Can You Influence Students' 'Willingness to Pay'?

Potential students and their families are arguably the most important part of the 'external environment' (along with competitors and the state for publics) that needs to be paid careful attention to in SWOT analyses as well as other parts of strategic planning. This article from University Business by Kathy Kurz, James Scannell and Samantha Veeder talks about how institutions differentiate themselves, as well as the best ways to persuade your 'customers' that your institution offers substantial Return on Investment (ROI): "When the perceived benefits are high, the family is much more willing to pay, sometimes beyond what the FAFSA indicates as the EFC. But when the educational experience and benefits are viewed more as a commodity, willingness to pay is lower."