Platinum for My Loyalty?
Now that I've graduated, I can't help but pat myself on the back for all the ways I've contributed to my university. From organizing Open Houses to arranging study tours for my company, interviewing MBA applicants, and sharing job opportunities, I've been a busy bee. And let's not forget about my involvement in student clubs and fundraising initiatives! I've really gone above and beyond to support the Admissions & Student Recruitment Teams.
But here's the thing, why is it that hotels, airlines, and even my local supermarket have loyalty programs to reward their customers, yet universities seem to be lagging behind? I mean, our faculty knows a lot about customer relations, CRM systems, and data insights. So, why not flip the script and establish a groundbreaking loyalty program for higher education? It's time for universities to step up their game and show us graduates some love!
Eduardo is spot on. Loyalty Programs are popular in many industries. However, universities have been shying away from them, it seems. Let's speculate on the reasons:
Not a Core Business
One argument that could be immediately raised is that universities prioritize an altruistic focus on education. They do not want to be perceived as "commercial," particularly since they are officially non-profit institutions. The individuals attending are students, not consumers or clients. They come to learn and leave with the knowledge to succeed.
However, the reality is that even for public or non-profit universities, financial considerations are crucial for their survival. Public funding may be reduced, enrollment numbers are declining, and the university's operations can become financially unsustainable. Just like any other institution that interacts with people, having individuals return is beneficial as it increases the lifetime value of each person.
Too expensive
Look at Eduardo's efforts to promote and make the university a better place. For the university, Eduardo is an engaged student and a supporting alumni. Should he be rewarded for that? Well, a university might say, we don't do that!
Undoubtedly, creating and implementing a loyalty program requires an investment, but the benefits it brings, such as fostering a sense of pride and engagement, cannot be overlooked. Think about the thrill of booking a last-minute flight to reach the next level of status. Have you done it as well?
Considering the emerging trends in lifelong learning, it becomes imperative to establish a system that ensures graduates prioritize their alma mater, thereby reaping benefits that extend beyond the conventional alumni discount.
How to Manage
Who is going to take care of it? This would be a tough question... In very siloed structures, building something that goes from admissions, program management, alumni relations, career services, fundraising, and tipping on everybody's toe, would be hardly successful. Looking at this flow, it indicates that the university is clearly function-oriented and the customer has to fit in.
Loyalty programs could have an easier implementation in customer-centric universities as transversal initiatives just fit in smoothly.
Nobody thought about it
Often, we don't need to delve too deeply to find the answers we seek. Despite faculty, student recruiters, and even alumni office members enjoying their fair share of travel perks, it seems that no one has ever considered the potential benefits for graduates in terms of helping out, contributing to the growth of the institution, and giving back.
Imagine the sense of accomplishment and admiration that comes with proudly displaying your University Platinum Card at an exclusive alumni event. Not only does it fill you with a deep sense of pride, but it also sparks envy among your fellow graduates. And the best part? By redeeming the points you've accumulated through your valuable contributions to the university, you can enjoy the next online course completely free of charge. It's a win-win situation that leaves you wondering, why wouldn't you take advantage of such a fantastic opportunity?
In summary, while universities may hesitate to adopt loyalty programs due to concerns about their altruistic image, financial considerations cannot be ignored. Ensuring the financial viability of a university is essential in today's challenging environment, and loyalty programs can play a role in achieving that.
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