Marketing Metrics and Research

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    Marketing Metrics and Research - Presentation Transcript

    1. Market-Based Data-Driven Decision-Making Market Information and Research Information before Thinking, Thinking before Action.
    2. The Importance of Market Information
      • “See” from customer perspective
      • Objective test of intuition/experience
      • Builds consensus for planning/actions
      • Prioritize
      Identifying gaps between where we want to be, and where we are, precedes decisions. Without good information about markets, leadership is guessing, not managing!
    3. Marketing Information Resources
      • Website
        • www.nais.org Loads of statistics
        • www.americandemographics.com Data and stories about trends of many kinds
        • www.easidemographics.com Info re local population demographics
        • www. Public school data sources
        • www.claritas.com Population projections($)
        • www.ama.com Amer Marketing Association site; membership in AMA includes free web seminars
      • Books
        • Marketing Management – Good MBA marketing text by Philip Kotler and now also Kevin Keller (with Fox also did a book some years ago entitled “Strategic Marketing for Educational Institutions”)
        • Guerilla Marketing; Guerilla Advertising – Both by Levinson and Godin
        • Positioning; Bottom-Up Marketing – Both by Ries & Trout
        • The One to One Future – Peppers and Rodgers
        • Why Bad Ads Happen to Good Causes – Print advertising principles and non-profit examples. E-mail request to [email_address]
        • Marketing Independent Schools in the 21 st Century – NAIS book, and other available at nais.org
    4. Processes Improved by Solid Market Information
      • Achieving Desired Admissions Results
      • ?-Year Strategic Planning
      • Accreditation
      • Production of Brochures, Web etc
      • Fundraising Campaign
    5. Information Priorities
      • Internal Data and Analyses
      • Benchmarking
      • Demographics
      • Competitor Profiling
      • Inquiry-to-App-to-Enroll Decisions
      • Satisfaction
      • Image/Brand
      • Alumni Preferences
    6. Admission Data
      • Enrollment History
      • Admission Activity Statistics (Longitudinal)
          • Inquiries (Leads, Hard and Soft, inappropriate)
          • Campus Visits / Interviews
          • Applications
          • Applications Completed
          • Non-persisters (DNCP)
          • Entrance Testing Averages, Distributions
          • Admit / Deny / Waitlist
          • Enrolled (Refused)
          • Reenrolled (Retention)
      • Benchmark Admission Statistics
          • NAIS Stats
          • Regional Accreditation Agency
          • School Consortium Stats.
      • Admission Process Validation
          • Entrance Testing Validity Study
          • Application to School Success Study
      • School Population Distributions
          • Geography
          • Race, Ethnicity and Religion
          • Special Interest Distribution (Art, Hockey, Comm. Service)
          • Extra-support distribution (reading skills, study habits, etc)
      Source: NAIS/Looney
    7. Institutional Research
      • School Promotional Stats
          • College Placement
          • College Testing (A.P., SAT, ACT, etc.)
          • Notable successes (sports champions, college merit scholarship)
          • Notable Alumni facts
          • Notable Faculty facts
      • Financial Aid
          • Total Aid by Category, Longitudinal
          • Aid (Tentative, Offered, Accepted, Refused) by Category
          • Enrolled student Need, Grant, Gap Statistics
      Source: NAIS/Looney
    8. Common Metrics for Key Marketing Objectives
      • Success with Prospects
        • Inquiries per Application
        • Applications per Opening
        • Proportion of Accepted Students who Enroll
      • Current
        • Attrition Rate (esp due to dissatisfaction)
        • % of Seniors Admitted to a Selective College
        • Parent AF Participation Rate
      • Former
        • Alumni Participation Rate
        • Dollars Raised
    9. Critique of Internal Data for Marketing Decision Making
      • Inconsistent counting/reporting (homework)
      • Superficial Analyses
        • e.g. by boarding or day; by financial aid offer
      • Useful data or reports not available to decisionmakers
