implementing technology with an eye on roi
DESCRIPTION
This is a presentation I gave at the Stamats Integrated Marketing conference, November 2008TRANSCRIPT
Eye on the Prize
Karlyn [email protected]
www.karlynmorissette.comwww.doteduguru.com
Implementing Technology with an Eye on ROI
Return on Investment:
the magic number thatwill make you look likea golden god
What is the difference betweenMarketing and Communications?
Communications makes
marketing tactics tangible“
”
Cartoon
Steps of Marketing
1. Set Goals
2. Plan your communications
3. Execute
4. Assess your results
Set Goals
⇒ What does success look like?
⇒ Marketing goals should relate back to the business goals of the institution
⇒ Make sure they are measurable
Plan YourCommunications
⇒ What medium is the best way to
articulate your message?
⇒ What is the strategy for the
communication?
Time is Money
Planning not only includes
strategy, but also
infrastructure. Will an
in-house solution or an
outsourced one be more
cost effective?
Step One:Employee’s Salary+ 1/3 Salary (benefits)==================Total Salary
Step Two:Total Salary / 2080===============Hourly Wage
Step Three:Hourly WageX Number of Staff Hours==================Internal Cost
Execute yourcommunications
Assess your results
⇒ What was achieved as a direct resultof the communication?
⇒ Did that conversion result in a return?
⇒ What can I do better next time?
Example: Email Marketing
Set up tracking for an email
that is sent out to
prospects, encouraging
them to fill out an online
application for admissions.
Set Up Tracking
Two Key Tools:
⇒ Goals
⇒ URL Builder
Step One: Set upa Goal / Funnel
http://www.google.com/support/googleanalytics/bin/answer.py?hl=en&answer=55578
Step Two: Build a Campaign URL
Step Three: Put the Two Together
Kyle’s Tool: http://doteduguru.com/stamats/urlbuilder
Goal ConversionStep Three: Put the Two Together
Example: Email Marketing
Figure out ROI on an email
campaign that sent out
3,000 emails, had 358 click
throughs, resulting in 130
applications. The email took
2 hours to complete, at the
cost of $40/hr staff time
and $0.015/per email.
ROI Calculatorhttp://www.marketingtoday.com/tools/roi_calculator.htm
Dollarize Everything
Assigning a monetary
value to your results
gives you a common
denominator to
compare costs to
outcomes
Assigning Value
Cost of Tuition: $20,000/year
Conversion rate from application to enroll: 20%
20% of $20,000 is $4,000
$4,000 is our “average profit per sale”
Values for the Calculator
⇒ Number of Pieces: 3,000
⇒ Total Program Costs: ($0.015 X 3,000) + ($40 X 2) = $125
⇒ Response Rate: 358 clicks/3,000 = 11.93%
⇒ Conversion Rate: 130 apps/358 = 36.31%
⇒ Average Profit Per Sale: $4,000
ROI Results
Share Your Success
⇒ Make it tangible
⇒ Give it context
⇒ Offer recommendations
Breaking Down Tactics
The dirty littlesecret of
e-marketing
Email Marketing: What it’s good for
⇒ Increase online
applications
⇒ Register online for an
event
⇒ Bring in online gifts
⇒ Start a conversation
Facebook Ads
Facebook Ads: What are they good for?
Facebook Ads: What are they good for?
Facebook Ads: What are they good for?
Facebook Ads: How you measure ROI
⇒ Use a Google Analytics campaign URL
⇒ Set up a goal or create a unique landing
page to track conversion.
⇒ Assign a value and use the ROI
calculator.
Facebook Ads: How you measure ROI
⇒ Number of pieces: The total number of impressions
⇒ Program costs: The total amount paid for the ads, plus staff time.
⇒ Response rate: The percent of people who clicked on the ad
⇒ Conversion rate: The percent of people fulfilled the call-to-action
⇒ Average profit per sale: The value you assign to them fulfilling the action
Facebook Ads: How you measure ROI
Blogs
Blogs: What are they good for?
⇒ Provide authentic stories of
the student experience
⇒ An opportunity for
interaction with current
students
⇒ Make institutional
announcements and
calls-to-action
⇒ Gain insight into the minds
of your audience
Blogs: How can you measure ROI?
⇒ Conversion, if you have a call to action
⇒ Readers: Cost of advertising in a similar
content channel
⇒ Comments: Cost of a focus group, if it
provides insight
⇒ Anecdotal: Take it on a case-by-case basis
Social Networks
Social Networks: What are they good for?
⇒ Allowing your audience to become a friend/fan/follower of your institution
⇒ Engaging incoming students over the summer to prevent “sugar off”
⇒ Giving alumni volunteers a way to interact with each other and share tips
Social Networks: How you measure ROI
⇒ Easy dissemination of information: What would it
cost you in over mediums? What was your
conversion rate with calls-to-action?
⇒ Ease sugar off: Did the percentage of summer
sugar off go down? How much value does that
translate into?
⇒ Support alumni volunteers: Where your volunteers
more successful as a result? What value does that
translate into?
Bottom Line on Measurement
How much did
achieving my goals
relate directly back to
the bottom line of my
institution?
Key Takeaways
⇒ Start with bottom-line
related goals, not with
the technology
⇒ Measure everything
⇒ Dollarize your results to
calculate ROI
⇒ Always ask what you can
do better next time
Questions?
www.karlynmorissette.comwww.doteduguru.com
Email: [email protected]: www.twitter.com/karlynm