4 Key Metrics to Track Your Graduate Program Marketing Efforts
The equation is simple:
Graduate Program Marketing = Solid Leads = Conversions and New Students!
It’s that easy right? Wrong. If you are relying solely on conversions to track the success of your marketing efforts, then your marketing plan is failing. The most proactive way to produce a string of leads and conversions is to measure their effectiveness and create quantifiable marketing analytics.
Where are my conversions?
Let’s give you an example. Your program executes a LinkedIn InMail campaign that aims to target a nice sized crowd. You send out a series of awareness InMails and then wait for conversions. After a week, you become frustrated when you don’t receive any conversions. You begin to question your advertising investment.
Just because you’re not seeing conversions from your marketing efforts doesn’t mean your efforts are wasted. Quality leads need to be nurtured into converting. You must track all of the metrics in a campaign to highlight quality leads and to nurture them into conversions.
Find out how well your lead generation efforts are working by tracking the number of new leads generated by each campaign. For the most accurate measurement of lead generation, we use GP Insights™. Some of the metrics we track are Performance Metrics, such as Click-Through Rate (CTR), Cost per Click (CPC), and Cost per Lead (CPL). We track by channel, impressions, audience demographics and geo-tracking.
Most Effective Channels and Mediums
Find out which platforms and mediums are most effective in attracting new student inquiries, including those most likely to convert. Be sure to look at channels like social, paid social, search, and paid search for a complete picture.
To understand how efficiently you are investing your marketing budget, take the average cost of lead generation versus your average spend on marketing efforts per lead. Measure the effectiveness of your investment month over month and year over year. By consistently aiming to outdo prior performance, you’ll continuously improve your marketing efforts. Always take into account outside factors, such as enrollment dates, events, and the academic calendar.
Return on Investment (ROI)
A graduate program’s tuition costs are typically set every year, making it easier to determine the ROI needed from marketing. It’s important to take this into account when determining your spend and investment in each lead. You are not looking for hundreds of customers, there is a limit to how many students can attend – therefore it’s the quality of the lead that matters. How much money do you dedicate to each lead?
We report on our metrics with a laser-focus on results. We prove it in great detail through our proprietary campaign measurement and graduate industry benchmarking platform. GP Insights™ was custom built to not only track campaigns but also optimize results. Without that level of detail, we could not ensure campaign success.