New academic programs yield innovation. They help institutions stay relevant and competitive. They enliven campus culture, offer fresh perspectives and expertise, and push beyond the limits of your current course catalog to include what learners want to know and what employers need.

However, new programs are inherently risky. Even an online program requires additional investment in personnel and marketing and outreach resources, among other costs. If the program is unlikely to produce enough revenue to cover those budgetary costs, it may not be sustainable.

That’s why it’s crucial to have market research processes in place prior to seeking approval for new programs. To help with that, Lightcast’s created the 2024 Guide to Market Research, where they outline 3 key steps for developing programs that are aligned with market needs.