Implementing Technology with an Eye on ROI

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This is a presentation I gave at the Stamats Integrated Marketing conference, November 2008

This is a presentation I gave at the Stamats Integrated Marketing conference, November 2008

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  • 1. Eye on the Prize Implementing Technology with an Eye on ROI Karlyn Morissette
  • 2. Return on Investment: the magic number that will make you look like a golden god
  • 3. What is the difference between Marketing and Communications ?
  • 4. “Communications makes marketing tactics tangible”
  • 5. Cartoon
  • 6. Steps of Marketing 1. Set Goals 2. Plan your communications 3. Execute 4. Assess your results
  • 7. Set Goals ⇒ What does success look like? ⇒ Marketing goals should relate back to the business goals of the institution ⇒ Make sure they are measurable
  • 8. Plan Your Communications ⇒ What medium is the best way to articulate your message? ⇒ What is the strategy for the communication?
  • 9. Time is Money Planning not only includes strategy, but also infrastructure. Will an in-house solution or an outsourced one be more cost effective?
  • 10. Step One: Employee’s Salary + 1/3 Salary (benefits) ================== Total Salary Step Two: Total Salary / 2080 =============== Hourly Wage Step Three: Hourly Wage X Number of Staff Hours ================== Internal Cost
  • 11. Execute your communications
  • 12. Assess your results ⇒ What was achieved as a direct result of the communication? ⇒ Did that conversion result in a return? ⇒ What can I do better next time?
  • 13. 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.
  • 14. Set Up Tracking Two Key Tools: ⇒ Goals ⇒ URL Builder
  • 15. Step One: Set up a Goal / Funnel
  • 16. Step Two: Build a Campaign URL
  • 17. Step Three: Put the Two Together Kyle’s Tool:
  • 18. Step Three: Put the Two Together Goal Conversion
  • 19. 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.
  • 20. ROI Calculator
  • 21. Dollarize Everything Assigning a monetary value to your results gives you a common denominator to compare costs to outcomes
  • 22. 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”
  • 23. 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
  • 24. ROI Results
  • 25. Share Your Success ⇒ Make it tangible ⇒ Give it context ⇒ Offer recommendations
  • 26. Breaking Down Tactics
  • 27. The dirty little secret of e-marketing
  • 28. Email Marketing: What it’s good for ⇒ Increase online applications ⇒ Register online for an event ⇒ Bring in online gifts ⇒ Start a conversation
  • 29. Facebook Ads
  • 30. Facebook Ads: What are they good for?
  • 31. Facebook Ads: What are they good for?
  • 32. Facebook Ads: What are they good for?
  • 33. 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.
  • 34. 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
  • 35. Facebook Ads: How you measure ROI
  • 36. Blogs
  • 37. 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
  • 38. 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
  • 39. Social Networks
  • 40. 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
  • 41. 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?
  • 42. Bottom Line on Measurement How much did achieving my goals relate directly back to the bottom line of my institution?
  • 43. 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
  • 44. Questions? Email: Twitter: