Higher education institutions are increasingly relying on digital marketing strategies to attract and engage with prospective students. However, with the abundance of data available, it can be challenging to determine which key performance indicators (KPIs) are more important to measure the success of a digital marketing campaign.
With this in mind, let's explore the best digital marketing KPIs for higher education institutions, which can provide valuable insights into the effectiveness of their marketing efforts and help them make data-driven decisions to improve their return on investment (ROI).
What are KPI's?
KPIs, or key performance indicators, are measurable metrics that evaluate the success of an organization or campaign in reaching its goals. In digital marketing, KPIs provide actionable insights by tracking specific objectives and helping teams make informed decisions. By focusing on relevant KPIs, schools can refine their marketing strategies to drive better outcomes and improve ROI.
What Are Good University KPIs?
University KPIs are measurable values used to evaluate higher education institutions' performance and success. These KPIs can vary depending on the specific goals and objectives of each university, but some common examples include the following:
- Enrollment Rates: This KPI measures the number of students who enroll in the university's programs, and it can help the school assess its ability to attract and retain students.
- Retention Rates: With this key performance indicator, colleges and universities can measure the percentage of students who continue their studies at the school after the first year. It often indicates the level of student satisfaction and engagement with the institution.
- Graduation Rates: Graduation KPIs measure the percentage of students who graduate within a specified timeframe. This metric often indicates the effectiveness of the institution's academic programs and support services.
- Research Funding: It's important for leaders of higher education to understand the amount of funding their institutions receive for research activities. With this information, stakeholders can better understand their competitiveness and research capabilities compared to other schools.
- Faculty and Staff Diversity: This KPI measures the diversity of the university's faculty and staff. It helps shine a light on the institution's commitment to inclusivity and equity.
Higher education KPIs can help colleges and universities track their progress toward their goals and make data-driven decisions to improve their performance and overall impact.
How to Use KPIs to Optimize Your Enrollment Funnel
Enrollment funnel optimization is critical for any higher ed institution that wants to improve its enrollment rates and increase the number of students it attracts and retains. KPIs can be a powerful tool in this process, as they help track the performance of schools' enrollment funnels and identify areas that need improvement.
Here are some steps you can take to optimize your institution’s enrollment funnel using marketing metrics:
1. Define the KPIs
The first step is to identify the most relevant KPIs to your institution’s enrollment funnel. These may include metrics such as website traffic, application completion rates, acceptance rates, and enrollment rates.
2. Collect the Data
Once the KPIs have been identified, you’ll need to collect the necessary data to measure them. This usually involves setting up tracking tools such as Google Analytics, creating surveys to collect feedback from prospective students, or analyzing enrollment data from previous years.
3. Analyze the Data
After collecting the data, your team will need to analyze it to identify trends, patterns, and areas of improvement. Education performance indicators don't mean anything if you don't translate them into your grander strategy.
For example, if website traffic is low, your institution might need to focus on improving your search engine optimization (SEO) or increasing your social media presence.
4. Set Goals
What are KPIs in marketing good for if you don’t use these reporting metrics to better your current situation?
Based on the insights gained from the data analysis, you should set specific, measurable goals for each KPI. For instance, if the application completion rate is low, you should select a goal to increase it by a certain percentage.
5. Implement Changes
Once your university’s digital marketing goals have been set, it’s time to implement changes to your enrollment funnel to improve performance. Sometimes, this means redesigning the website, simplifying the application process, or increasing the number of communication touchpoints with prospective students.
6. Monitor and Adjust
You also need to make sure you monitor the performance of your enrollment funnel on an ongoing basis and make adjustments as necessary. Plan to set time aside to revise goals, implement new strategies, or define your messaging so it better resonates with prospective students.
Best KPIs You Should Be Tracking
So, what are the most successful marketing metrics to track? Here’s a quick rundown!
- Sessions: The number of times users visit a website, app, or social media profile during a specified period.
- Keyword Positions: The rank of a particular keyword or set of keywords in search engine results pages (SERPs) for a specific search query.
- Conversion Rate: The percentage of website or landing page visitors who take a desired action, such as filling out a form, making a purchase, or subscribing to a newsletter.
- Admissions Inquiries: The number of inquiries received from prospective students who express interest in a university's programs, courses, or services.
- CTR (Click-Through Rate): The percentage of ad impressions that result in a click on the ad. It measures the effectiveness of an ad in attracting user attention and driving traffic to the website.
- Applicants: The number of individuals who submit a formal application to a university's programs, courses, or services.
- Enrollment: The number of students who complete enrollment and officially register for a university's offerings.
- Reviews: The number and quality of reviews or ratings a university receives from students, alums, or other stakeholders. It can indicate the institution's reputation and level of student satisfaction.
- Marketing ROI: The return on the investment made in marketing efforts is calculated by dividing the revenue generated by the marketing campaign by the cost of the campaign. It measures the effectiveness and profitability of marketing efforts.
Contact ZGM to Handle Your Higher Education Digital Marketing
Don't miss out on potential students for your higher education institution. Hire an expert online marketing agency today to take your digital marketing to the next level and attract the right students to your programs. Our expert team will help you optimize your online presence and increase enrollment rates. Let's work together to achieve your goals. Contact us now to get started!
About the Author
Natalia Pereira
