Goals to Shoot For
One of the biggest reasons school owners spin their wheels and don’t experience the amount of growth they want is because they never take the time to track important statistics-especially those related to marketing and retention results.
One of the many advantages of good statistic tracking is that it allows you to work backward toward setting a goal for the school.
It’s important that you track your advertising statistics so that you know where your inquiries are coming from to help you get a better understanding of what works for you and what doesn’t.
The next step is to review your enrollment stats. Imagine that you notice that it took 20 inquiries to get 10 enrollments (which in our industry is good by the way). To get that 50% to enroll, you may have found that out of all your inquiries 80% set appointments, 80% of the appointments set, showed up, and took your intro course, and out of those 80% joined.
The tracked results would look like this:
16 appointments 13 intros
How would having this information help you achieve your growth goals? For starters, you can see where you are now and use that information to estimate the number of inquiries it will take for you to hit your monthly enrollment goal.
So, if you are able to convert 20 inquiries into 10 enrollments and 10 enrollments was your goal for the month- then 20 inquiries is the minimum number you’re shooting for.
By the same token, if you discover that it takes 40 inquiries to get 10 enrollments, you have room for improvement in the way your inquiries, appointments, intros or enrollments are handled but now know that you need 40 inquiries to achieve your enrollment goal of 10 new students.
Here are some goals for you to shoot for:
You’d like 80%+ of your inquiries to turn into appointments.
You’d like 80%+ of your appointments to show and take your intro
You’d like 80%+ of your intros to upgrade to enrollment
Another number to add into your monthly enrollment goal is the number of students that you lose each month. If you lose 3 students a month on average, then you need to add 3 to your monthly enrollment goal. Instead of 10 new enrollments for example, you’d now need 13.
You’ll also add that into the number of inquiries needed each month to hit your goal. In our first example, we needed 20 calls to get 10 enrollments, now we need 26 to hit our goal of 13 so we continue to grow and don’t spin our growth wheels. If you needed 40 calls to get 10 enrollments, you’d now need 52 inquires which would take a lot more marketing effort.
To help you plan your marketing and promotions to gain your monthly inquiry goal, you can track the source of each inquiry and where it came from.
Each time an inquiry is recorded simply list the source. If the inquiry is an information call, you’ll need to ask “How’d you hear about us?” and record that information to use in the future, just as featured in a recent lesson.
Imagine for last month that you generated 20 calls: 5 from your website, 5 were referrals, 3 from a school talk, 3 from a Facebook ad, 2 from Google ads, and 2 from a safety tip sheet they received at a safety fair event.
Now you know what helps you generate the most inquiries while spending the least amount of money. You also can track what source each enrollment came from because you already have this information listed as the inquiry took place.
By tracking this monthly, you have the power to keep your cost per inquiry down; tweak or eliminate marketing that isn’t working for you; realize that you’re not marketing enough and step it up to achieve your goals.
If you haven’t been tracking statistics on your school and want to start- there’s no time like the present. Begin today.
The Working Backwards Action List
- Set a monthly enrollment goal for your school or renew one that you’ve set in the past.
- Calculate how many inquiries it’s going to take to get the number of new students that you set in your enrollment goal. Be sure to add to your goal the number of students that quit each month.
- Review your past advertising inquiry results and see if you’re already generating enough inquiries to achieve your goal or if you need to increase your marketing efforts.