Truth #7: Investment Is Ongoing
If I could ask higher education leaders to answer just one question, it would probably be this one: Do you consider marketing to be an expense or an investment? For administrators whose roles require them to keep budgets balanced, it’s easy to see marketing as an outpouring of cash that may or may not see a return—in other words, an expense. But the marketers who succeed in higher education and the marketplace know the truth: marketing is an investment, and when managed with strategy and expertise, it’s an investment that generates meaningful returns.
Research makes clear that thriving institutions view marketing as an investment not a cost. Such institutions make an ongoing investment in people, resources, strategy, and execution. This can sound like a challenging endeavor, and it can be. Be assured, though, the hallmark of a good investment is not constant work. Instead, the investments in marketing are marked by a steady, consistent habit of making intentional deposits toward achieving a clear goal.
The Best Brands Prioritize Marketing
In a market that is simultaneously saturated and shifting, many leaders of higher education institutions may wonder if their best bet is to rein in the marketing budget and wait for brighter days. But the truth is, the opposite is what works. In peaks and valleys alike, the highest-performing brands continue to pour into marketing campaigns that both retain and recruit loyal customers.
While schools are not in the business of recruiting customers, the truth is that, when it comes to marketing, the strategies for engaging students are not all that different. Students and their families want the same thing that someone who is trying to choose between two brands of jeans want, though, of course, with bigger stakes.
Does this fit me?
Will I be happy with this choice for a long time?
If I choose this, what will I be not choosing?
Brands like Apple and Target understand that consumer decision-making is ongoing, and therefore marketing efforts must be as well. Despite their superiority in their industries, these corporations continue to pour billions of dollars into advertising, ensuring that they remain preferred brands.
Don’t let the word “billions” discourage you. Your institution does not need to have an eye-crossing number of zeroes to spend in order to succeed in marketing. It does, however, need to work toward making significant, regular investments in advertising all that your school has to offer.
The First Step? A Data-Informed Plan
It’s likely that, as a marketer, you have already bought into the idea of marketing as an investment. If so, then you may be wondering how to empower your fellow administrators to see it similarly. Consider sharing the examples of Apple or Target with them, explaining how these preferred brands maintain and even increase their marketing efforts in times of success so that they can continue to remain competitive.
When it comes to the brass tacks of asking for a larger budget to keep the investment going, aim for 3.5-5% of your institution’s operating budget. If that sounds impossible, don’t give up yet. Consider mapping out a 5-year plan in which your team incrementally advocates for a larger piece of the pie. By showing your fellow administrators the returns your investment makes over time, it is possible that requesting more resources will become less of a challenge and more of a shared commitment.
Prepare to Thrive
The bad news: Your institution likely views marketing as an expense rather than an investment—or a drain rather than an asset.
The good news: By shifting your approach and utilizing industry benchmarks, you can refresh your marketing strategy and experience new returns.
The great news: The support you need is right here waiting for you.
Interested in bringing the Truths to your campus? Learn more.
Let’s make these truths part of your institution’s unique marketing strategies. Contact us to chat about how 5° Branding can partner with your team.
This is the seventh blog in our Higher Ed Marketing Truths series with 5° Senior Vice President Ryan Morabito, a veteran brand strategist who has worked with over 100 schools. These blogs are based on Ryan’s LinkedIn posts, which regularly inspire high engagement among education leaders and marketers. Connect with us here to receive each blog in the series by email or bookmark our blog to check for updates!