      • Lack of validity testing of ratings system
      • Longitudinal data maintenance and access
      • Little data on competitors
      • Under-investing in maintaining alumni contact info
    10. Benchmarking
      • Informative exercise if you:
        • Have appropriate comparables
        • Are using reliable indices—i.e. two people given the same data would come up with the same value
    11. Competitor Benchmarking aka Profile Analysis
    12. Product Focused Profile 35% 34% 27% 38% % Students on Financial Aid Endowment/Student $4.2 Million Aid Budget $7 Million Awarded $5.2 Million Awarded $470 Million Endowment n/a 1500 applications 2,000 applications Applications/% Admitted $25,450 $22,000 $22,940 $23,400 Day Tuition $29,925 $30,000 $31,590 $30,100 Tuition/Board 545 500+ 400 500 Campus Acreage No affiliation Protestant No affiliation No affiliation Religion 19 31 32 30 Foreign Countries Represented 36 42 38 45 US States Represented 8% Day/92% Boarding 20% Day/ 80% Boarding 30% Day/70% Boarding 27% Day/73% Boarding Percent Day/Boarding 9-12, PG 9-12, PG 9-12, PG 9-12, PG Grades 52% 50% n/a 50% Boys 48% 50% n/a 50% Girls 555 1,015 850 1,080 Enrollment Hotchkiss Exeter Choate Andover
    13. 24 35 21 38 Sports Programs 7 n/a 240 220 # Honors Courses 24 33 25 33 # AP Courses n/a n/a n/a n/a SAT Math n/a n/a n/a n/a SAT Verbal n/a n/a n/a n/a SAT Combined 100% n/a n/a n/a College Placement % 12 12 12 13 Average Class Size n/a 50% 90% 95% Faculty Resident on Campus 5:1 6:1 8:1 6:1 Faculty:Student Ratio Median Teacher Salary 72% 90% 74% 75% Faculty with Advanced Degrees 120 180 114 222 # Faculty Hotchkiss Exeter Choate Andover
    14.  
    15. Promotion Focused Profile None None Invitation to Open House in applicant’s home state mailed 15 days after Viewbook. Off-Campus Open House Invitation Tour invitation included in cover letter Tour invitation included in cover letter Invitation mailed 5 weeks before event. Campus Open House Invitation 96 page viewbook mailed 3 days after inquiry with 3-page welcome letter Welcome letter & viewbook mailed 10 days after inquiry. Course catalog online 191 page viewbook; instructions for online application all mailed within 3 days of inquiry Welcome Letter; Viewbook; SAT schedule Exeter Choate Andover Contacts Reminder E-mail None None None Promo Item None None None School Newsletter Video mailed 3 weeks after Viewbook None None Video/CD None 3-page letter from Exeter student. Very well written. None Follow Up Letter None Admissions deadline postcard mailed 4 wks before deadline. Post card reminder about application and SAT schedule. Interview required. Post Card Exeter Choate Andover Contacts
    16. Yes Calendar Yes Yes No Yes Yes Event Invitations Yes No Yes No No Yes Yes Newsletters Yes Yes Yes Yes Yes Yes Yes Annual Fund Solicitations Do you distribute any of the following by electronic means Yes No No Fall 2005 No No No Solicitation Lists Yes No No No No Yes No Donor Lists Yes Yes No Fall 2005 No Yes Yes Class Statistics Yes Yes No Fall 2005 No Yes Yes Volunteer Information No Yes No No No No No Stewardship Reports Archival No Soon Yes No PDF Yes Alumni Magazine No Soon 2005 No No No No Annual Report Electronic/Online Communication Pieces 1.0% 10.0% 10.0% 12.0% 11.0% 11.8% 15.0% Coded no communication or solicitation 55.7% 42.0% 58.0% 58.3% 63.0% 47.1% 48.0% Alumni with an Email Address 4.0% 6.5% 8.0% 5.0% 15.0% 4.2% 5.0% Alumni Lost Post 50th Reunion Biographic Data Development Benchmark
    17. Demographics
      • What do your students come from?
      • On which zips are you dependent?
      • What has been the historical rate of growth of school-aged children?
      • Is that rate projected to increase, decline, remain steady?
    18. Demo example Table continues with all zips from which school draws students
    19. NOTE: Actual values have been changed.
    20.  
    21.  
    22.  
    23.  
    24. Primary Research Research involving the collection of data.
    25. The Quality-Cost Trade-Off
    26. The Cost of Improving Survey Sampling Precision 1% (Assumes $10 per interview) Precision: Sample Size: Wack – Ivy-MIT-Stanford Development Conference 2005
    27. Researchable Questions thru the Customer Lifetime
      • Community Survey: What is our awareness level and reputation in the community?
      • Prospect Survey: What is our image among HHs w/kids? What happened to inquiries not applying?
