Forging the Richmond Guarantee: A&S Study Advances Strategic Priorities at University of Richmond

THE CHALLENGE:

In 2011, under the leadership of President Edward L. Ayers, the University of Richmond was on an impressive roll. Richmond had emerged from the first year of the Great Recession with significant gains in both the overall size and diversity of its enrolled class and was eager to capitalize on its momentum. The campus leadership team saw the opportunity before them as they began implementing the tenets of The Richmond Promise, the University’s new strategic plan.

OUR SOLUTION:

Working closely with the University, A&S helped Richmond assess the question at the crux of this endeavor: how the objectives outlined in their strategic plan could best be shaped, enhanced, prioritized, scaled, and brought to fruition so as to define and embody their stated ideal: becoming “a university unlike any other.” Our partnership helped determine both the broad market position and “brand” for the University, as well as elaborating the specific elements that would give concrete and credible meaning to Richmond’s distinctive value proposition. Our study of prospective undergraduate students focused, in part, on exploring potential changes in price and financial aid policies within Richmond’s discrete competitive markets. Our partnership yielded several key takeaways—among them, that the University was optimally priced, and that it could increase market demand by amplifying its commitment to combining a traditional liberal arts curriculum with innovative opportunities for students to pursue their career interests in a highly-targeted way.

We found decisive evidence that, by creating a guaranteed paid summer program that would offer every student the chance to develop their research focus and professional interests through internships, fellowships, or research, the University could see substantial improvements in both application rates and overall student yield. In acting on these conclusions, Lori Schuyler, Chief of Staff, led the University in its implementation and continued development of The Richmond Guarantee.

By boldly implementing the empirically-tested findings arising from goals outlined in their strategic plan, Richmond expanded its applicant pool, enrolled a class that was both stronger academically (to cite one metric, average student SAT scores increased by over 50 points), and increasingly diverse. BIPOC student enrollment increased by 23% over the ensuing five years. Richmond moved up significantly in the rankings, taking a place among the nation’s Top 25 liberal arts institutions, while becoming even more widely known for leading the way as a best-value University.