Bloomberg BusinessWeek’s report on business schools’ ratings has just appeared. As expected, the big, elite business schools are holding the top ranks.
Review the list of the top ten business school brands and aside from prestige and location, what is it that relevantly differentiates these business schools? Not every business school, even the top-ranking schools, has relevantly differentiated their brand purpose, brand promise, and brand values. Brands of business schools need proper brand management as much as product and service brands do.
It may appear that recommending brand management for a business school is absolutely not a need. That is not the case. Everything is a brand today. Everything needs proper brand management. Every entity selling a product or service needs a relevant and differentiated brand purpose and promise.
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A great example of a business school that applied a brand management turnaround strategy is The University of Miami business school (now Herbert Miami) in Coral Gables, FL, beginning in 2018.
Our two-person team worked with the business school Dean to strategize and organize a brand turnaround plan and its implementation. In addition, we sought the advice of a leader in university fundraising, Naomi Levine, to provide structure to the (fundraising) development process
At the time, 2018, Miami’s business school was in the doldrums. Though, it had some foundational strengths:
- Situated at a crossroads of the Americas – Miami is an amazing cultural hub.
- Diverse student population.
- Financial Times rated the School’s faculty among the top 35 business school faculties in the U.S. and among the top 40 faculties in the world.
- Media citations about the School and its faculty increased by more than 100 percent from 2008 to 2009. These citations included top media such as In 2007, The research ranking of the UM School of Business Administration, which was a measure of the caliber of Miami’s business faculty, was 31st among all programs worldwide.
But, there were also many significant weaknesses:
- Negative cash flow.
- Low rankings.
- Shrinking graduate student base.
- Minimal Corporate customers for the executive program.
- An extreme variety of courses with no focus.
- Limited development monies; inadequate fundraising.
- Inadequate development team and process.
- No clearly-defined brand purpose or promise.
- BusinessWeek ranked the school as the 54th best undergraduate business program in the nation. BusinessWeek also ranked UM’s full-time MBA program as being in its top third tier (with 45 schools in the first two tiers).
- The Executive MBA program at the University of Miami Business School, in 2008, was ranked 33rd among all such programs in North and South America and 76th among all Executive MBA programs worldwide.
- Financial Times ranked the University of Miami MBA program as 98th in MBA programs worldwide.
Hiding from this reality would have been risky. It was imperative to stop the accelerating decline and it was clear that the University of Miami Business School urgently needed a business energization plan. Any plan needed to be turned into immediate action. Donors, a critical target audience, would perceive a decision to energize the school in a disciplined manner as a strength. They would see the benefits of doing business with Miami’s business school.
A business energization plan begins with earning the right to grow. Earning the right to grow means having a focus on the immediate requirements of business survival and brand revival.
Of course, the first step was to stop the bleeding. The decision was made to focus on the reallocation of the school’s limited resources. This meant reducing allocations on expenditures that were not consistent with a redefined brand purpose. This meant refocusing resources behind those programs that pay with the aim of restoring positive cash flow.
Next, Miami business school had to achieve cultural alignment, galvanizing the organization around a relevant, differentiated brand promise.
Our recommended brand promise was: Principled LEADERS COMMITTED TO SUSTAINABLE PROSPERITY FOR our communities and OUR PLANET.
The UMBS develops principled business leaders committed to responsible global citizenship for both profitable and positive contribution to people, community and a sustainable planet.
The goal of UMBS is to develop socially, culturally and sustainably conscious, principled global leaders prepared for responsible business practices in an increasingly multi-cultural, technological, connected, branded world. UMBS leadership learning focuses on responsible global citizenship for profitable, positive contribution to people, community and planet.
We believed this was eminently doable and believable because of The University of Miami’s prestigious and well-respected Rosenstiel School of Marine, Atmospheric, and Earth Science. The University of Miami’s Rosenstiel School is the only subtropical applied and basic marine, atmospheric and earth research institute in the continental United States. By offering cross-functional, inter-disciplinary degrees, Miami’s business school had the opportunity to provide emerging business leaders with MBAs fostering the business of sustainability from the inside out.