      • Education Opinion Leaders: What are our strengths/weaknesses relative to alternatives?
      • Matrics and Non-: What factors drove their decision?
      • New Families: How well informed? New ideas for improving admissions process?
      • Current Families: Areas of satisfaction/ dissatisfaction? Image?
      • Attriters: Why leaving the school?
      • Faculty/Staff: Areas of satisfaction /dissatisfaction? Image?
      • College Admissions: Views of our school?
      • Graduating Seniors: Views of college counseling assistance? Degree of loyalty?
      • Print/Web Analytics: What is the depth/breadth of “readership”? Content interests?
      • Young Alumni Tracking: College performance? Favorability of recollections?
      • See Independent School Magazine, Fall 2004, which includes description of annual tracking study introduced at Choate in 2002 by JTWack & Company.
      • Alumni: Degree of connectedness? Donor and volunteer interests? Philanthropic behaviors? Image? (among many other questions)
    28. Quantitative vs Qualitative (e.g. survey) (e.g. focus group)
      • Breadth
      • Precision: “What percent….”
      • Compare groups
      • Depth
      • “ Disaster check”
      • Hear perspectives
      • Reaction to tangibles
      • Explore
      • Before, or after, a survey
      The best approach and design depend on the questions; quant and qual are not merely substitutes for one another. Method Comparisons
    29. Cost Components of a Major Research Project
      • Design (Buyer Undervalues Importance)
      • Instrument Construction (Questionnaire, Moderator Guide)
      • Data Collection (Method and Magnitude)
      • Analyses
      • Written Report
      • Oral Presentation
      RFP process was not designed for the purchase of intangibles, and virtually ensures sub-optimal research design.
    30. Budget Approximations for Common Methodologies
    31. Web Survey Mania
      • Benefits
        • Low data collection costs
        • Rapid feedback
        • Self-tabulating (totals only)
      • Concerns
        • Spam filters
        • “ Anybody can do it.”
        • Pollution
        • Representativeness of sample
      Question Why did some respondents not receive my survey?   Answer If you send your survey using the list management tool there is the possibility that spam filters at the recipient's organization or email domain are blocking mail from xxxxx.com. From xxxxx.com’s (a commonly used survey service) Help Questions
    32. Web Surveys Sample a Subset of Alumni Who are in Many Ways Unrepresentative of the Alumni Body as a Whole Values of seven schools
    33. Web Surveys Yield Higher Estimates of Degree of Engagement Stratified design, values adjusted by year of graduation
    34. Magazine Readership vs Website Visits by Alumni Cohort 400 Telephone Interviews – Boarding School Alumni
    35. Community or Prospect Survey Awareness Measure High share-of-mind; market leader
      • What private schools can you name?
      • Have you heard of ____?
    36.  
    37.  
    38. Image/Brand Profiles
    39. Useful Presentation Format for Contrasting Segments’ Perceptions
      • A, B, and C could be:
      • Competitors
      • Segments
      • Constituencies
      • Time
    40. Market Position Market Perceptions of 5 Schools
    41.  
    42. Differentiation and Importance Determine Choice and Can Guide Messaging Similar/Important Different/Unimportant Similar/Unimportant Different/Important Challenge Students Community service Discipline Teacher Quality Alumni Leadership Opportunities Most Determinant Least Determinant Strategy: Create Differentiation Strategy: Crow Strategy: Increase Importance Strategy: Yawn
    43. Take Another Look at NAIS Chart
    44. % of Non-Matriculants Rating Your School ‘Excellent’ Focus here? Based on the Non-Matric results only, what would we improve?
    45. Compare Non-Matrics to Matrics ! ! ! ! Here’s the gap
    46.  
    47. Quadrant Analysis Example: Parent Survey Results
    48. Key Questions for Attrition Interviews
      • 1. What initially attracted you to the school?
      • 2. What were the primary reasons for enrolling your son or daughter here?
      • 3. What aspects of the programs satisfied or exceeded your expectations? (Please be specific.)
      • 4. What aspects of the programs failed to meet your expectations?
      • 5. What factors finally dissuaded you from re-enrolling your child?
      • 6. What factors would encourage you to return to the school?
      • 7. Any other comments you would care to make?
      Will they tell the truth?
