Tracking marketing spend from initial touchpoint to enrollment is one of the biggest challenges for higher education marketers. While you might have visibility on your leads in the funnel, knowing where each one came from can be difficult to track. Do you know the journey they’ve taken to enrollment? What media or asset first got their attention? Or where you should be focusing your budget to really optimize the channels that work?
Akero tracks every application and enrollment straight back to the original advertising message and media that first got your prospective student’s attention. Meaning you can understand which channels are hitting the mark and discover the true return on investment of your campaigns.
Our recent webinar showed you how to do just that. But if you missed it, we’ve got the roundup on how to track your applications to enrollment, maximize your marketing budget and exceed your enrollment targets.
Catch up on-demand here or read on for our top takeaways.
Engage stakeholders early
Consult early and often with all your key stakeholders to ensure buy-in across departments, agree responsibilities and set targets. Make sure your reporting is transparent across your organization, connect teams and bring performance data together - from Cost per Lead (CPL) in Marketing to Cost per Enrollment (CPE) in admissions - having full visibility is crucial to understanding your ROI.
Set up prospect pipelines
For every funnel stage, set up a pipeline mirroring your CRM, so your Admissions team knows exactly what stage each prospect is at, and Marketing can see what’s happening at each stage of the funnel.
Look at how your campaign is performing against key elements: prospects/leads, applications and enrollments. Keep track of your goals and how close you are to meeting them, allowing you to take smart actions. If your Cost per Application (CPA) is too high, that doesn’t mean you need to add budget to the top of your funnel. Instead, take existing leads and push them through to application via nurture campaigns and direct intervention.
Look at platform performance
Consider cost per platform for every campaign; you might be surprised. In the webinar, our experts revealed that for a campaign we ran in October 2021, LinkedIn proved to be lower cost than the other, more obvious platforms like Facebook and Google.
Look at CPA and CPE against each platform to uncover the role they play in your campaigns, and look at individual prospects by platform to find out where they are stuck in the funnel. For example, if someone has submitted an application but not accepted your offer, look at the platform they originally came from and tailor your message to suit. If a career-enhancing message on LinkedIn first got their attention, make use of this knowledge to use in your nurture comms and re-engage them with your institution.
A specialist software like Akero allows you to attribute each enrollment to the initial touchpoint and therefore optimize your campaigns with the content, messaging and platforms that really work. Meaning a significant reduction in CPL.
Our experts revealed that one client saw a huge 44.6% (UK) and 72.2% (US) decrease in CPL through using Akero.
If you would like to learn more about how Akero Enrollment Attribution can help you achieve your 2022 recruitment goals, watch our webinar on-demand here or get in touch with one of our experts today.