Universities confront many of the same marketing challenges as corporations. While businesses need to attract potential customers, universities need to entice prospective students. A prospect needs to be converted to a customer, while a potential student needs to enroll at the university. Once you are an active customer, the business needs to maintain and grow the relationship. University executives should, likewise, nurture the rapport with their students. Attrition is always a hot topic for corporations. Retaining customers leads to increased investment returns. Increased student retention rates contribute to the success of a university, as it impacts competitive standing and prestige. And yes, financial returns are also positively impacted. Do not jump to any conclusions. The goals of the corporation and those of a university are clearly not the same. However, some of the critical issues facing both are being addressed in a similar fashion.
