measuring return on investment in international student recruitment cheryl darrup-boychuck owner and...
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Measuring Measuring Return on Investment Return on Investment
in International in International Student RecruitmentStudent Recruitment
Cheryl Darrup-BoychuckOwner and Chief International Education Officer
USjournal.com, [email protected]
Measuring ROI in International Recruitment | [email protected]
Brief History of International Brief History of International Student RecruitmentStudent Recruitment
Then: No need for metricsHow can you possibly measure the value of international students on campus, with dollar signs?
Now: Show me the numbersDeans of Admission have morphed into Vice Presidents of Enrollment Management
Soon: More “stealth applicants”Increasingly, your first contact with a prospective student is their online application.
Measuring ROI in International Recruitment | [email protected]
““Stealth” ApplicantsStealth” Applicants
Students applying without prior contact
Introduced into database as “applicant”
Traditional enrollment funnel dissolving
Accept lack of complete control of your institutional message
Measuring ROI in International Recruitment | [email protected]
““International Enrollment International Enrollment Management”Management”
Nurture Connections with• Domestic Admissions• Particular Academic Departments• Alumni and Development Office• Current International Students• Senior International Officers
Identify Recruitment Strategy• Target particular countries and language markets• Incentives for countries not currently represented
Measuring ROI in International Recruitment | [email protected]
““International Enrollment International Enrollment Management”Management”
Resource Management• Manage limited resources• Define metrics and collect data • Analyze the costs and benefits of specific initiatives• Measure Return on Investment
Deliberate and Intentional Approach• Integrated effort to maximize impact
ROI Metrics potentiate IEM
Measuring ROI in International Recruitment | [email protected]
Studying ROI:Studying ROI:Corporate World vs Higher Corporate World vs Higher
EducationEducation
Initial Investment vs Subsequent Profits
Recruiting Expenses vs Profits, where Profits = Tuition
– Cost of Instruction+ Expected Donations
Flaw: Tuition < Cost of Instruction, so Profits are usually negative
Measuring ROI in International Recruitment | [email protected]
Simple ROI FormulaSimple ROI Formula
-- Cost of Recruitment+ Tuition and Fees Generated-----------------------------------------Return on Investment
Measuring ROI in International Recruitment | [email protected]
Marketing Cost per Marketing Cost per StudentStudent
MCPSi = Emt / St
MCPSd = Emt / St
Emt = Total marketing expense in
time period “t”St = Total students enrolled in
time period “t”Measuring ROI in International Recruitment | [email protected]
NACAC Admission Trends NACAC Admission Trends SurveySurvey
Average cost per enrolled student, based on domestic recruitment (2008)
$2,895 = Private institutions
$2,366 = Overall average
$1,002 = Public institutions
DomesticDomestic Admissions Yield Admissions Yield
Cost
Applicant $ 578.
Admitted $ 836.
Enrolled $2,366.
Measuring ROI in International Recruitment | [email protected]
Measuring ROI in International Recruitment | [email protected]
Measuring ROI in International Recruitment | [email protected]
Cost per LeadCost per Lead
CPL = TAC / TLG
CPL = Cost per Lead
TAC = Total Advertising Cost
TLG = Total Leads Generated
Measuring ROI in International Recruitment | [email protected]
Engaging Agents: Initial costs Engaging Agents: Initial costs mustmust be greater than zero be greater than zero
-- Cost of Developing a Relationship
-- Commissions Paid+ Student(s) Tuition + Student(s) Fees
-------------------------------------------------------- Return on Investment
Skipping the relationship part may result in very negative
consequences.Measuring ROI in International Recruitment | [email protected]
Market GrowthMarket Growth
Gm = SI / SL
Gm = % market Growth
SI = Student increase this year
SL = Student increase last year
Measuring ROI in International Recruitment | [email protected]
Revenue ContributionRevenue Contribution
Rmi = Ri / ΣRt
Rmi = Revenue contribution for “i”
Ri = Revenue from segment “i”
ΣRt = Revenue from all segments
Measuring ROI in International Recruitment | [email protected]
Multivariate Likelihood Multivariate Likelihood Function Function
to Predict Customer Behaviorto Predict Customer Behavior
Measuring ROI in International Recruitment | [email protected]
Next StepsNext Steps• Collaborate with Domestic Admissions
Define consistent parameters
• Recognize the complexity of international student recruitment, along with its quantifiably elusive factors• Compare initial investment with revenue generated from that initiative• MCPS = Emt / St
• CPL = TAC / TLG
Measuring ROI in International Recruitment | [email protected]
Better ROI MetricsBetter ROI Metrics
• Decide which metrics are appropriate, and include specific parameters for each
• Establish long-term policies for tracking and reporting
• Always be prepared to present your data, but insist on annual meetings with those who hold the purse strings
Measuring ROI in International Recruitment | [email protected]
Measuring Measuring Return on Investment Return on Investment
in International in International Student RecruitmentStudent Recruitment
Cheryl Darrup-BoychuckOwner and Chief International Education Officer
USjournal.com, [email protected]
Measuring ROI in International Recruitment | [email protected]