Executive Summary and Main Points
Innovations within real estate customer experience (CX) could serve as valuable precedents for global higher education. Major trends involve creating meaningful and personalized tenant experiences that enhance loyalty and the use of digital technology and data to revolutionize CX. Real estate operators are making strategic use of AI and digital marketing to increase customer life value and satisfaction. These approaches offer insights into how higher education institutions might enhance student and stakeholder engagement, as well as brand loyalty and recognition.
Potential Impact in the Education Sector
Adapting real estate CX innovations to Further Education and Higher Education could lead to enhanced student experiences and loyalty. Leveraging generative AI and data to personalize interactions could increase student engagement and fidelity to educational brands. In the realm of Micro-credentials, providing AI-driven, customized learning pathways and recognizing student milestones could support retention and success. Strategic partnerships with tech firms might offer a way to integrate these innovations while managing costs and maintaining educational values.
Potential Applicability in the Education Sector
Injecting real estate CX principles into education might involve the development of technology-enhanced learning communities, as well as personalized academic and support services that tap into the desires of various student demographics. AI could be employed to create personalized admissions marketing, responsive student support systems, adaptive learning environments, and platforms that facilitate community building. For instance, incorporating AI to forecast student success and intervene proactively could transform retention and completion rates.
Criticism and Potential Shortfalls
While these CX strategies show promise, their application must be managed against potential ethical concerns, such as the misuse of personal data and inequitable access to technology-enhanced experiences. Also, cultural contexts vary significantly across international education systems, which may affect the transferability of certain CX models. A focus on technology should not overshadow the importance of in-person, human elements of the educational experience, which are paramount in global higher education.
Actionable Recommendations
Leaders in international higher education should consider adopting the following strategies: integrate smart campus technologies that align with student lifestyle aspirations; implement data-driven personalization for student services and communications; utilize AI for predictive analytics and targeted interventions; and foster a culture that is open to digital transformation while ensuring accessibility and equity. Developing clear operational frameworks that outline the blend of digital and human interaction will be key in adapting these recommendations effectively.
Source article: https://www.mckinsey.com/industries/real-estate/our-insights/the-new-real-estate-investment-edge-tech-enabled-brand-cx-and-loyalty