    49. Communications Effectiveness
        • Readership
        • Brochure design
        • Web site design, utilization
    50. Tracking Studies % = College respondents Not informed Somewhat informed Very informed “ How informed are you about Harvard today?” 1994 1994 1994 1997 1997 1997 2001 2001 2001
    51. Alumni Surveys
      • “ I only hear from you when you want money!”
      • Permit the school to “hear” from other than the usual suspects
      • Yield engaging content for alumni mags
    52. Examples of Alumni Survey Topics
      • College performance, career
      • Information Sources
        • Use of website, readership, other alumni
      • Purposes interested in supporting
      • Philanthropic behavior
      • Program preferences
      • Likelihood of giving in the future
      • Image, compared to when attended
      • Compare donors vs non-, by class/decade
    53. The End The following information about qualitative methods and other research issues are provided as a resource. Please feel free to discuss with Jeff. Other information about marketing and research can be found in the Q&A section of www.jtwack.com
    54. The Key Research Decisions: Provided as a resource: Please feel free to discuss with me.
    55. Tips for Better Information
      • Don’t do it all at once
      • Quality costs
      • Think, don’t simply imitate
      • Leverage the process
      • Right question, right time
      • Bridge information-planning-execution
    56. Elements of Focus Group Costs
      • Design: Who? How many in group? How many groups?
      • Recruiting: $50-$75 per
      • Facility Costs: $200-$1,000
      • Food: $200
      • Incentives: ~$50 per
      • Transcription: $250
      • Management, moderating, top-line report fee: $1,500-$4,000
      • --------------- =
      • Single group of 10: $3,000-$8,000
    57. Doing Effective Focus Groups
      • Planning
        • Location decisions
        • Define problem, translate to questions
        • Prepare topical guide
          • Open with general
          • Flag priority topics
      • Recruiting Decisions
        • Who’s to participate?
        • Composition/mix important?
        • Incentive or not?
        • More than one group?
      • Moderating
        • Introduction
          • Confidentiality
          • Purpose
        • Moderator style
        • Controlling “flow”
        • Prompting out-of-box thinking
    58. Survey Tips
      • Questionnaire Design Issues
        • Simplicity and length
        • Open or closed end-ed
        • Even or odd scales
        • No opinion options
      • Interpreting
        • Highlight typed transcripts
        • Report range of opinions
        • Quotes
        • Caution re tentativeness of conclusions
        • Non-written reports
      • Number of Respondents
        • The more the better
        • The greater the fraction the better
        • Precision follows law of diminishing returns, e.g.
        • 10 -> +/-30%
        • 50 -> +/-14%
        • 100 -> +/-10%
        • 400 -> +/-5%
      Sample Size Precision
    59. Mail / Web versus Phone
      • More info/dollar
      • Less expensive for
      • very large samples
      • Better for open-ended questions
      • Less intrusive
      •  Faster
      •  Less self-selection
      •  Can fix if not working
      •  Probing, clarifying
    60. Sources of Imprecision
      • Nonresponse bias
        • The lower the response rate, the greater the concern
        • Are nonrespondents likely to differ?
        • Invest to reduce nonresponse
          • Multiple mailing/attempts
          • Ease of return e.g. return envelopes
          • Confidentiality
          • Statistical assessment/adjustment
    61. Do-It-Yourself Gauge Adapted from The Wall Street Journal
      • Calculate Real Costs of Do-it-Yourself
      • Break down the project tasks
      • (e.g., design Q, collect data, tabulate results, report)
      • Figure #hours/days, multiply by your hourly wage and benefits = Costs
      • Add costs of materials
      • Add #2 and #3 = Total Dollar Costs
    62. Calculate Psychological Costs (answer each on a 1=strongly disagree to 5=strongly agree scale)
      • We would enjoy doing the project ourselves.
      • We could do it as well as the person who would be hired.
      • The time consumed won’t preclude doing more important tasks.
      • We are confident about making deadlines.
      • There is little risk if it is messed up or wrong.
      • Lack of confidentiality will not impede respondents’ cooperation.
      • Total the score on the previous slide
      • 7-15 points: Strong case for contracting out
      • 16-26: If the psychological costs exceed the difference between the cost to do it yourself and cost to contract it out, don’t do it yourself
      • 27-35: Do it yourself, even if you can easily afford to hire it out.

    + Jeffery Wack, Ph.D.Jeffery Wack, Ph.D., 4 years ago

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