A recent survey revealed more than 200 business schools in India have shut shop in 2013. Pay packages offered to management graduates have dropped by 40 to 45 percent since last year with only 18 percent students landing job offers after completing t
The average b-school full time course costs several lakhs and students and parents have started rethinking on enrolling into a b-school because of the low ROI it offers. The scenario is expected to worsen should b-schools not reinvent themselves not only in terms of making the course industry relevant but also in terms of its branding efforts.
"Not all B-schools are having a hard time attracting MBA aspirants. Those b-schools which have created a strong brand name for them have very high ratio of aspirants to total number of available seats. The only b-schools struggling are the one's who have put little to no effort on branding" says Mr. Kartik Raichura, Managing Director of the world's leading mba portal -ManagementParadise.com
One of the most important things that a b-school should do is participate in all major B-school rankings and get its AACSB Accreditation. Doing this will create a positive perception in the minds of all stakeholders - aspirants, students, alumni, faculty, internal employees and parents.
Current MBA students of the b-school and their alumni are a b-schools biggest asset and leveraging that can show some tremendous results. B-school's should encourage formation of student committees who can interact with internal and external stakeholders. The easiest of such initiatives is the launch of a monthly magazine that is sent to all stakeholders including corporate. Featuring interviews of CEO's and senior managers will give the students a chance to build linkages with the best in the industry and gain practical exposure.
Online branding is one of the best, most targeted and long lasting branding techniques. Get mentions in leading online portals that cater to your target audience. Allocate specific marketing budgets for ad space buying and getting your advertorials out on authority b-school portals.
Last but the most important is to have enough tie-ups to place students with the best of the corporate at industry average packages.
Romewas not built in a day. Branding is a slow but unavoidable process and every b-school worth its salt should embrace it or perish.