Capturing Alternative Revenues

Strategic Lessons and Compendium of Tactics for Increasing Nontraditional Operating Revenue

Topics: Administration and Finance, Transportation and Parking, Auxiliary Enterprises, Space Utilization, Facilities and Operations, Revenue Enhancement, Alternative Revenues

Increasing the Returns from Enrichment Learning

Building Larger, Continuing Relationships with Senior Citizens

The goal of imperative #2 is for colleges and universities to bundle existing services to create more attractive product offerings, longer-term customer relationships, and hopefully opportunities for premium pricing.

A handful of institutions have successfully applied this imperative to the growing business of senior or retiree enrichment learning. Course audit fees are a relatively common example. Colleges and universities invite retirees to audit existing courses for a small percentage of tuition. This practice produces modest revenue with no additional costs, and also cultivates potential donors.

However, select institutions have dramatically increased revenues by bundling enrichment learning with social and leisure offerings. Examples include group weekend excursions built around faculty-taught seminars and membership programs combining lectures, concerts, and golf outings. Most aggressively, university retirement communities generate millions in revenue and have grown quickly, from almost none 20 years ago to more than 50 nationwide today.

+ Download Graphic

Imperative #2: Bundle Episodic Services into Memberships and Turnkey Packages

A Turnkey Home Schooling Solution