Develop, Find, and Execute: A Blueprint for Effective Email - - PowerPoint PPT Presentation
Develop, Find, and Execute: A Blueprint for Effective Email Acquisition Campaigns #ProspectCloud #EduWeb16 Agenda About us Understanding the Recruit itment Funnel Developing Student Personas Fin indin ing Your Audience Executing an
A Blueprint for Effective Email Acquisition Campaigns
#ProspectCloud #EduWeb16
About us Fin indin ing Your Audience
Developing Student Personas Questions Understanding the Recruit itment Funnel Executing an Effective Email Outreach Campaign ROI I Analysis
Jonas Seider
Director of Graduate Enrollment & Former Olympic Beach Volleyball Bronze Medal Winner
Mark Forsyth
Director of Marketing – Masters of Accounting Program & World Class Origami Artist
Dov Hirsch
Chief Strategy Officer & All-around Good Guy, most of the time
Prospect Inquiry Application Admit Deposit Enroll
How you you think of the recruitment funnel
How the recruitment funnel actually looks
Inbound Prospect Inquiry Application Admit Deposit Enroll
Inquiry Attrition
The largest area of attrition happens at the top of the funnel, as inbound prospects elect whether to take further actions.
Melt
The inability to “close” causes melt after time and resources have already been invested.
Inquiry to Application
29% Median Conversion Rate*
Admit Rate
81% Median Admit Rate*
*Ruffalo Noel Levitz – 2015 Adult Learner Marketing and Recruitment Practices Benchmark Report for Undergraduate and Graduate Programs
Outbound Prospects
How we should think of the recruitment funnel
Targeting Outbound Prospects
Pinpointing and marketing to an audience of ideal prospective students helps reduce monumental waste at the top of the funnel.
Inbound Prospect Inquiry Application Admit Deposit Enroll
Funnel Management is Key
A consistent process of engagement and follow up are key to bringing a prospect from the top of the funnel all the way through enrollment and matriculation.
Make it Rain!
What does this mean?
Typical Higher Ed Institutions For-profit Institutions
Percentage of tuition revenue spent on marketing.
MOTIVATION EXPERIENCE PREFERENCES
Knowing how your ideal audience like to send and receive information is key in reaching them where they are most comfortable
How do th they lik like to to communicate?
What work experience and education background have historically made good candidates for your program?
Id Ideal l Background
Understanding what motivates prospective students is crucial to student persona development
Why th they do what th they do?
Answers to these questions will start to present specific criteria for understanding what motivates your best students, and what messages may resonate best.
What drives you professionally? What does your growth track look like? Are you equipped to handle a bigger role?
Pro rofessional l Goa
ls
What is your ideal work/life balance? Does your current situation fit in to your long term plans? What are you passionate about?
Lif ife Goa
ls
What is your family situation? Do you want/have kids? How does your family life effect your professional life?
Fam amily Dynamic
How do you define success? Whose approvals do you most often seek?
What defines succ ccess?
What is the common track for peer colleagues? What do your friends do? How do you measure up?
Peer Gro roup
What keeps you up at night? What challenges you in your role? What are you missing to grow professionally?
Pai ain Poi
PERSONAL
Age? Married? Children? Location? Salary range? What is your current role and title? How many years have you been working? Who do you report to? Who reports to you?
EDUCATION
What degrees do you currently have? Where did you go to school? Honors or Awards? Leadership Roles? GPA? What skills are required? What skillsets do you utilize most? What industry do you work in? What is your company size?
PROFESSIONAL EXPERIENCE
Percentage of North Americans who use Facebook as of May 2014
60.6%
Percentage of World who Actively Use twitter as of Q2 2015
22%
Percentage of working professionals who have direct email addresses in the United States
Business Email
88%
Number of LinkedIn Users as of Q1 2016
433M
Mobile Phone Internet User penetration in the US as of 2014
Mobile Internet
75.1%
Pinpointing Preferences
How your target audience sends and receives new information.
(GlobalWebIndex) (eMarketer; American Marketing Association) (Hubspot) (Statista) (LinkedIn)
Pinpointing Preferences
Where do your ideal prospects spend their time?
What associations or networking groups do you belong to? Do you do research on your cell phone? How frequently do you access your email? Business? Personal? Do you use internet search engines to find information? What blogs or publications do you frequent most? How much time do you spend
interests
prospects
making decisions
Onlin ine Sources
blog, Social Media, etc.)
Dig igital Metrics
enroll
Talk to People
How to find these answers
What/who are the best resources to get accurate answers to develop personas?
