Market Research and Demand
Are you interested in launching a new online program or updating your current program? If so, consider doing a market analysis:
- Regularly assess and analyze demand and supply dynamics of the online education market, new programs and modalities including students, employers, and technology.
- Identify, gather, and test new ideas for improving program and portfolio (target segments, features, price, delivery, testing/evaluation, employer partnerships, and other similar dimensions).
- Reconcile marketplace gaps with new and existing programs.
QUESTIONS TO CONSIDER
- What is the demand for the program?
Identify target student segments:
- What are the demographic characteristics of the target student population (age, geographic scope, prior preparation, current employment or pre-employment)?
- What is the size of the target population and anticipated growth in the pool?
- Are there opportunities to engage alumni?
Identify the value proposition for the degree:
- What are the employment prospects for graduates of the program?
- What is the anticipated salary for graduates?
- What are the anticipated trends in these factors?
- What opportunities await students who complete the degree?
- What are job titles of people who complete this program?
- What are the professional organizations associated with the program (EX: American Institute of Certified Public Accountants)?
Gather competitive intelligence:
- Is there existing competition delivering the degree? Who are they?
- What, if anything, makes their programs distinctive?
- If they are traditional institutions, are they peer or aspirant schools?
- What are the program sizes? What are the current enrollments and trends in enrollment?
- What is the format of the delivery model?
- What markets have these programs targeted?
- What are the prices and trends for pricing of these programs?
- Is financial aid provided?
- If this is truly a unique, groundbreaking degree, who would be the likely competitors if a market is established?
- How is your program different from other program providers?