More than 350,000 candidates in the Graduate Management Search Service® (GMASS®) database have indicated an interest in hearing about financial aid.
Analysis of the motivations, intended career outcomes, and program choices of 10,017 prospective students, which was featured in the 2016 GMAC mba.com Prospective Student Survey Report, showed that cost continues to be the biggest reservation for candidates. The survey found that many candidates were concerned that business school may require more money than they have available (51%) or that they may need to take on large debts (46%).
Given that cost remains such a significant barrier for many candidates, schools need to craft marketing and messaging strategies that include reaching out to qualified candidates with information about financial aid and scholarship opportunities.
“GMASS will provide the data you need to make scholarship offers to potential candidates that may not have thought about your school yet.”
Director, Graduate Admissions
Seton Hall University
If your first communication with a candidate through the Graduate Management Search Service is an email, then consider the following tips to combine your GMASS searches with a compelling message to better promote your financial aid and scholarship opportunities:
- Reach out to pre-test candidates. Nearly 70 percent of GMAT® test-takers opt in to the GMASS search service on mba.com when they register to take the GMAT exam. But the GMASS database also includes pre-test candidates, so that you can reach them early in their decision-making process and inform them about your financial aid and scholarship opportunities. Connecting with this group early will give them time to get a jump on the application process. They may also send their score reports to you after they take the GMAT exam.
- Include “Financial Aid” and “Scholarship” in your email subject line. Once you build your list of qualified candidates, be sure to include these key words in your subject line. Our findings indicate that emails with the best open rates often are the ones that use “financial aid” and “scholarship” in the subject line.
- Create an email that converts. It’s one thing to generate the right leads, but it’s another to know to how to nurture your leads through effective email communication. In addition to getting your prospects’ attention with a compelling subject line, make sure that your emails are personalized and reflect the needs of your audience. Use plain language that reflects the demographic and segment to whom you are communicating. Lastly, include a clear and compelling call to action (CTA) to motivate your recipient to respond. Get more details about creating a successful email.