Drive Enrollments Through Metrics Measurement

Liz Kistner - Monday, October 27, 2014

Not everything that can be counted counts, and not everything that counts can be counted" from a sign that once hung in Albert Einstein's study.  Measurement is an integral part of our daily life.  Every industry has its analogous measurements.  How is your school currently interpreting massive numerical data? Why bother measuring?  Without measurement how does your school: 

Maximize Marketing ROI
Minimize Risk
Optimize Marketing Expenditures and Planning
Maximize Revenue, Market share, or Profit
Determine which channel to reinvest promotions dollars based on proven performance
Understand RFM (recency, frequency, monetary)

The first step in measuring the effectiveness of your marketing initiatives is to integrate a customer relationship management (CRM) system.  There are CRM systems available to suit any size or type of organization.  Some systems require only a browser and an Internet connection.  They provide for the capture, analysis, and tracking of lead information.  Depending on the CRM system, leads can flow directly into your school's database system.   CRM software can enable your school to develop strategic segments for prospective students, incorporate statistical modeling (determine list segmentations, student value and life span), develop marketing-mix tests, predict prospect behavior, and back end validation of marketing tests as well as scoring models.  Having the right software gives your school the ability to build and maintain marketing databases as well as produce reports that can identify your ROI per channel.

There are two ways to measure performance:  front-end performance and back-end performance.  Front end performance is a process by which you would measure the total expense attributable to a specific promotion/channel i.e the cost of acquiring leads.  Back-end performance is the process of tracking profits resulting from students who have responded to a specific offer and/or channel.  The critical concept is to track the performance of each prospect in terms of the original source group channel such as broadcast, direct mail, telemarketing, or the Internet. There are many ways to measure and express the performance of each channel: 

  • Cost Per lead
  • Cost per Acquisition
  • Revenue Contribution
  • Web Analytics
    - Page Views
    - Bounce Rate
    -Unique Visitors
  • Online Tractable Actions
  • Build Tractable Actions into the message
    - Dedicated 800 Numbers
    - Unique URL's
    - SMS Short Code
  • Market Cost Per Student
  • Conversion Rate
  • E-mail Marketing Tracking

Too much data can be hard to absorb, comprehend and measure therefore making it a challenge to work with statistically and operationally.  Create market segments one prospect at a time through segmentation analysis.  Segmentation analysis is a process where you would reduce data into a workable form which includes creating segmentations of various demographics such as age, educational level, job function, geography, or household income for example.  Cluster analysis allows marketers the ability to track and measure response and conversion more easily as well as continually search for more and better information about their prospects.

Clearly defined metrics lead to measurement that can give you the ability to:

  • Forecast new programs and degrees
  • See opportunity and growth markets
  • Make knowledgeable decision based on facts
  • Understand who the respondents are and where they come from
  • Establish a blueprint for marketing strategies
  • Understand factors that influence ROI

Clear, measurable metrics is a critical element that should be used with any marketing channel. Understand, learn and create a blueprint for higher matriculation by incorporating objective measurements.