Furthermore, based on the fact that Miami is a gateway for South American and Latin American individuals and students, Miami could offer global experiences not just based on coursework but based on the vibrancy, knowledge and experiences of its student base.
With our recommendation in mind, the Dean and his team created a brand purpose and a brand promise. The current Herbert Miami business school articulates (on its website) its brand promise as follows:
Our values set us apart as we train business leaders and ethical thinkers for the 21st Century.
Sustainability
Miami Herbert Business School proudly prioritizes sustainability education for all our students. Our unique interdisciplinary approach unites business, science, theory, and practice to provide forward-thinking expertise for those focused on where the world is headed.
Global Focus
Miami Herbert is a leader in preparing individuals and organizations to excel in the complex, dynamic, and interconnected world of international business. Located in Miami, the crossroads of the Americas, in one of the most diverse, dynamic and innovative business centers, the School is acclaimed for its global perspective.
Educating Principled Leaders
Our students and faculty are principled leaders who transform global business and society. We are a socially conscious community committed to building strong businesses and making the world a better place.
Experiential Learning
From day one, a Miami Herbert Business School education is centered around real experience and hands-on learning. Through teamwork, presentations, consulting projects, and more, we emphasize the importance of doing the work, not just talking about it.
We also advised the Dean to Focus on the Core.
Today’s young adults believe that responsible business and responsible business practices are essential. They prefer to do business with socially responsible, principled establishments. Sustainability of people, community and planet are key. The mission of the University of Miami Business School should be to “develop innovative ideas and principled leaders that transform global business and society.” University of Miami Business School was uniquely positioned to be the best in class as a leader in the business of sustainability.
The school should focus energies on communicating, implementing, nurturing, developing, enhancing and reinforcing the core purpose of the University of Miami Business School. Stand up for something special or you stand for nothing. Be the best at something relevant and differentiated. Never compromise quality in the name of efficiency or availability.
Brand Management turned around the University of Miami’s business school.
As for fundraising, in a written note to the Dean, one of Naomi Levine’s key principles stated:
“You must have a galvanizing purpose for the school. Donors want to know what the school’s vision is before they commit funds. Having a compelling purpose instills confidence not only in donors but, in the faculty. People want to know what they have signed up for. They want to know that the firm for which they work has identified a destination that makes sense.”
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Another principle was:
“You must make it clear to your entire faculty that you cannot raise money in a vacuum. You must have ideas and programs that faculty must help you to develop. Faculty must understand that if they do not help raise funds, and help you increase your fundraising, all the ideas and vision that you and they may have for your business school will not come to fruition – and the school itself may be in jeopardy.”
Since the work with Miami’s business school, there was COVID-19 with lockdowns. Today, there is concern about international travel and student visas.
However, it is worth noting that The Herbert Miami School of Business successfully used the principles of brand management to turnaround the organization beginning in 2018. Millennial donors and Generation Z students are increasingly drawn to enterprises that have responsible business practices. This goes beyond just sustainability. Employee treatment and the effects of products and service on people are also critical elements of responsible business.
To be attractive to younger generations, it is an imperative to commit the school to a focus on developing principled business leaders who are guided by the desire of global citizenship. These thoughts now incorporated into the mission of the school. Sustainability, responsibility and global cultural awareness are significant relevant differentiating elements of the Herbert School.
Brand management is business management and vice versa.
Contributed to Branding Strategy Insider by: Joan Kiddon, Partner, The Blake Project, Author of The Paradox Planet: Creating Brand Experiences For The Age Of I
At The Blake Project, we help clients worldwide, in all stages of development, define and articulate what makes them competitive and valuable at pivotal moments of change. Please email us to learn how we can help you compete differently.
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Growth, and Brand Education
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