Allow us to state the obvious: your school’s revenue is vital to your livelihood as an educational institution. Are you doing everything you can to maximize your financial gains?
If you’re relying on outdated technology, you’re missing out on large revenue opportunities. Beyond its educational benefits, technology has been proven to help schools increase their revenue through streamlined operations, data-driven marketing, and enhanced data privacy and security, to name a few. Keep reading to learn how you can optimize your school’s revenue with modern technology.
Improved Marketing and Outreach
Snail mail, phone calls, and billboard signs are no longer the only way to reach prospective families. Instead of spending your marketing budget on mass communications that yield little return, focus on digital marketing tactics that will help you narrow your audience to attract the right people to your school.
Social media and email marketing are two examples of how digital tools can help you communicate your school’s value to every corner of the world and reach a larger pool of potential mission-fit students. You can use geotargeting to narrow your audience to certain postal codes or financial metrics relevant to your ideal audience.
Plus: there’s more room for creativity! From videos embedded in email to hosting a live virtual tour on Instagram, it’s easier than ever to showcase your school’s programs and facilities. This removes friction from an on-campus visit and allows more families to get a taste of your school from wherever they are.
Enhanced Admission Processes
Technology can also help streamline your admission process and improve your enrollment numbers. In the prospecting phase, you can host informational webinars, virtual tours, or coffee chats to get to know potential families and give them a sneak peek of your school. Website content like student blogs or videos can also give prospective students an idea of what it’s like to be a part of your community.
During the inquiry and application process, a solution like Veracross Admission can help you manage all prospect data and activity in one central location — making it a pleasant experience for both students and staff. Many schools have implemented a dedicated admission portal to house all relevant information for prospective families including inquiry forms, online applications, tuition payments, FAQs, and more. This helps families find information quickly and establishes your school as a welcoming and thoughtful institution that they’re likely to attend.
A centralized admission process also removes manual tasks, allowing staff to focus more on relationship-building than administration.
Fundraising is vital to your school’s financial goals, helping you raise funds for new projects and programs. Organizing said fundraisers takes immense work and resources; technology can streamline the process through online donation platforms and crowdfunding tools. From customized giving forms to autogenerated tax receipts, solutions like Veracross Development can support every step of the fundraising process.
You can also use technology to spread the word about your fundraiser through announcements and reminders. From social media to email campaigns, digital marketing is the best way to reach as many people as possible. Last but not least, you can utilize your school’s database to strategically identify donor opportunities based on demographic data or interest area and send personalized outreach messages.
Put away the notepad and close that Excel document! One of the biggest ways to improve school revenue is through staff efficiency. Manual administrative tasks like billing, record-keeping, and reporting take valuable time away from your staff — especially when working with inaccurate data, redundant workflows, or siloed software. Luckily, this can all be improved with a centralized solution like Veracross.
A student information system streamlines staff workflows in many ways, including:
- Automated data entry
- Robust reporting and analytics
- Attendance tracking
- Data-driven communications
Staff will spend less time digging around for information or trudging through monotonous tasks. Their productivity will increase, as will their morale! Staff can now reallocate all the time and resources saved to other revenue-generating activities like fundraising, program development, or strengthening relationships with current and prospective families.
The privacy and security of your school’s data has a direct impact on your revenue. Schools that fall prey to cyberattacks spend an average $9.4 million to recover from such an event. These costs include remediation resources, public relations, staff overtime, and lost revenue. Make sure you’re doing everything you can to safeguard your information with cloud-based technology! This type of solution mitigates risk with features like advanced encryption, automated backups and updates, user-based permissions, multi-factor authentication, and compliance checks.
Cloud-based technology also helps streamline staff workflows with the ability to access school information from anywhere — not just on-premises. Whether you’re flying across the country to attend a conference or enjoying a work-from-home day, you can access all the information you need and eliminate the fear of missing out. All you need is a laptop and internet (and authorized access, of course), and you can keep business operations moving. This flexibility is crucial for making timely decisions and acting swiftly when school emergencies or crises occur.
Data Analysis and Financial Planning
From analyzing bookkeeping fees to reviewing payroll, a lot of administrative time goes into financial planning. Make it easier on yourself (and more accurate) with technology! A solution like Veracross Business helps schools manage financial information in the same system they manage student data.
This empowers staff to make informed financial decisions, like predicting net revenue based on enrollment trends. It allows you to anticipate and accurately follow your school’s financial standing, helping you mitigate the risk of unexpected financial shortfalls.
Set your school up for success with the right foundation of technology. Interested in learning about a centralized, secure solution? Get in touch to see how Veracross can support your school operations and help you generate more revenue with less work.