@RGIII Coach Prime is what Colorado needs to resurrect a program that was left to die. The issue is he doesn’t have talented players to win at a high level. Coach ‘em up first, get the talent, then back it up with wins, not “clicks.” Prime knows that!
When people realize that they have clear and meaningful goals, sufficient resources, and helpful colleagues, they get an instant boost to their emotions, motivation, and their perceptions of the work and the organization. https://t.co/iHu4xpEGZs
Perfectionists often want to make every decision for themselves. To move past this, they can start paying attention to how good it feels to be relieved of the decision-making burden. https://t.co/AnW05RuXve
The ballpark minimum amount you should invest to support a new program is $150,000 per year:
- 4 Starts Per Year
- 12 Students Per Start
- 48 Total New Students
- $3,000 Cost Per Start
- $144,000 Annual Marketing Spend
But you'll need even more your first year, because you'll have to spend a full quarter ahead of the first start to fill the funnel
Meaning year 1 you need $144,000 to generate 36 starts at a $4,000 CPS
And this is a best case scenario for in-demand grad programs with a single front door
It also assumes:
- This investment isn't just in program-specific marketing, but area of study
- The program is tightly aligned with your existing organic interest
- There's reasonable demand and modest supply for the offering
Literally a million caveats to this conversation, but the point is the conversation starts at $150,000 for the first 50 students and only goes up from there.
In 1998, Citibank and The Travelers Insurance Company merged.
They hired legendary designer Paula Scher to create a new logo.
In their first meeting, on a napkin, Scher drew what became the iconic Citi logo.
As Scher got up to leave the room, someone from the Citi team asked,
How can it be that it’s done in a second?
“It’s done in a second and 34 years," Scher replied. “It’s done in a second [and] every experience and everything that’s in my head.”
Takeaway 1:
As Scher has become a master of her craft, she's experienced an interesting problem.
"A lot of clients like to buy process," she explains. "they think they're not getting their money's worth [if] you solve the problem too fast."
This is known as the "Labor Perception Bias."
It's an interesting phenomenon: we are generally impatient, yet, we are skeptical if, for instance, we're at a fancy restaurant and the food comes out only minutes after we ordered.
One of famous examples of the Labor Perception Bias is the parable of the engineer and the hammer:
A factory owner hired an engineer to fix a broken-down engine. The engineer inspected the engine for one minute, took out his hammer, hammered the engine once, and then started the engine with no problem.
The engineer charged the factory owner $5000. The factory owner was shocked, protested that the engineer had worked for only one minute, and asked for an itemized bill. The engineer sent the factory owner an itemized bill:
Hammering the engine: $5
Knowing where to hammer the engine: $4,995
Takeaway 2:
On my desk, there is a notecard that says, “All success is a lagging indicator.”
The line comes from one of my favorite Ryan Holiday articles. “When a day’s writing goes well,” he writes, “it’s a lagging indicator of hours and hours spent researching and thinking… Receiving a promotion is a lagging indicator of a lot of quality work. Delivering a keynote with confidence is a lagging indicator of a lot of preparation.”
Knowing where to hammer the engine is a lagging indicator of the years and years working with hammers and on engines.
And Paula Scher’s ability to create an iconic logo in a second is a lagging indicator of 34 years spent honing her craft.
- - -
“When you sit down to create something...what you create is a culmination of everything you’ve seen and done previous to that point.” — Tinker Hatfield
Follow @bpoppenheimer for more content like this!
@TheTrentCrimm Ted’s work is done and heads home. Roy and Nate coach Richmond. Beard is in love. Leaves to be with his girlfriend. Rebecca and Holland guy hook up. Remember the pink room on his boat. That’s how she becomes a mom. Roy and Keeley live happily ever after.
Today, don’t worry about what the critic thinks of you. Don’t let the fear of being judged hold you back. Instead, focus on the difference you can make and the people you can serve.
@overtime 1. Player receives pass. 2. Player makes sort of a hop, step, fake move with one foot still on the floor. Both feet never leave the floor. 3. Player then dribbles the ball and drives to the basket. No travel violation.
Dear Higher Ed CFOs:
If you push P&L to the program level, every program chair becomes a CMO
It will increase accountability, but also dramatically increase your acquisition costs
Not necessarily because program chairs make bad marketers
But because program-specific marketing is bad marketing