A lot of Training Institutes share their concerns over the poor market conditions. Their major concerns are:
Market has become very price sensitive and students negotiate too much on the pricing
A large part of market share goes to government aided schemes that offer free programs but the students enrolling for such programs are not serious which impacts the release of funds from government. Sustainability becomes an issue
Below standard compensation structure offered by most of the employers which results in depleted interest in students, they are not willing to accept such offers
Big gap between the student’s expectations and their efforts. Degrees & Certificates are not able to get them the desired jobs
This covers a large spectrum of training institutes operating today but there are also some who are able to crack this and are able to do an impactful & sustainable training business (we will discuss on their winning practices later)
Here is what we have experienced:
When your prospect is excited with your product/services, it creates a feel-good factor which is not yet a powerful connect. This leads to negotiations & concerns over pricing
This feel-good emotion needs to translate to establishing the Career NEEDs of your prospect which results in the right buy-in
Unless we understand the prospect’s needs and establish the connect with the Value that your product/service offers. Few elements that we need to match are:
The Right Audience
The Right Program
Alignment between their Career aspirations and program offerings
Program that emphasizes more on the WHYs and not on HOWs
In our case, the programs that we have on offer are specially aligned to their Career aspirations. They are only offered to the Job-seekers / Graduates. We filter out the candidates who are not yet open to jobs but are interested in gaining more knowledge (they are asked to wait)
Student’s queries that we face the most are related to their Career concerns. They are mostly concerned about the kind of Job they will get, what salary structure will be on offer, the growth prospects, the competition, the probability of them getting a job, how we will help them in getting a placement etc etc.
Yes they do not discuss much on the pricing part because their focus is more on Impact and benefits that they will get
Our advice to these Training Institutes is:
Approach – Focus on Employability that makes your student aware of work life. This helps them in experiencing the job scenario
Audience – Have a well-defined entry criteria focused on Graduates/Job-Seekers
Programs – All your programs must be linked to the available employment streams. Focus on the Career maps and not just Knowledge
Placements – Connect your students to the Right opportunities that do not just offer a job today but will be beneficial to them in the long run. The Job opportunities must be RELEVANT
Our final Success Mantra to them is
“Focus on Quality and not on the Quantity. Lower number with appropriate pricing is far better than higher numbers with low pricing. This quality will only lead to higher quantities later”
If you are a Training Institute, struggling to build a sustainable business, reach us on info@skillhubconsulting.com. We will be happy to share more of our learning & experiences. We have comprehensive program offerings that are linked to high impact employment sectors like Banking, Finance, Accounting & HR
Our programs are aligned to some of the key certification bodies like NISM & NSDC!
