Keeping up with the conversation - AIEC AIEC 2018... · Keeping up with the ... What does the...
Transcript of Keeping up with the conversation - AIEC AIEC 2018... · Keeping up with the ... What does the...
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Keeping up with the
conversation
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Keeping up with the
conversation….through data
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“Without data you’re just another person with an opinion”
- W. Edwards Deming
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What we will cover
• The importance of validating decisions through data
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What we will cover
• The importance of validating decisions through data
• Understanding what data is required
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What we will cover
• The importance of validating decisions through data
• Understanding what data is required
• Identifying and creating data
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“We need to make righter decisions”
- Anonymous
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Issues with one data set
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Issues with one data set
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More the merrier
• Data triangulation
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More the merrier
• Data triangulation
- Inconsistencies and outliers easily recognised
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More the merrier
• Data triangulation
- Inconsistencies and outliers easily recognised
- Greater insights
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More the merrier
• Data triangulation
- Inconsistencies and outliers easily recognised
- Greater insights
- Ensures decisions aren’t made based on human bias
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A hunter gatherer
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A (data) hunter gatherer
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Hunt
• Hunt
- Seek out the right data, which already exists
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Gather
• Gather or Source
- Generate the data you need, that doesn’t exist
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Why?
• We all face challenges currently, so being able to ‘keep up with the
conversation’ is more important than ever
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The market
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The market
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Year on year growth
0
20000
40000
60000
80000
100000
120000
140000
160000
2014 2015 2016 2017
Total HED
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Two speed market
0
20000
40000
60000
80000
100000
120000
2014 2015 2016 2017
HED
Indian, Nepal & China Rest of the world
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Two speed market
• Minimal growth from other markets
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Two speed market
• Minimal growth from other markets
• 2.6% growth in the last 12 months from markets other than India, Nepal
and China
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Two speed market
• Minimal growth from other markets
• 2.6% growth in the last 12 months from markets other than India, Nepal
and China
• 68% of all markets excl. India, Nepal and China did not
grow or decreased
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Diversified growth
• Two very different decision making factors for the two cohorts
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Diversified growth
• Two very different decision making factors for the two cohorts
• One which is price sensitive
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Diversified growth
• Two very different decision making factors for the two cohorts
• One which is price sensitive
• One which is brand conscious
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Diversified growth
• Intrinsic theory of value
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Diversified growth
• Intrinsic theory of value
• That the value of an object, good or service, can be estimated using
objective measures
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Diversified growth
• Intrinsic theory of value
• That the value of an object, good or service, can be estimated using
objective measures
• That measure in most cases is university rankings
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Diversified growth
• Trying to maintain diversity has been successful for a very few universities.
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Diversified growth
• Trying to maintain diversity has been successful for a very few universities.
• It has impacted growth in most cases*
*Nous Group – Sustainable Growth in International Higher Education 17th August 2018
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Currency forecast
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Currency forecast
• Last week the AUD fell to 0.709 US cents
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Currency forecast
• Last week the AUD fell to 0.709 US cents
• In January this year the AUD was valued at .813 US cents
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Currency forecast
• Last week the AUD fell to 0.709 US cents
• In January this year the AUD was valued at .813 US cents
• Analysts predict the dollar will continue to fall to the mid
to high 60s next year, due to yield spread
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Currency forecast
• Doing business overseas will be approx. 20% more expensive
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Currency forecast
• Doing business overseas will be approx. 20% more expensive
• Universities purchasing power will decrease
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Why is this important?
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Law of diminishing returns
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Opportunity cost
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Keeping up with the
conversation to make better decisions
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Understanding what data
is needed
• Three key questions
- What does the consumer want?
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Understanding what data
is needed
• Three key questions
- What does the consumer want?
- What are they willing to pay?
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Understanding what data
is needed
• Three key questions
- What does the consumer want?
- What are they willing to pay?
- How do they want to consume it?
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A case study
• Creating a product that would address students needs to enable growth
at a faster rate than the sector
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A case study
• Creating a product that would address students needs to enable growth
at a faster rate than the sector……through actively and latently listening
to students
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A case study
• Creating a product that would address students needs to enable growth
at a faster rate than the sector……through actively and latently listening
to students
• The integration of internships in key courses at
CQUniversity Australia
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What does the consumer want?
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What does the consumer want?
• Google search term trends
- 3.5 billion search terms daily
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What does the consumer want?
• Google search term trends
- 3.5 billion search terms daily
- Data since 2004
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What does the consumer want?
• Google search term trends
- 3.5 billion search terms daily
- Data since 2004
- Break down trends by country
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What does the consumer want?
• Google search term trends
- 3.5 billion search terms daily
- Data since 2004
- Break down trends by country
- A great insight into consumer sentiment
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What does the consumer want?
• Google search term trends
- 3.5 billion search terms daily
- Data since 2004
- Break down trends by country
- A great insight into consumer sentiment
- Google is an extension of our mind
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What does the consumer want?
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What does the consumer want?
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What does the consumer want?
• Industry data
- ISB
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What does the consumer want?
