Long-tail markets are economic markets in which a few large segments dominate and form the “traditional” part of the market, but a large number of small segments that are hard to capture (typically for reasons of physical space and distance) collectively form a significant and desirable part of market that is often larger than the traditional part. For example, every year the music industry produces a few “hits” that sell millions of copies (the traditional market) but also has a large number of obscure works that may only sell a handful of copies each, but in aggregate form a large long tail market served by online streaming companies such as Spotify.
Published in Chapter:
Beyond Lead Generation: AI and Personalization in Student Recruitment
Joseph D. Morrison (Concourse Global Enrollment, USA)
Copyright: © 2021
|Pages: 25
DOI: 10.4018/978-1-7998-3796-1.ch010
Abstract
International education is rooted in the ideals of diversity, inclusion, and cross-cultural understanding. However, the industry falls short of these ideals during the student recruitment process, which is often concentrated in just a few source markets, with impersonal systems and practices. New technology, notably artificial intelligence, is creating new opportunities for institutions to address this challenge. New platforms can spread the attention and engagement of university recruiters to every corner of the globe, deliver a more personalized experience to prospective applicants that have historically been ignored, improve campus diversity, and lessen the industry's climate impact by reducing the need for travel. Insights can be drawn from the high technology industry to create trust and scale, adequate venture capital is available globally, and organizations such as the Groningen Declaration Network (GDN) can provide the necessary governance. Together, these factors will enable a global electronic marketplace for education with greater diversity and personalization.