Digital Marketing Strategy Elements & Calculating Marketing ROI Inquiries are the lifeline to success Greg Clayton, President Student Acquisition Solutions Tampa Showcase 2017
Agenda Post-Traditional Student Personas Know Your Market Establishing A Budget Establish Realistic Goals & Baseline KPIs Measure, Analyze and Optimize Access the Data Targeted Content Mobile First Approach Adaptable & Comprehensive Contact Strategies Qualitative Feedback
Post-Traditional Student Personas Career changers Career advancers Retain an employable skill set Acquire an employable skill set
Post Traditional Student Personas Important Note Adult students tend to make their decision to attend school very quickly, with 73% of online college students choosing a school to apply to in twelve weeks or less. They only consider between two or three institutions and half are choosing the school that responds back to them after the first inquiry. *Source: Aslanian Market Research Online College Student Report 2016 4
Know Your Market Evaluate demand and competition Should not wait until product is developed! At any given moment in time there is a finite # of qualified prospects interested in a particular degree program Maximize reach, engagement and prioritize Contact Center resources against Inquiries with the highest projected risk and/or value Establish a budget
Establishing a Marketing Budget Directional Marketing Cost Per Enrollment Data Online Degree Programs Program Bachelor Degree CPE Master Degree CPE Doctorate CPE Business $3,375 $10,067 $10,534 Criminal Justice & Legal $2,623 $8,215 $6,385 Education $3,151 $7,917 $11,558 Fine Arts & Design $6,103 Health & Medicine $4,051 $9,310 $9,541 Liberal Arts & Humanities $5,990 $7,360 Math, Science & Engineering $6,043 Public Affairs & Social Science $3,221 $8,348 $6,993 Religious Studies $4,267 $3,983 $4,542 Technology $2,945 $10,764 $9,914 Example: Undergraduate Business Administration 100 New Students = $337,500 Marketing Investment 6
Establish Realistic Goals & Baseline KPIs Goals Students Tuition $ Margin $ Quality Curriculum Retention LTV Marketing KPIs Impressions Clicks Ad Click-through Rate Cost - Budget Inquiries Conversion Rate Cost per Inquiry Enrollment Funnel KPIs Speed to Inquiry Positive Contact Rate Application Rate Applications Cost per Application Enrollment Rate Enrollments Cost per Enrollment Start Rate Students Cost per Student Enrollment Funnel Lifecycle
Diversify Your Marketing Mix Media Planning Mitigate risk Leverage paid media (display, paid search, social, etc.) to supplement volume when necessary Advantageous speed-to-market Highly Measureable Superior cost controls Directional Channel Conversion Data & CPI Data Channel CPI Conversion Rate Display $50 - $100 1.0-2.0% Social $90 - $200 1.5-3.0% Paid Search $75 - $200 2.5 4.0% Affiliate $30 - $125 1.2-4.0% SEO/Organic Variable 5.0-15%+
Establish A Feedback Loop - Accessing the Data Lifecycle Marketing Inquiry Prospect Applicant Enrollment Student Marketing Team Admissions & Enrollment System GlassPanel (Analytics Platform) Constituent Relationship Management (CRM) Student Information System (SIS) 9
Measure, Analyze and Optimize Actionable analytics begins with the creation of data points Let technology do the heavy lifting Leverage analytics to improve strategic decision-making Benchmark performance
Adaptable & Comprehensive Contact Strategies Develop and test degree, program and source-specific contact strategies Adapt to professional schedules Align Inquiry flow with Contact Center hours of operation Confirmation email with link to online application Setup contact strategy (6-10 attempts is standard) Email re-contacts Application deadlines New offerings (program formats) Pricing updates Related degree programs Text messaging as a form of outreach to schedule call back appointments
Qualitative Feedback Enrolled students, non-converting prospects, withdrawals Validate assumptions and strategies Improve internal processes Enhance value of degree programs Compete and grow
Targeted Content Cultivate a cohesive and deliberate user experience Consistent messaging ad landing page advisor scripting
Questions
Targeted Content Form and value propositions above the fold Degree-specific info and accolades just below the fold
Targeted Content Utilize advanced ad features to have deeper conversations with potential prospects Access brand-related efficiencies to market hypercompetitive and/or priority degree programs
Mobile First Approach Approximately 60% of online actions occur on Mobile Devices and Tablets Rate of growth for Mobile and Tablets has eclipsed that of Desktops/Laptops