Does Strategy Matter?
At a recent board retreat, one member, in response to the major issues facing the college, asked, “Will being more strategic help us?”
The answer depends on how you define strategy.
If your definition of strategy is largely expansionist, (we need to offer more programs and be in more geographies with the hope of attracting more students) then the answer is “no.” Unfortunately, many schools were enticed by this definition of strategy and that is why many of these same schools are struggling. By offering the same basic array of programs and experiences as their competitors, these schools have blunted their image and softened demand.
However, if your definition of strategy revolves around the words “focus” and “relevance” and “differentiation,” then this is a great time for strategy. In fact, it is a perfect time. Let me explain.
Focus means doing fewer things, but doing the things you choose to do with great aplomb. Instead of being wide and shallow, you are narrow and deep. You commit more resources to fewer things of clear value to students and thereby increase quality.
Relevance means that strategic decisions are made in tandem with the students and donors that pay for the strategy and not just the faculty and staff who execute that strategy. Poorly led colleges too often make decisions in isolation from the marketplace. This almost always leads to disaster.
Differentiation involves being and doing something that competitors cannot replicate. Of course, what you do must also be of great value to students and donors. You can charge more. When you offer the same basic experience as your competitors, or an experience that students do not find compelling, you are forced, via discounting, to charge less. Students are telling you, at one level, that you are not worth the cost.
A strategy that rests on focus, relevance, and differentiation and is the key to institutional vibrancy and success.
If you need help developing or executing a compelling strategy, please drop me an email. I would enjoy a chance to chat. You can reach me a bob.sevier@stamats.com.
Photo by: _boris
