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Implementing Technology with an Eye on ROI

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Implementing Technology with an Eye on ROI

  1. 1. Eye on the Prize Implementing Technology with an Eye on ROI Karlyn Morissette
  2. 2. Return on Investment: the magic number that will make you look like a golden god
  3. 3. What is the difference between Marketing and Communications ?
  4. 4. “Communications makes marketing tactics tangible”
  5. 5. Cartoon
  6. 6. Steps of Marketing 1. Set Goals 2. Plan your communications 3. Execute 4. Assess your results
  7. 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. 8. Plan Your Communications ⇒ What medium is the best way to articulate your message? ⇒ What is the strategy for the communication?
  9. 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. 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. 11. Execute your communications
  12. 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. 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. 14. Set Up Tracking Two Key Tools: ⇒ Goals ⇒ URL Builder
  15. 15. Step One: Set up a Goal / Funnel
  16. 16. Step Two: Build a Campaign URL
  17. 17. Step Three: Put the Two Together Kyle’s Tool:
  18. 18. Step Three: Put the Two Together Goal Conversion
  19. 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. 20. ROI Calculator
  21. 21. Dollarize Everything Assigning a monetary value to your results gives you a common denominator to compare costs to outcomes
  22. 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. 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. 24. ROI Results
  25. 25. Share Your Success ⇒ Make it tangible ⇒ Give it context ⇒ Offer recommendations
  26. 26. Breaking Down Tactics
  27. 27. The dirty little secret of e-marketing
  28. 28. Email Marketing: What it’s good for ⇒ Increase online applications ⇒ Register online for an event ⇒ Bring in online gifts ⇒ Start a conversation
  29. 29. Facebook Ads
  30. 30. Facebook Ads: What are they good for?
  31. 31. Facebook Ads: What are they good for?
  32. 32. Facebook Ads: What are they good for?
  33. 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. 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. 35. Facebook Ads: How you measure ROI
  36. 36. Blogs
  37. 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. 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. 39. Social Networks
  40. 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. 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. 42. Bottom Line on Measurement How much did achieving my goals relate directly back to the bottom line of my institution?
  43. 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. 44. Questions? Email: Twitter: