With the Independent Schools Show 2023 coming up, it’s a good time to look at how to examine ROI for your marketing strategies. Schools often spend a large chunk of their marketing budget on school shows, so it’s important to make sure you’re getting a good Return On Investment.
The Digithrive For Schools team have been working with schools on their marketing efforts for over a decade and the vast majority of this engagement has involved school admissions. Each school faces its own challenges in filling its education establishment and a great starting point for each of the schools we work with is an assessment of the admissions process to establish the effectiveness of admissions marketing procedures. Some of the issues we often encounter are:
- Too much money being spent but not getting a good admissions Return On Investment (ROI)
- Using a one-size-fits-all strategy that isn’t filling the admissions requirements
- Failure to measure and analyse marketing activities properly
- Continuing with strategies that are no longer working and failing to implement new strategies
Whenever you launch a new marketing campaign, you should test whether the cost of the project is benefiting or hindering your school. To determine whether your efforts are profitable, many school marketers look at ROI or Return On Investment. At the most basic level, your Return On Investment should compare the amount of money you are spending on your marketing campaigns to the amount of revenue your school will gain from them.
This is why Digithrive For Schools has created a calculator to help with your school admissions ROI analysis. Just click here and add your information to our Calculator which will help to quickly determine your ROI.
Determining one overall marketing ROI benchmark can be a challenge because all marketing strategies are different. From attending school exhibitions and shows to dealing with online advertising strategies such as PPC, where ROI data is usually tracked automatically, you might be able to easily see how your ad’s return compares to others that are similar.
It can be hard to determine whether content marketing strategies such as blogs, podcasts or videos are leading directly to a purchase and this is why we would stress the importance of having this type of content linked directly to a landing page. For most schools, one way to set a ‘good ROI’ benchmark for each marketing strategy is to look at the return from similar tactics you’ve tried in the past, as well as your current admission numbers. That information should help you create ROI benchmarks and goals that are realistic for your school.
Armed with this information, the school’s brand values and a budget, Digithrive For Schools can then help you to create marketing strategies to meet your school’s individual goals, measure results and help to make current activities to get the best Return on Investment.
If you would like more professional tips on marketing your schools do get in touch with the Digithrive For School’s team who are always happy to help. Contact us here.