Remarketing Makes Dollars and Sense

We all know that trying times can lead to innovation, so as conversions continue to decline across the board for new inquiry generation sources, it leaves many people wondering what the next big thing is going to be. Don’t look too far. It could just be that the secret to better conversions and full classrooms could already be sitting on your desk (or hopefully in your database).  

Remarketing is the process of building relationships with qualified prospects regardless of their readiness to enroll, with the goal of enrolling the student when they are ready. Why? Because PlattForm has found that the second communication to non-responders can result in up to two-thirds the response rate of first communication results…two thirds. What does that really mean?

Let’s look at that from a cost stand point. Let’s say you send an email to every internet inquiry you pay for, and let’s say you pay an average of $50 per inquiry. If you sent an email out to 1000 inquiries, it would cost you $50,000 to generate those inquiries, plus another few thousand on your email solution (let’s just say $2000 even). So $52,000. And let’s say your conversion rate on that is around 4% (I’m just making that up). You’d have 40 new students and a CPS of $1300. NOW, let’s say you re-contacted all of those inquiries that didn’t convert. Now your only cost is the email solution, since you’ve already generated the inquiry. So you’re only spending $2000 to email 960 inquiries. If your conversion rate drops to 3% (as it should, according to the stat), you should end up with 28 new students at a CPS, from just the email campaign, of $71! If you look at it from the total cost to total student standpoint, ($54,000 for 68 students), it still brings your CPS down to $794 after the second communication. That’s astonishing. More than a 50% reduction in CPS than from the first communication alone!

When you invest in remarketing, you make the most out of every marketing dollar spent on inquiry generation by rekindling once-stagnant opportunities from your existing database. By using remarketing, you can continue to interact with your prospects to understand their interests and their behavior to gain deeper insight into their intent to enroll. It just makes sense.

Ready to begin? Like any marketing initiative, when you begin planning for a remarketing campaign, you need to take the time to develop your communication strategy and messaging, as well as train your admissions staff on the best way to continue their communication with non-converted inquiries. Don’t know where to start? Download our Seven Simple Steps to Remarketing Success or contact your PlattForm representative to get started today!