Key CRM Metrics Your University Should Track

20 de Setembro, 2024 Simona Peovska Next Level Marketing

In the increasingly competitive world of higher education, universities need to ensure that every interaction with prospective students is optimised to convert interest into enrollment. This is where Customer Relationship Management (CRM) systems come in. But what exactly are CRMs, and how can they be leveraged to help your university succeed?

What Are CRMs?

CRM systems are software tools that help organisations manage interactions with current and potential customers. For universities, this means managing communications with prospective students, applicants, enrolled students, and even alumni. CRMs centralise data from various touchpoints—such as email, phone, website visits, and social media—allowing universities to nurture relationships, track engagement, and optimise student recruitment strategies.

Examples of CRM Systems

Several CRM platforms are widely used across industries, including higher education. Some popular examples include:

Salesforce: A leading CRM platform, Salesforce offers a range of solutions, including Education Cloud, specifically designed for higher education institutions.
HubSpot: A versatile CRM that provides marketing, sales, and service tools. Known for its user-friendly interface, HubSpot is suitable for smaller institutions or those with specific marketing needs.
Slate: A CRM tailored to higher education, Slate focuses on admissions and student engagement.
Ellucian: Another education-specific CRM that integrates well with other academic systems, Ellucian offers comprehensive student lifecycle management.

What Are CRM Metrics?

CRM metrics are the key performance indicators (KPIs) used to measure the effectiveness of your CRM strategy. For universities, these metrics help track the success of recruitment campaigns, engagement efforts, and student retention initiatives. By monitoring these metrics, universities can make data-driven decisions to improve their processes and outcomes.

Key CRM Metrics for Universities to Track

Whether your university is using a custom-built CRM or a platform like Salesforce or HubSpot, tracking the right metrics is crucial. Below are the key CRM metrics your university should focus on:

1. Contacts via Forms, Email, and Phone

This metric tracks the number of prospective students who reach out through various channels.

Why It Matters: Tracking the number of prospective students who reach out via forms, emails, or phone calls helps you understand which channels are most effective. It also indicates how well your outreach strategies are working.
How to Use It: Monitor these metrics to identify trends. If one channel consistently outperforms others, consider reallocating resources to maximise its potential.

2. Applications Submitted

This metric measures how many prospective students submit applications, which directly reflects the effectiveness of your recruitment efforts.

Why It Matters: This metric directly correlates with your recruitment efforts. Tracking the number of applications submitted helps assess the effectiveness of your marketing campaigns and outreach strategies.
How to Use It: Break down this metric by campaign, region, or demographic to understand which efforts yield the most applications.

3. Enrollments

Enrollments indicate the number of students who officially commit to your university.

Why It Matters: Enrollments are the ultimate goal of your recruitment efforts. Tracking enrollments allows you to measure the success of your entire funnel, from initial contact to final decision.
How to Use It: Compare enrollment numbers to your goals and identify any gaps. Use this data to refine your recruitment and communication strategies.

4. Web Visits and Session Duration

These metrics help you measure the impact of your website content and navigation on prospective students.

Why It Matters: Monitoring web traffic and session duration provides insights into how effectively your website engages visitors. Higher session durations often indicate that visitors find your content valuable and are more likely to apply.
How to Use It: Analyse which pages attract the most traffic and which ones have the highest exit rates. Use this information to improve your website’s content and user experience.

5. Email Open Rate and List Growth Rate

Email metrics help you gauge the success of your email marketing efforts.

Why It Matters: Email remains a crucial communication channel for universities. The email open rate shows how engaging your subject lines and content are, while the list growth rate indicates how well you are expanding your reach.
How to Use It: Experiment with different subject lines, send times, and content to improve your open rates. Regularly clean your email list to maintain a high-quality audience.

6. Speed to Lead

Also called “lead response time”, this metric measures the time it takes your university to reply to an incoming lead.

Why It Matters: Speed to lead measures how quickly your team follows up with a prospective student after initial contact. A fast response time can significantly increase the chances of conversion.
How to Use It: Set internal benchmarks for response times and ensure your team meets them. Automate initial follow-ups to maintain consistency.

7. Lead Conversion Rate

Lead conversion rate tracks the effectiveness of your university’s marketing efforts in converting leads into students.

Why It Matters: The lead conversion rate tracks how many prospects move from one stage of the funnel to the next (e.g., from inquiry to application). A high conversion rate indicates that your communication and engagement strategies are effective.
How to Use It: Analyse conversion rates at each stage of the funnel to identify weak points. Tailor your messaging to address common concerns.

8. Acquisition Cost per Student

This metric helps you evaluate the financial efficiency of your recruitment efforts.

Why It Matters: Understanding how much it costs to acquire each student helps you assess the return on investment (ROI) of your recruitment campaigns. Lowering acquisition costs without sacrificing quality is key to maximising resources.
How to Use It: Break down acquisition costs by channel or campaign. Identify areas where you can reduce spending or increase efficiency.

Conclusion

Tracking these key CRM metrics allows your university to gain a deeper understanding of your student recruitment efforts and optimise them for better results. No matter which CRM you are using, focusing on the right metrics will help you attract, engage, and enrol more students effectively. By continuously monitoring and adjusting your strategies based on data, your university can stay competitive in the ever-evolving landscape of higher education.

Contact us at hello@nextlevelmkt.net if you need help streamlining your CRM processes to ensure accurate data tracking and optimised student recruitment and marketing strategies. With a focused approach to monitoring key metrics, we can support you in making data-driven decisions that improve the overall student experience and drive enrollment growth.