A Common Problem to Fix (Closing Ratio)
Here is some insight on a local university who was focused on promoting a business program geared for working professionals that my company has been engaged with recently.
Below is a snapshot of actual numbers for that local university regarding their buying funnel (a typical journey a professional takes of going from an online consumer to an actual student) before we implemented changes.
Small changes can make a big impact
For this particular university, the problem wasn't being discovered and getting visits to their site (they were marketing themselves well online already), it was actually a breakdown at the conversion stage (# of applications to # of students closed) because of poor lead management.
There was a disconnect between when an application form was submitted and the follow-up time from the academic advisors. Too many application forms were falling through the cracks.
We helped the university identify two types of leads- active leads (those ready to enroll in next 30 days) and long-term leads (those who have no definitive start date). Automated emails were set up for each type, with a different message and call-to-action. The active leads had a strong call-to-action to help close more students in a shorter time frame. The long-term leads receive compelling content emails dripped over time to help keep the program top-of-mind and relevant.
In addition to the automated emails, academic advisors got in a good habit of prioritizing all inbound leads/applications for the day and set up alerts to contact the appropriate leads at the appropriate times.
Closing ratio has increased 34% in the first 30 days.
Instead of throwing more money at the top of the funnel, ReachLocal helped them make a very affordable fix (a few hundred dollars a month) using our ReachEdge system that is helping them significantly increase their closing ratio.
Try the Marketing Math calculator for yourself which shows you how a simple increase in closing ratio could make a big impact for you.
How long is too long to wait to hear back from a business?