Financial Fred
Work Experience: Background: Undergrad: Age:
25-32 3-9 years Finance background, working in Investment Banking, Private Equity, etc.
Location:
Within 2 hour drive of the program
Bio:
Reputable 4 year institution; 3.0+ GPA
What a developed student persona looks like
Preferences:
“What sort of financial aid is available?” “I know I need an MBA, but I’d like to stay close to home to avoid significant expense.”
What the UNC online MAC persona looks like
Analyst Alex
Work Experience: Background: Motivation: Age:
27-34 5-12 years ANY undergraduate education, but now sitting in a sub-CPA level finance or accounting role
Location:
The Southeast or Mid-Atlantic (DC to Atlanta)
Bio:
knowledge/credential to compete for promotion Wants to help, but not in a position to do so
Traits/Preferences:
“What degree is best for me? And is really worth it?” “I’m ready for a promotion, but my resume isn’t. Something’s
Reflecting on
Contemplating the next step
“I need to do something
cutting it.” “What else is out there? I’m still young so I have some time to figure it out.”
Student Persona Assessment Guide
http://prospect-cloud.com/edu/resources/student-persona.html
Financial Fred
Work Experience: Background: Undergrad: Age:
25-32 3-9 years Finance background, working in Investment Banking, Private Equity, etc.
Location:
Within 2 hour drive of the program
Bio:
Reputable 4 year institution; 3.0+ GPA
Preferences:
Turn student personas into actual students
Steve Owens
Age: Work Experience: Background: Location: Bio: Undergrad:
26 4 years Investment analyst for Bank of America 1.5 hour drive away from main campus
University of Southern California; 3.3 GPA
Preferences:
Finding your Audience
Email Direct Mail Display Advertising Radio Search Social Media TV Events and Fairs
Personal Interaction Most Effective
Personal Connection
Less Personal More Personal
Efficacy
Least Effective Most Effective Face to face interactions yield the greatest application results Personalized email outreach allows you to connect with prospects and direct them to the information they find most useful TV and Radio are impersonal and good only to spread brand awareness SEO can be personal so long as the landing page is directed to the interest
Direct mail campaigns are costly, and yield low returns Display and Social Media Marketing is easy to ignore
Resources to find your prospects
Web Email Social Media
Organic Database Compilation
*Mark et al, 2016 – Email Duration, Batching and Self-interruption: Patterns
Sales Communications
01 02 03
Collect data on all relevant conversion metrics. See where you are clearing a path, and see where you are creating obstructions
Measure Outcomes
Define a target audience and create content and messaging that resonates with them
Build your Campaign
Do you have an overall goal in mind? What are you trying to accomplish?
Defining Objectives
Never settle. Keep moving forward.
Improve
04
Am I promotion-ready? What do I need to learn? Is this going to pay off? What’s this UNC MAC all about? Should I get a fresh start?
CAREER ADVANCERS CAREER SWITCHERS
EMAIL: How accounting skills can really help you EMAIL: The ROI of a MAC degree (and how it stacks up to an MBA) EMAIL: An invitation to a learn more at a webinar EMAIL: How to evaluate your career readiness
1
EMAIL: When is the right time for grad school?
2 3 4 5
Text vs. HTML
How will your display look? Graphics vs. Plain text
Subject Line
Value statement Address a Pain point Personal vs. Generic
From Line
From an Individual? From the Program?
Text vs. HTML
How will your display look? Graphics vs. Plain text
From Line
From an Individual? From the Program?
Subject Line
Value statement Address a Pain point Personal vs. Generic
from: UNC Master of Accounting Program subject line A: Is your career ready for the dance? subject line B: A how-to guide to climbing the corporate ladder
Read th the article:
Pre repare pare yo your r car areer er fo for it r its ne s next xt st step
Or, download our guide: Climbing the corporate ladder
Are you interested in adding accounting skills…? UNC’s online Master of Accounting degree… Learn more | Webinar | Apply
A promotion? More responsibility? Changing your career? If you want to get ahead in the business world, you need to stay competitive. You need the right combination
The e-mail The article The download
Read th the art rtic icle: : Prepare your career… Download our guide: Climbing the corporate ladder
Are you interested?: Learn more | Webinar | Apply
Downlo load our r guid ide: Clim imbing ing th the corpor
te ladder
Are you interested?: Learn more | Webinar | Apply
When you first went to work for your company, it was pretty cool. Your friends and family were excited about your new job. You were excited. You were meeting new people, learning new things, making a difference and probably making more money than you ever had before…
Landing page and form
Complete the form to access the guide. First Name* Last Name* Email* Phone Number Mark Forsyth test@test.com 512-345-6789 Submit Complete the form to access the guide. First Name* Last Name* Email* Phone Number Mark Forsyth test@test.com 512-345-6789 Submit 01 Most important
part is STARTING
02 Prospects care
about themselves, not you
03 It’s a process, not
an event
Open Rate Registration Unsubscribe Deliverabilit ity
To drive enrollment from local professionals for an Executive Education program offered at their physical campus in Davie, Florida. Through ongoing consultation ProspectCloud developed a student persona and access to VPs, Directors, Managers, and C-Suite Executives for a Finance Program for non-financial managers.
