Live blogging Karlyn Morissette’s (@KarlynM) session
“ROI: the magic number will make you look like a golden god”
What’s the difference between marketing and communications:
- two way communication
- informative vs. persuasive
- two jobs/directors instead of one job
- MarketingProfs.com: “communications makes marketing tactics tangible”
Place to start out: set your goals - don’t pick the technology first
Steps of marketing:
- set goals
- the most important part of the marketing process
- must relate back to the business goals of your institution
- should be measurable
- plan your communications
- best way to articulate your message, such as “increase philanthropy”
- what is message/segmentation, who is our audience, how do they want to be reached?
- assess your results
- did you meet your goal?
- did conversion result in return? staff hours vs. overall cost
- what can I do better next time?
- employee’s salary + 1/3 salary benefits = total salary
- totally salary/2080 = hourly wage
- hourly wage x # of staff hours = internal cost
Recommends book: Google Analytics 2.0 (Ledford & Tyler)
E-mail Marketing Example:
- Step One: Set up a goal/funnel - can have up to 4 in Google Analytics at a time
- Step Two: Build a campaign URL - Google Analytics URL builder
- Step Three: Put the two together — after a couple of weeks, go back into Google Analytics & check out campaign names (Also checkout Kyle’s tool)
3,000 e-mails, 358 click throughs, resulting in 130 apps, e-mail took 2 hours to complete, $40/hr staff time and $0.015/per e-mail. How do you calculate worth of application? Dollarize everything. Assign a monetary value to your results to give you a common denominator to compare costs to outcomes. AssignValue: $20k/yr cost of tuition, 20% conversation rate from app to enroll = $4,000 “average profit per sale.” Plug in to ROI calculator -ROI = 415,900%
Share your success
- make it tangible, give it context, offer recommendations
- if you have good news, colleagues will be more apt to listen
Can’t give all of the credit to the original e-mail, but it is likely an important trigger.
Dirty little secret of e-marketing: Marketing on the Web is no different than marketing over any other medium. Also, there’s no play book - we’re making this up as we go along (and it’s ok!).
E-mail marketing: what it’s good for (transactional based):
- increases online applications
- register online for an event
- online donations
- starts a conversation
E-mail is NOT dead. E-mail addresses are essential to login to most programs, and are a pull into so many sites.
Facebook Ads - What are they good for?
- reach the exact audience you want - send very targeted content
- only pay for them if they’re clicked on (pay-per-click)
- Lipscomb University used ads to tell students in the summer a new Starbucks was coming on campus - tremendous response
- photo of hot girl in ad = tremendous response
- How to measure ROI:
- use Google Analytics URL
- use ROI calculator
- bid on ads: set your daily budget limit, and your max bid amount per click (0.59 - 0.72 is average)
Blogs: What are they good for
- provides authentic experience/stories
- provides opportunity for interaction with current students
- announcements & calls-to-action
- gain insight
- How to measure ROI?
- conversion - have calls to action
- readers - cost of advertising in a similar content channel
- comments - cost of focus group (if it provides insight)
- anecdotal: take it on a case-by-case basis
- Audience comment: administration has fear - trouble getting buy-in. Virtually every school runs into this issue. Show them what’s already being said in unofficial/other formats/venues. Remember 1% rule (only 1% of the people will take advantage of it in a negative way)
Social Networks: What are they good for?
- building a Ning network for deposit payers is one of the best things you can do - gives them a way to engage with each other and you, building relationships before they even step foot on the campus
- give alumni volunteers a way to interact and share tips
- How to measure ROI?
- easy dissemination of information
- ease “sugar off”
- support alumni volunteers
- start w/ bottom-line related goals, not w/ technology
- measure everything
- dollarize your results to calculate ROI
- always ask what you can do better next time