Earlier this year I accepted the challenge of creating an executive education program at the Bauer College of Business at the University of Houston. Up until this point, Bauer had no formal strategy for executive education. It did, however, have an outstanding faculty and was engaged with a number of high profile companies in developing custom curricula for developing managers and executives.
My job would be to continue with the custom programs already in place and to add classes that could be used by individuals or companies that had a need for only one or two classes. This would require engaging the faculty and community experts in developing classes for the program, creating a format to for communicating the class topics and qualifications of the faculty and designing a website that would be user friendly. That’s just the beginning.
The next steps include developing a winning marketing campaign and developing enough demand to fill the classes at a rate that covers the cost of the program.
Pricing would be a key factor. Fortunately, there were many universities with executive education programs and studying the existing pricing structures was very helpful. In the end I looked at several public and private Universities and chose a pricing model that would put our program in the middle of the pack.
Product was key. Our classes had to be developed by the best faculty and cover the topics most in demand. Fortunately the Bauer College of Business is highly ranked, has outstanding faculty and has been creating classes for Fortune 50 companies. Restructuring the custom classes for “open enrollment” classes that are available to anyone was easily accomplished.
Additionally, Bauer was nationally recognized for several of its programs, most notably entrepreneurship, sales, accounting, finance and management. Restructuring some of these courses into not to three day workshops would be a challenge. The faculty responded enthusiastically and created a wide variety of “open enrollment” classes.
Finally, there were some topics that might be in demand that would require experts from the business community. Being located in Houston, one of the most diverse economies in the country provided another benefit. We had access to financial, health care, energy, retail, and manufacturing experts just to name a few. Our cybersecurity class will be taught by the chief technologist for platform security and privacy for HP. Our consulting classes will be taught by a former Accenture partner who now has a successful private practice.
Having the classes in a comfortable environment with the latest technology is important. Fortunately, Bauer has state-of-the-art facilities. On the downside there is a lot of demand for the classroom facilities. So in addition to having the availability of campus facilities we formed relationships with other organizations that allow us too use their facilities. In our custom course classes we use on-line webinars to allow an organization’s employees to remain in their offices while learning.
Getting the word out for a new program is always challenging. We are using some newspaper advertising but are focusing on Email to alums, social media, attending conferences and conventions and speaking to chambers of commerce and professional organizations.
While it is very early in the program, I think we are on the right track. Our website is: http://www.bauer.uh.edu/executive-education/index.php.
I would appreciate any thoughts you might have on how to improve the success of this new program.
Popular posts from this blog
When introducing a new product or service to the market a key, and often critical, consideration is the price for this offering. I have seen folks simply take the cost of production and use a percent mark up as a pricing model. This is the simplest model and it provides a good example for the need to consider other pricing model options. Here are 10 things to consider before setting a price for your product or service: · Mark up Based on Cost Vs Retail . In the opening paragraph I gave the example of a model being used that marked up a product by a percent over the cost. The cost used here is generally direct cost or labor and materials. If someone wants a 30% of the asking price to be the mark up, then using 30% of cost won’t provide the desired outcome. Simply put, it is the wrong math. If something costs $1 to make and it is marked up by 30% for a selling price of $1.30 then the profit of based on the asking price is 23.07%. To arrive at
Here are some more thoughts on why newspapers may still be a wise investment and how they may find ways to develop a stable of print and digital products that complement each other. Virtually all newspapers have websites that look good and have great functionality. So why aren't they all producing acceptable amounts of profit? The question probably should be asked differently, "What do consumers and advertisers expect from newspapers?" Then ask, "What do they expect from the Internet?" The answers are different but there is overlap. The area of overlap is the area of opportunity for creating a business that is needed by consumers and advertisers and capable of creating value that translates into profits. To determine the real value of the website it is useful to measure the total advertiser dollars spent on a website only ad buy versus those being bundled with a newspaper or distribution ad buy. These stand-alone purchases might give so
Here is the third example of developing a marketing strategy project for a new product. This is a fictional company developed by a team of MBA students in my marketing strategy course at the University of Houston C.T. Bauer College of Business. Executive Summary Avenir is a forward thinking and progressive technology company seeking to positively impact the lives of our customers, collaborators, and shareholders through the creation of new technology. We were established in 2001 and are proud to employ 211 hardworking individuals at our Houston, TX headquarters. Avenir designs, markets and licenses the K-1 battery, a new kinetic powered battery that will enhance cellular telephone battery life. The K-1 battery will alleviate the need to constantly charge cellular phone batteries through electronic devices. Our new battery offers a significant leap forward in the world of portable electronic power to the cellular customer. Our collaborators will se