Every training business faces the challenge of ensuring training events are fully attended at one time or another. Effectively and efficiently marketing course offerings and tracking the Return on Investment (ROI) is an ongoing challenge. This isn't a problem specific to the training industry, it's something every business and industry faces, and you can read about why we chose to tackle this problem in our earlier blog post.
Setting Up a Marketing Campaign
Our new marketing system provides a framework to setup and manage marketing campaigns. The campaign manager helps you address the core requirements of any marketing effort and is a tool to help you:
- Define your budget
- Track where you've spent that budget
- See how many sales (how much return on investment) you generated
When you're setting up your campaign, you'll want to specify targets in the form of numbers of submissions (responses), contacts, sales opportunities, and conversions. These goals are used to define what your expected return would be, and it's OK if you're not too sure what to expect at the start. Once you've run a few campaigns you'll get better at these estimations, so don't worry too much about these if this is your first campaign or you don't have much experience with the specific marketing activity you're undertaking.
After your targets are defined, the tool helps you setup and define the budget for the campaign so you can accurately track how you're doing against budget, and see what you've spent along the way.
An example of a marketing campaign for a financial training business would be to drive students looking for IFRS training to your course offerings. This is a high level goal, and our example training company may have several different types of campaigns running for separate product lines (courses). In our example, a separate course offering offered by our financial training company could be a CIMA Certification, for instance. Segmentation doesn't have to just be by product or course, some companies may want to segment by region, or even by a particular event. Administrate is flexible enough to accommodate these differences in business approach.
Track Your Marketing Activities
In order to achieve the goals set out in your campaign, you'll need one or more Marketing Activities. Because some campaigns can run for long periods of time (like 6 months) you may have several activities underneath a campaign.
Marketing Activities can be either online or offline, and range from things like purchasing print advertising space to sending out a mailing to a mailing list. Online activities like emails sent to prospects can usually be tracked, depending on how you undertake them. Offline activities will rely on your asking incoming sales opportunities where they came from and recording that referral source against the lead.
Viewing Your Return on Investment (ROI)
We provide several points to measure your sales funnel:
- Submissions / Responses - what comes in from your activity, via the Message Centre. These can be landing form submissions from a landing page, or emails.
- Contacts - how many contacts were created. Sometimes you'll get spam submissions or other submissions that aren't worth creating a contact for, so not all submissions end up as contacts.
- Sales Opportunities - After engaging more with the response from your activities, how many sales opportunities were created?
- Conversions - finally, how many conversions did you achieve?
Tracking your funnel stages and conversions is a critical framework within to conduct your marketing activities. It will show what works, what doesn't, and help you get every bit of value you can from your spend.
Continuing our Tour...
Coming up next, we'll continue on our tour of our new Marketing System for Training Providers, and show how to associate marketing activities with your campaign!
Training Company ROI Calculator
Need help keeping track of your ROI? Our Training Company ROI Calculator could be perfect for you!
Simply enter all your details into our calculator and we'll help give you a compete picture of how much money is going in and out of your company.