What are some key metrics that an educational institution must track to optimise their conversions?
As an education institute, you get leads from a lot of traffic channels. But how do you gauge which are the best sources? Is it by the leads, is it by the application started or is it by the paid applications? The answer is none of them.
So to strategize your marketing spends and to truly gauge which are the traffic channels that are impacting your performance, there are a few metrics that we would like to talk about.
Problem Number One:
The Education Institute has gathered a lot of leads and is thinking that the traffic channel which is contributing the highest number of leads is the best one. But is it so? No.
The solution is - Leads to paid application percentage. It shows you the strength of the leads that have been contributed by that particular channel and it tells you which is the traffic channel which is the best among all of them.
Problem Number Two:
Which are the traffic channels whose leads you should prioritise for nurturing?
The solution is - It depends on the verification percentage of the traffic channel. The Education Institute would want to identify those candidates who have an intent to join the institution. Verification percentage of a traffic channel does exactly that. It tells you which of those candidates who have a genuine interest in joining an institution for furthering their careers.
Problem Number Three:
How do you truly gauge the exclusive impact of a traffic channel?
The solution is - Mutually exclusive impact. It tells you if this channel had not been there, what would have been the impact on your leads, applications and enrollments? Now the MEI (Mutually Exclusive Impact) percentage can be calculated at each stage of your admission cycle. At the lead generation stage, edit application stage and also at the enrollment stage. Trends have shown that brand full sources like Direct, Organic, NIA Chatbot perform well on all these parameters.
So now you know the next time you conduct your performance analysis and plan for your marketing campaigns, which are the matrices to look out for. Click here to schedule a call with one of our enrollment experts.