Bail-outs,  Bank failures.  Stock losses.  Foreclosures.  Recession.  Depression? 

According to some, we're headed for uncharted territory.  The financial crisis will effect all of us in some way, shape or form.  That includes you, and it includes recruiting.

Here are some things that you're going to start hearing about from your prospects when you talk to them about coming to your school:

• Student loans are starting to dry up.  More parents are competing for less money, and its starting to effect the ability of some students to remain in school (not to mention get into school in the first place).  If you're at a school that offers full ride scholarships, you can breath a little easier.  If you are a non-scholarship, or only offer partial scholarships, this might start impacting you in the near future.
• Students and parents might start turning to credit cards to pay for school.  One study suggests that a weak college student job market, coupled with the tightening private loan market, means that students and parents will turn to alternative financing options to pay for school - like credit cards.
• Is there some good news out there?  Yes: The government will pull out all the stops to protect student financial aid programs.  Just two weeks ago, the House of Representatives passed an extension of a program that funds federally guaranteed student loans.  That's good news, since many schools rely on federal financial aid to help fund the tuition of their student-athletes.

However, even some rays of hope shining here and there, the long and the short of all of this can be boiled down to one simple statement: The topic of money is going to become an even more critical issue to address when you are recruiting athletes.

We're not experts on the economy, and nobody is going to be calling me anytime soon to help negotiate bail-out deals in Washington, but I think I can give you some pretty clear advice on how to take this crisis head-on when it comes to recruiting.

Here are the things you need to know, and some things you need to make sure you do:

• Ask the parents of your recruit how this crisis is effecting them.  That type of question is one of the "15 Great Questions" we usually recommend to college coaches during our On-Campus Workshops.  You need to understand how this crisis is effecting them, and what obstacles it creates when it comes to considering your school.
• Be prepared to talk about money with your prospects.  Get comfortable having that conversation.  It's going to be on the minds of your prospects more and more, especially if you're not offering them a full scholarship.
• Be a guide.  Coaches who take the small extra step of being a guide through this increasingly confusing process at your school will win points with the family they are recruiting.  Your prospects are looking for help, and we don't think you should rely on admissions or your financial aid office to be the one-stop spot for answers and super sweet "customer service" - an attitude that shows you take ownership of the idea of helping them through this area of the recruiting process.
• The coach who proves they have the best "bang for the buck", wins.  Families are still going to place a college education high on their list of things they are willing to invest in.  Unlike a lot of sectors of the market that will go through real struggles over the coming years, college educations - as well as the dream of playing college sports - should remain a high priority in the minds of athletes and parents.  The key to success in the coming months will be making sure you demonstrate to your prospects that you and your program offer the most opportunities for success and the best chance to become a great athlete.  You are going to see families "shopping" more when it comes to choosing a college, especially if you are asking them to pay for part of it.  I hope you are ready to be the master sales professional that I've been begging you to become the last few years...you are about to really rely on those communication and persuasion skills we've been teaching.
• How you communicate what you have to offer counts more now than ever.  Especially your letters and emails, Coach.  If you have a family who is struggling financially, or worried about their job, your average recruiting letter is going to have an even harder time getting through to them and getting their attention.  Communicating clearly, systematically and with some originality is crucial.  This all goes towards proving yourself to be a guide and a leader, which is going to be a valued commodity in the eyes of parents.
• Get to know your school's financial aid officers, and their process for determining who gets what.  Are you a coach who has kept an arm's distance relationship with the people from financial aid and the admissions office?  You can't afford to do that anymore.  Get to know them, what they look for, and how they make their decisions with regards to your incoming prospects.  Coaches who invest the time in these relationships tell me that it has made a tangible difference in the process of getting an athlete they really want.  Personal relationships matter: Invest in those relationships that can make your job as a recruiter easier, and more productive.

 All of us are, in some way, effected by what is going on in the financial markets.  Nobody (that I know, anyway) can predict what is going to happen and what the specific results are going to be. 

However, I do know this: How parents and athletes look at investing in a school is going to change.  Who they listen to is going to change.  How they make their final decision is going to change.

My question for you is, "How are you going to change?"

Posted by Dan Tudor at 09:48 PM | Permalink | Comments (0) | TrackBacks (0)