The stakes are high when higher education institutions launch new academic programs. According to Burning Glass, a market research firm, the estimated cost of sustaining a new program over a four-year period is around $2M and only a third of them succeed. When launching new programs, college leaders are looking for recipes to ensure success and avoid failure. Here at Elliance, we advise our clients to consider the 7 P’s: program, price, place, prospects, professors & program chairs, promotion, and process. Here is what we recommend: P R O G R A M New program launches follow the law of supply and demand. The higher the demand for program graduates and lower the supply of colleges offering the program, the higher the chance of success. Analyze data from the Department of Education and the Department of Labor to assess the competitors and the demand for your new program’s graduates. On rare occasions, if you have an insider’s view of a … Continue reading →