• Industry data
- ISB
- Global Wave (British Council)
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What does the consumer want?
• Opportunities for work experience
- consistently 4-5% lower than the Australian ISB
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What does the consumer want?
• Education agent and current student feedback
- Surveys
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What does the consumer want?
• Education agent and current student feedback
- Surveys
- Focus groups
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What does the consumer want?
Top 5 question Very important
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What does the consumer want?
• Monitoring legislation
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What does the consumer want?
• Monitoring legislation
- 2 year post study work visa (2013)
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What does the consumer want?
• The ‘hunted’ data sets provided valuable information of current wants
and trends.
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What does the consumer want?
• The ‘hunted’ data sets provided valuable information of current wants
and trends.
• Needed to ‘gather/source’ data to validate future demand and avoid
students telling you what you want to here.
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What does the consumer want?
• Google analytics
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What does the consumer want?
• Google analytics
- Monitoring visits to pages which had content around being work-
ready and practical/industry placements
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What does the consumer want?
• Google analytics
- Monitoring visits to pages which had content around being work-
ready and practical/industry placements
- Visits to pages which contained this information was 35%* higher
than visits to other pages
*two or more page visits
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What does the consumer want?
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What does the consumer want?
• Beta testing via nurturing campaigns
- eDMs focused on work readiness and employability
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What does the consumer want?
• Beta testing via nurturing campaigns
- eDMs focused on work readiness and employability
- Links associated with internships inserted within body text
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What does the consumer want?
0%
10%
20%
30%
40%
50%
60%
70%
eDMs with work readiness content eDMs without work readiness content
Open rate
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What does the consumer want?
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What does the consumer want?
• Social media seeding
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What does the consumer want?
• Social media seeding
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What does the consumer want?
Engagement with CQU posts related to
internships/work placements/industry
experience was 3x higher than other posts.
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What does the consumer want?
• Hunted and gathered data indicated strong interest in internships
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What does the consumer want?
• Hunted and gathered data indicated strong interest in internships
• Only one piece of the puzzle
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What are they willing to pay?
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What are they willing to pay?
• Required or a choice
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What are they willing to pay?
• Required or a choice
- Price elasticity of demand
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What are they willing to pay?
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What are they willing to pay?
• Understanding the ‘real cost’
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What are they willing to pay?
• Understanding the ‘real cost’
- Purchasing power parity (PPP)
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What are they willing to pay?
• Purchasing power parity
- Exchange rates between currencies are in equilibrium when their
purchasing power is the same in each of the two countries.
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What are they willing to pay?
• Basket of goods
- Need to be the same product and brand
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What are they willing to pay?
• Basket of goods
- Need to be the same product and brand
- Avoid highly taxed items which are specific to one particular market
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What are they willing to pay?
• Basket of goods
- Need to be the same product and brand
- Avoid highly taxed items which are specific to one particular market
- Choose at least five products for your basket
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What are they willing to pay?
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What are they willing to pay?
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What are they willing to pay?
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What are they willing to pay?
1. S = P1/P2
2. S = 165 INR/$6 AUD
3. S = 27.5
The current exchange rate of INR to AUD is 52.68
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What are they willing to pay?
• This means that the AUD is overvalued by 91.5%.
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What are they willing to pay?
This would ‘feel’ like;
• An Australian student paying $11.49 for a $6 McChicken
OR
• $95,750 for a MBA, which costs $50,000
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What are they willing to pay?
• ‘Burden’ of tuition fees and living expenses was already high,
and much higher in ‘real costs’
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How do they want to ‘consume’ it?
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How do they want to consume it?
• RSS(Rich Site Summary)feed
- Student blogs
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How do they want to consume it?
• RSS(Rich Site Summary)feed
- Student blogs
- International student related websites
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How do they want to consume it?
Set up RSS feeds for keyword mentions and
article publications featuring internships.
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How do they want to consume it?
For credit
No extension
Uni. to source
Cost is an issue
Not elitist
Quality time
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Consolidating the findings
What do they want?
Cost?Consume?
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Correlate the findings
Product
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For the geeks in the
room (like me)
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Product
1. Available to all students as long as they pass their units
2. 10 weeks in duration (9am – 5pm four days a week)
3. Free of charge
4. Found for the student
5. Doesn’t extend the duration of their course
6. Undertaken in place of a capstone unit
7. 12 points of credit
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Result
• Courses which include internships have increased by 30%.
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Result
• Courses which include internships have increased by 30%.
• Courses which do not include an internship have decreased by
0.2%.
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Result
• Courses which include internships have increased by 30%.
• Courses which do not include an internship have decreased by
0.2%.
• Sector increased by 13.7%.
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Today’s takeaway
Keep up with the conversation…..through data;
1. Three key questions need to be answered
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Today’s takeaway
Keep up with the conversation…..through data;
1. Three key questions need to be answered
2. A wide range of data sources are needed
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Today’s takeaway
Keep up with the conversation…..through data;
1. Three key questions need to be answered
2. A wide range of data sources are needed
3. Sometimes the data you need isn’t available, so you need to
source/create it
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Thank you