Written by: Vickie Sullivan | October 10, 2023
Is Your Market Volatile? It’s Time to Change Your Strategy
A research report, “Enabling Learning for Life: New Realities for Work and Education,” by technology company D2L finds that while American workers are interested in upskilling in their careers, they don’t understand the value of micro-credentials and how to obtain them.
While the report is interesting, it also has a lesson for everyone who operates in a volatile market.
Between high student debt and no job guarantees, a college degree doesn’t feel like a safe bet anymore. This happens to us, too. Outside market forces (such as AI) threaten our value. Should we fight back or — as the report suggests — find another way to serve?
A lot of us want to hold on to our market strategy, even if it’s a losing battle. Some of us will market the same services to new folks. At best, that’s an uphill battle. The sunk cost theory shows up strong in these situations.
This example reminds us to not only change who we serve but also what we offer. We need to take a close look at our best assets and ask, “What else can I do with this?”
Listen: The Biggest Challenge to Changing Your Revenue Streams
For some universities, micro-credentials look like a “blue ocean” that just need branding and promotion. There are profitable spaces like that for us, too. We just must let go of what we think we’re good at.
Now Read This: