Let’s say your get 500 inquiries per year. You have an office of 1 1/2 people. You work hard to get every full-pay family. You chase every inquiry or, if you had time, you would. I am going to guess that when you discover a full-pay family in your pool, you work aggressively to move the family to believing in your program. You need that revenue and you don’t want to let the student slip out of your hands.
When during the process do you discover that the family is full-pay? Are you already behind the chase by that time? You recognize some of the addresses as being in a very wealthy neighborhood. Some well-known community names are recognized easily and you know it’s an old money family. But did you know that this mother sitting in your office with her LL. Bean attire is the daughter of a former CEO at a Fortune Five Hundred company? Did you know that the family driving a six-year old mini-van has a substantial trust fund for themselves and their kids’ education?
OK. If you have time to chase those 500 inquiries with the required 30 – 40 touch-points each, then you are probably fine in that phase of the admission process. But if you don’t have the time, you have to think about ways to pick them up sooner. You need to be a sleuth. Everyone who has been in contact with this family has to have one eye open at all times, seeking the full-pay prospect – at fairs, other schools, or in the admission office. Here are a couple of ideas for you to add to your tool box or to be reminded about.
- What are they wearing? If you know those designer clothes and jewelry you are going to pick a few up. I have had an expert or two in my office; hopefully, you have one.
- Where do they spend vacations? Which summer camps do they attend?
- Who picks up the child after school?
- What business are the parents in?
- What does their house cost on Zillow.com?
- Who are their friends? Don’t hesitate to listen to their connection list.
- What did they drive to your office?
- How do they behave? People who can pay full are much more confident coming into your office. They are not trying to please you as much as a family who is seeking funds. They know they can buy what they need.
- Ask the development office to research every family who interviews. If they can do every inquiry, that is even better.
- The Marketingtofullpay.com Technique – you have to contact me directly for me to explain this system.
These are just some tips to think about. You should aim to leave no stone unturned. Can you afford to discover them late or not at all?
Develop a system where you can collect the information and be sure to annotate it properly. Don’t forget this step. Add a spot in your database and come up with a couple of levels of confidence. Then implement your chase strategies based on the higher level of confidence and the amount of time that you have.
If you contact me, I will arrange a time with you and tell you about #10. If you don’t have time to call me, you can take a look at THIS LINK and figure out my thinking. If you come to the Five Pillars workshop, I will not only tell you, but I will show you how it is done.
Don’t leave money on the table. Refine your system for identifying full-pay families sooner.