I think seeing the dollar amount can cause a great deal of anxiety. I have a breakdown of everything that is covered in financial aid so they can see exactly how much each portion is. I also explain that we bundle the FA to make it easier for them. This seems to help relax them a bit. We are very careful to make them feel comfortable, give them a chance to ask any questions until they are fully ready.
Nanette, thanks for this response. It sounds like you are matching the students where they are and also customizing your responses based on each student. This will certainly make each student feel comfortable and know that you are listening to them.
Great insights, Elizabeth. You've touched on an important point - typically money is just one aspect that needs to be considered. I get the sense that you work to understand what some of the other underliers are contributing to the student's need. It sounds like you also consider your own experiences to help gain some perspective as well.
Deanna,
It's true that an education is an investment and a worthy one at that. How do you help your prospective student see the value of their investment, especially given that many people today are experiencing tougher economic times?
Heather,
Staying informed and knowing the options that you have available to offer students is absolutely essential. Afterall, your students see you as a key resource in helping to make their dream a reality. I'm also hearing that you work to demonstrate the benefits of the education to address the cost challenge. This is a great practice. One additional way to discuss benefits is to ask the students, "how do you believe your investment in this education might benefit you?".
It sounds like you've got a multitude of school attributes that may help address the cost objection for students, Sharon. In addtion to your schools attributes, I'm also hearing that there are resources available to help address this objection, as well. I'm curious, how have your students found these to be helpful in the past when addressing the cost issue?
This is all important information that you want to be able to share with your students, for sure, Devin. How do you find yourself addressing the cost objection in order to give them additional pertinent information about the University?
Great awareness, Joshua. It sounds like you do your best to answer your students questions as they arise but also find ways to re-engage them in the conversation after answering their question. This is a good practice as it allows you to be up front with your student and continue to elicit information that is important to them. Ultimately, you are helping your students move through a decision making process in a meaningful way by answering their questions and asking additional questions to go forward.
Great observation, Allison. If I may make a suggestion with overcoming cost objections. Typically, we encourage reps to ask a clarigying question, such as, "is this what you expected in relation to cost?". From the student's response, the rep can take the conversation in one of three ways. If the student says, "yes, it's about what I expected.", great the rep can continue the presentaiton. If the student says, "no, it's actually less.", the rep can acknowledge that statement and continue forward. Finally, if the student says, "whoa, that's alot of money", the rep can acknowledge that and then get clarification in the form of "compared to what?". The response to this question can help the rep to understand the other options the student might be considering. Hope this suggestion has been helpful.
Reaffirming their goal and then drawing to light the specific qualities of our programs (related to accreditation, Faculty/Student ratio, accelerated program so that they will accomplish their goal more quickly, etc.)and how they will fit with the overall goal for that individual.
When the focus is solely on the dollar sign, other valuable assets of a school are being overlooked - such as our biblical perspective/environment, class sizes, professionals as proffesors, plus more.
I relate how many feel money is an important componenent of any major decision. I myself have felt that being a good steward of my money was pantamount. However, I have found that whenever I make a decision based solely on dollar sign I have regreted it. Money is simply a tool and getting high value for my money is more important than a mere number - such as the quality education CCU offers.
The value of a degree with our university and how it will open the path to reach the prospect's goals. As well, the prospect is missing the fact that an education does come at a cost. Once the degree is completed and the prospect has improved his opportunity, paying off the debt seems less of a burden.
I think this is largely a matter of research. For a private Christian school, our tuition is not that high. They need to understand that if they want a quality Christian education, it is going to cost something. BUT also that the benefits outweigh the cost. First of all, mention financial aid. Then emphasize (if they object)that having student loans will not affect their credit score negatively, because it is like buying a house. By taking out the student loan and getting a degree, they are ensuring their future financial success with the opportunities that degree will bring. Banks and other lenders recognize that. Furthermore, they can tailor their repayment according to the income they have when their loan goes into repayment. (this makes it less scary) Bottom line: In this kind of job market,and in our modern world, one HAS to have a degree to be successful. The exceptions are rare.
It is important to outweigh the objection with how our university will provide them with a spiritual component and smaller class size. Also, show them that other financial resources to aid their tuition exist. Mention that this is the highest accreditation. You may also want to bring in that this institution has been around for about 100 years and that we are in a great financial place despite the economy, which means our doors won't be closing 1/2 way through their program, as has happened to some of my students.
This student is missing a huge aspect about our university. They are missing the courses they will be able to take as a part of their program and how that will translate for success in their future educational/occupational goals.
I get this objection more often when I lose control of the call right away. I feel like the best way to handle this objection is to maintain control of the call so that you are the one providing the infomation the student needs, and not having the student just ask the quesions they want. Most of the time, if you are able uncover enough about the students motivation for going to school, and what they are looking for in a school, they can be sold on the school regardless of the cost. You run in to problems when the student controls the flow of the conversation right away by demanding cost before they have heard anything else about your university. Also, using the 3 Fs in this situation can help reassure the prospects that most students have this concern.
