The New Money Conversation with Prospects and Their Parents
One coach wants to know how to do a very uncomfortable thing in college recruiting: Start talking about money with new recruits.
A coach at a school where we have clients - and where we just hosted a series of virtual and in-person training - had a common question we often get when we make the case that coaches need to lead the conversation when it comes to money, financial aid, and if their campus and program are affordable in the eyes of the recruit.
Yes, unless you are offering full scholarships that you control as a coach, there are lots of other decision makers and processes to get your athlete their ‘final number’. But that doesn’t prevent you from leading a discussion about the topic.
That’s what this coach was reaching out about:
(O.K., here’s where I resist the temptation to turn this into a 3,000 word manifesto on the importance of this topic in college coaching, and instead, provide some quick summary points and answer this coach’s questions):
“Do I bring up cost with the recruit first?”
Yes. Because the alternative is to wait for them to bring it up to you, and what we find is that they don’t on a regular basis. Which means you don’t know what they’re thinking, which means you can’t move them forward in the process.
When do you do that? As early as possible.
Read that again: As early as possible in the process when you begin talking with them as a recruit.
“With the athlete? Or with the parents, too?”
Definitely with the parents, too. In fact, I can make a strong case as to why the parents are probably the first people in the equation that you should talk about money, scholarships and cost with.
The vast majority of the time, parents are leading the process in determining affordability, so they need to be involved in the conversation with you. It’s so, so important that this becomes an integral part of your recruiting process - from start to finish.
“If I talk with recruits, should that be on the first call? Or, just early in the process?”
Great question!
And, there is no right or wrong answer. If they ask the question, “Do you offer scholarships?” on the first call, talk about it. If you’re talking with them and it just doesn’t seem like a good fit for the flow of the conversation, then don’t. You’re a pro, use your best judgement.
But, ‘yes’…as early in the process as possible. My worry - based on experience with many, many coaches, over many, many years - is if you don’t talk about it early, it becomes the awkward elephant in the room. Coaches begin to think, “If I don’t bring it up, maybe they’ll just figure it all out on their own.”
That’s a bad plan, Coach. Bring it up early, define what money and the cost for college at your school means: Go over scholarships, talk about cost, talk about the real cost after aid, grants and internal discounting, talk about the process for determining what the final cost is, and when that process of determining that number should begin. Ultimately, they are looking for a guide, and you’re just the person for the job (and if you take ownership of it, watch how they will gravitate towards you in the recruiting process versus the coaches who don’t).
“How do I walk the line of trying to get kids who can't afford us off my list early without pushing away kids who could actually afford us?”
Much of what I’ve already said will accomplish this, but here are a few more guidelines we’ve seen work in answering this question:
It is part of your job to get kids who can’t afford your school - even with grants, aid or partial scholarships - off the list early because if they truly can’t afford you, more time talking to them won’t make it financially affordable. Always try to deal in reality with each and every prospect you engage with in the process.
Use the net price calculator in your conversation. Used correctly, it’s a life saver in helping with this question. (Stop and click that link, Coach).
Throughout the process, it’s an absolute necessity to send written communication to your prospect every six to nine days that tells the story of you and your program, and makes the case as to why you are worth the cost. Don’t wait for someone else on campus to make the case, do it yourself. Because honestly, the athlete wants you to be their coach through the decision-making process and help lead them in figuring out why they should choose you.
What are some good ways to phrase these questions?
As long as they aren’t yes/no questions, you’re good.
So, don’t ask questions like:
“If we gave you x, would that be enough?”
“Do you need more money to come here?”
“Are we too expensive?”
Do ask questions like:
“What are you and your parents talking about at home when it comes to the cost of college and everything?”
“When it comes to money and paying for college, what’s the most stressful part of it all for you?”
“As a parent, what kind of advice and direction are you giving your son/daughter when it comes to this whole thing?”
Keep it conversational, keep it open-ended, drill down with follow-up questions, and focus on inquiring about the process they are going through as a family. Their answers will be incredibly insightful, and they’ll tell you what to do next.
A lot of students I talk with right now (and parents) seem very cost aware and very cost concerned. How do I bring up our cost to try and get a sense of if they can afford us without scaring them away?
They are definitely cost concerned.
They always have been to one degree or another, but right now seems to be a little bit more accentuated with this next prospect class. That’s why everything you’ve read up to this point should be implemented as soon as possible, because I don’t see the trend changing anytime soon.
And, don’t be afraid of scaring them away. Be factual, be helpful, and be accurate. If that scares them away, then you uncovered someone who wasn’t the right fit. Not the wrong fit athletically, but the wrong fit from a cost standpoint. That counts in determining who is right and who is wrong for you to be talking to.
What I’m saying is that in listening to their feedback to your excellent, open-ended questions, if you find that you’ve scared away a prospect, that’s a good thing. Because now you can focus on the next prospect who might be the right fit. And since you have a finite degree of time in which to do that, finding out who isn’t the right fit is equally as important as finding a prospect who is the right fit.
And now more than ever, if you aren’t offering a full roster of full-ride athletic scholarships, that conversation revolves around money.