a CRM.
» How to choose the Best Higher Education CRM software?
There are two choices for Higher Educational institutes while considering implementing CRM software-
One is to build their in-house CRM software. This option, while allowing them to customize the entire system according to their needs, also can pose some threats in the future when further complexities will occur.
Another is to buy software from Higher Ed CRM vendors. This also comes with its own challenges like finding one from a sea of software providers that suits best your interest.
It helps a lot when you have a clear understanding of what your institution needs and when you acquire enough knowledge that allows you to distinguish between different systems and conduct a well-researched higher education CRM software comparison.
Here are some key considerations that will help you narrow down your choices
› Customization and Flexibility
Discuss certain questions like whether the system is customizable, if so, to what extent, are there any additional costs, whether it will meet all your customization needs, does the customization fall under your IT team’s expertise, etc.
› Capacity and Growth
Institutions grow at a massive rate along with their student volume, operations, and marketing requirements. CRM software needs to accommodate such changes and tackle the rising difficulties with ease.
› Integration with other tools
It is very crucial to test if your CRM integrates with the existing platforms like payment gateways, communication channels (SMS, website, and social media), and school administration software and school information systems.
› Ease of use and Implementation
Ease of use and smooth functionality should be among the top priorities when selecting a CRM. Whether team members are finding it intuitive and how long it takes to onboard and implement.
› Support and Training
Making sure that the software provider is helpful, friendly, and fully invested in providing any kind of support you need at any stage. Assess the kind of assistance that is part of the package, additional charges, support documentation, etc.
› Security and Compliance
As there will be sensitive student information stored in your CRM, checking security features should be the most important factor here. Safety features, data encryption regulations, observance of compliances, and regular backup of data to name a few.
› Price and Additional charges
Finding out whether the CRM fits your budget, whether there are any implementation costs, and further support costs are also important. You should also have full clarity on the price breakdown, contractual terms, and cost-effectiveness of the product.
Selecting the right CRM is the most crucial stage in your journey. Take those free trials, read reviews, speak and industry experts include your team’s opinions in the decision-making process.
» How to Implement Higher Education CRM Software?
It is vital to determine whether the CRM is offered as a cloud-deployed or as an on-premise solution. When cloud-based software is implemented, the software vendor is the one who manages everything and assists from the back end. When it is an on-premise solution the school typically pays a one-time licensing fee and handles everything regarding installation and implementation on its own.
» What is the Cost of Higher Education CRM Software?
All of these numerous perks are only possible when you have the right resources to acquire one. Here, money comes to play. Higher education CRMs software is available at a wide range of prices that are affordable. You will find a number of software providers that fit your budget, and with a precise selection, you will be able to find one that fulfills your expectations as well. The prices of a higher education CRM can be based on different models-
- Per user: this is the most popular and suitable pricing model for a higher education CRM. Costs typically start from $30 per month per user for a more basic system and can go up to several hundred dollars for an advanced solution with advanced features. This one also needs careful screening of features and the size of your company.
- Per storage: this one is generally a rarely used model where charges are held upon per resource used.
- Per month: this pricing model follows charging a fixed hefty amount every month, which can also be increased based on additional services.
» Conclusion
Currently, the use of higher education CRM Software is abundant worldwide. As our lives become more technology-oriented and digital media becomes more evolved, educational industries also need to pivot their communication and marketing strategies. But it needs due diligence and organized planning to achieve success. Around 75% of New CRM implementation fails due to insufficient planning. In order to provide the best experience to your prospects, students, and employees, investing in one of the best CRM for education consultancies might prove a game-changing decision. Right teamwork and informed actions in choosing the CRM that works in the best interest of your institution can transform the relationship between an institution and applicants, students, alumni, and other parties.