The Right Audience for the Right Program
Case Study
Need: Solution: Result lts:
Pro rospectClo loud pro rovided 2,6 ,656 contacts matching the student pers rsona, enabli ling NSU SU to fill fill all ll 30 seats wit ithin 4 days, entir irely ly fr from 2 email il campaigns, pro roviding over r 2,1 ,100% ROI.
97.6% 0.15% 35.1% 8.25%
CRM Services
Tracking prospect lifecycle and engagement is crucial to managing the recruitment funnel
Salaries and Overhead
Internal marketing staff and overhead expenses are attributed to marketing spend
Media Buys Agencies
Third party agencies are often used in different capacities from holistic approaches to advisory services.
Content Development
Programs spend money developing creative content for marketing efforts Buying ad space through various channels: TV, Radio, Display, etc.
$2,957.78 $2,957.78 $1,102.36 $1,102.36 $875.45 $875.45 $2,265.36 $2,265.36 $889.13 $889.13
Typical l Methods to to Generate In Inquiries Cost Per Enroll llee Averages*
$1,756.19 $1,756.19 $591.26 $591.26
TV/Radio Digital Display Direct Mail Search Engine Social Media Events and Education Fairs Email Campaign
*Based on a survey of 150 full-time graduate programs
Click Throughs Inquiries Applications Admits Deposits Enrollees Opened Emails Email Delivered Initial Contacts
Example Email il Campaign (F (First Month)
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 New Contacts Redeemed 25,000
$0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 Allocated Data Cost 15,750 $
Content Cost 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ Transmission Costs 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ 125 $ Aggregate Total Cost 15,995 $ 16,240 $ 16,485 $ 16,730 $ 16,975 $ 17,220 $ 17,465 $ 17,710 $ 17,955 $ 18,200 $ 18,445 $ 18,690 $ Total Emails Delivered 24,000 22,866 21,672 20,432 19,161 17,874 16,584 15,304 14,047 12,823 11,642 10,511 Open Rate 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% Opened Emails 7,200 6,860 6,502 6,130 5,748 5,362 4,975 4,591 4,214 3,847 3,492 3,153 Click Thru Rate 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% Click Thrus 1,008.0 960.4 910.2 858.2 804.8 750.7 696.5 642.8 590.0 538.6 488.9 441.5 Inquiry Rate 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Inquiries 20.2 19.2 18.2 17.2 16.1 15.0 13.9 12.9 11.8 10.8 9.8 8.8 Application Rate 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% Applications 5.8 5.6 5.3 5.0 4.7 4.4 4.0 3.7 3.4 3.1 2.8 2.6 Admit Rate 81% 81% 81% 81% 81% 81% 81% 81% 81% 81% 81% 81% Admits 4.7 4.5 4.3 4.0 3.8 3.5 3.3 3.0 2.8 2.5 2.3 2.1 Deposit Rate 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% Deposits 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.8 Melt Rate 13% 13% 13% 13% 13% 13% 13% 13% 13% 13% 13% 13% Enrollees 3.5 3.3 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.9 1.7 1.5 Unsubscribe Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% Unsubscribes 36.00 34.30 32.51 30.65 28.74 26.81 24.88 22.96 21.07 19.23 17.46 15.77
Total Enrollees: 30
Average Full-time Graduate Tuition: $70,000 Total Enrollees: 30 Total Revenue: $2,113,462 Total Cost of Marketing: $18,690 Total ROI: $2,113,462 $18,690 − 1 = 𝟐𝟐, 𝟑𝟏𝟗%
1212% 2461% 3646% 4762% 5809% 6786% 7693% 8529%9297%9997% 10634% 11208%
0% 2000% 4000% 6000% 8000% 10000% 12000%
ROI (%) Campaign Duration
Monthly Aggregate ROI (12-Months)
www.prospect-cloud.com/edu