CPL, CPS, and other marketing metrics
I find that monitoring your cost per lead and cost per start monthly, using a simple excel spreadsheet, really helps when determining the effectiveness a a marketing plan. What other key operational metrics should be focused on to stay on target with your five year plan?
Hi Peter, You might want to monitor the length of the selling cycle, student retention, and graduation. You could also look at demographics and quality of lead vs. volume. Thanks for the good questions, Susan
To determine if a advertising placement is working, I track "qualified" and "unqualified" leads from a specific source on a monthly basis. I also track the enrollments from this advertising placement. The cost per student can vary depending on the specific cost of the advertsing placement. For example, if TV (expensive) is used, but enrolls a small number of students, it may not be beneficial to continue with this medium, if enrollment requirements are your only outcome. One could also weigh the intangible cost of "branding" and raising awareness in the community to your college through this medium. It may serve you better in this manner and you may choose to spend the money without being able to "track" direct enrollments. I do this with every advertising placement each month and then analyze it on an annual basis...it is very telling!
Very good points, Judith. The key point is to have an effective way to measure outcomes and to be specific about the outcomes you want to measure. There are many outcomes such as number of enrollments, qualified vs unqualified leads, volume of leads, leads that tend to stay and graduate. Then there is the PR value. May point to different kinds of marketing and also using public relations strategies to create community awareness. Thanks. Susan
I would also compare CPL and CPS by lead source. Track referral lead generation and Referral CPL and CPS.
Gabriel,
Also suggest you look at who your market is for each program. Then look at the market demographics you might be missing. We work with barber schools who enroll mostly men. Women would make great barber students. Just tell them how many guys they will meet! Sometimes looking for a new market is right under ones nose! Thanks, Susan
Dr. Susan Schulz
I agree that Student Retention and Degree Completion are very important metrics. I would add Licensure pass rate and placement within a specificed time after graduation in the mix.
Elizabeth,
We agree. Typically pass, completion, and placement rates are established by regulatory agencies. Institutions must comply. We hope all career schools exceed expectations. Thanks, Susan
Dr. Susan Schulz
