Data analysis in education is what gives managers greater decision-making capacity, especially when it comes to inbound sales.
Attracting potential students and developing a relationship based on trust until they are ready to enroll is a process that demands excellent knowledge of the person you are talking to, which can be achieved through data analysis.
In this sense, understanding students’ needs is what makes their learning strategies student recruitment more effective, since your inbound sales team has the chance to establish what we call rapport, or identification, with each potential student.
It is for this reason that, in addition to monitoring the results obtained, it is necessary to know how to interpret them within the context in which your educational institution is located, in order to better use the insights to leverage results.
Find out now how to boost inbound sales with data analysis in education!
Here's what you'll find in this post:
Enjoy your reading!
Lead flow is a vital indicator for measuring the productivity of your inbound sales team. It represents the number of leads worked per consultant, per month.
First, you define a goal of leads to be worked on during the period, such as 200. Then, you segment this goal by channel: e-book download, online chat, email marketing, etc.
Data analysis will guide your actions regarding the choice of the best capture channels and lead conversion, as well as the performance of each consultant in closing enrollments.
Student Acquisition Rate
Data analysis in education also helps when measuring the effectiveness of your education team inbound sales in converting leads into students. The indicator used for this is the student acquisition rate.
This rate is expressed by the total volume of enrollments divided by the total volume of leads worked in the period, times 100 (so you have the percentage).
Knowing the student acquisition rate is the starting point for improving your entire marketing and sales process, from the moment of capturing leads to the moment of conversion.
It is important to highlight that the higher the student acquisition rate, the more efficient your inbound sales process is.
Granting discounts is one of the most used strategies in the education sector to convert students into students. However, it is necessary to assess whether the discounts are not harming the profitability of your enterprise.
At the end of each month, add up the total volume of enrollments and the respective contracted values and calculate the percentage of enrollments completed with discounts. This way, it is possible to measure how much financial potential your educational institution has to earn and how much it is actually earning.
According to our experience, it is better to grant more reasonable discounts at the beginning of intake and move on to more aggressive discounts when you have already reached your financial goal in terms of enrollment.
The decision for this or that college, this or that course, is one of the most important in a student's life, after all, it will impact some years of their life. Therefore, it is natural that the sales cycle in education is longer than in other markets.
Even with this characteristic, we cannot let the sales cycle affect the results, right? It is for this reason that one of the factors of data analysis in education is to monitor the sales cycle and seek to reduce it through lead education. To this end, strategies are used to inbound marketing, such as blog posts, e-books, email marketing and social networks, among others.
Additional Articles to Read:
- How to capture leads with inbound sales in the education sector;
- How to capture qualified leads in a digital marketing campaign?
- What is CRM and how can you use it to boost your student’s capture?
Enrollment volume by location
Educational institutions that have several units or that work with distance learning and have in-person support centers in different cities must pay attention to the volume of enrollments by location.
Monitoring this data is essential for you to be successful on all fronts of your institution, avoiding being left with incomplete classes or areas not served due to the inefficiency of inbound sales, such as student recruitment strategy.
Understand the product as the course that is sold and you will have a strong indicator to determine the number of classes to launch, the number of students to enroll and also the investment to be made in marketing.
The educational market also has its seasonalities, when one course is more in demand than others. If you evaluate the performance of each course, you can serve the market in a more personalized and dynamic way, thus enhancing inbound sales.
Cost per lead
This indicator is one of the most important in data analysis in education. This is because, the lower the cost per lead captured, the more profitable your inbound marketing and inbound sales actions will be.
The consequence is obvious: more students enrolled with the same marketing budget and a more financially healthy educational institution. Here at Mkt4edu, we have already made a post teaching everything about cost per lead. Access it and find out more about it!
For your inbound sales team to be in top shape, it takes time to adapt to the methodology and also monitor the consultants' learning curve. This period is called ramp-up.
So, if you know that for an educational consultant to start achieving the proposed goals, a 6-month ramp-up is necessary, you also know that you must hire new consultants at the same time in advance of the next intake.
This means that, to have a high-performance team in intake 1/2019, you need to form your dream team right now!
Did you see how data analysis in education can make all the difference when it comes to enhancing your results? So count on those who know most about inbound sales in the education market. Count on 4RevOps!