School Tuition Setting Strategy
In a cost sensitive, competitive school environment, what could be more important than ensuring that your fees and fee structure strategy reflect market conditions? School fees should be set by School Boards/Owners/Management with reference to costs and wider school objectives but their market impact MUST also be considered. Our experience tells us that processes to review and set school fees rarely include any market perspective to set optimal fees. For schools (proposed, new, existing), we now offer a low cost 5 Stage Fee Strategy Monitor including perceptions of ‘value for money’, the attractiveness of various school services and how this might allow for leveraging of fees, sensitivity (elasticity) of buyers to fee options, and competitive standing of fees and education/service offer against peer schools. This is a practical and unique process for schools to independently evaluate and benchmark fee levels and strategy from a market perspective. It aims to enhance school enrolment, retention, competitiveness and reputation. Note: The 5Rs Partnership have been working on tuition fee projects for the education sector globally for over 2 decades, including our renowned ‘University Fees Monitor’: http://5rspartnership.com/products/fees-monitor/