Commodity is “a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (as brand name) other than price.” (Source: Merriam-Webster)
I thought the definition of commodity was important after reading an article in today’s Washington Post which included the following quote:
“Now when I look at it, a college education is a college education,” Lee said. (Source: Washington Post)
That’s a statement that should send shivers down the spine of Whittier College (The #1 choice of Ms. Lee.) And it obviously is a concern for a great many institutions based on the actions being taken as outlined in the article.
“It’s critical we hit the target of how many kids are coming to Tech in fall,” said Mark Owczarski, a spokesman for Virginia Tech. After cutbacks in state funding, he said, “we’ll need that tuition money.” (Source: Washington Post)
Obviously this is a tough time for colleges and universities – but imagine how these actions are strengthening the brand, differentiating the institution from others, and building stronger relationships that should (as long as the attention is consistently delivered over the student’s time at the institution) lead to incredible word-of-mouth referrals.
How many institutions will be incorporating these new activities into the standard recruitment and retention processes moving forward?
