Using CRM to Efficiently Manage Yield
A Case Study
Introductions• Let’s learn about you!• User timeline (Disclaimer)
AgendaIt’s all about the yield!
Definitions and Parameters of case studyIdea generation – How can we monitor, track,
and improve our yield, but more efficiently?Flow chart – who, what, when, where, howYield strategy done! Yippee! Now what? Automate, Record, Deliver – The “musts” of
yield strategiesThoughts for the future
It’s all about the yield!• Case study is based solely around improving
yield of Full-Time MBA students• Let’s be sure we are all on the same page:
– Yield (students admitted that pay their deposit or show intent to matriculate)
– Melt (students that deposit that do not show up the first day of onboarding/orientation)
Yield strategies typically seek to improve conversion and minimize melt!
Its all about the yield!Timeline of our
typical yield strategy (what strategy?)
Identifying the need: past history of applications, selectivity and yield
Assessing the market (insert funny metaphor for super competitive, hair pulling industry)
Idea Generation (The 5 P’s)Communication Plan (one of our favorite
terms)What should be part of this plan?When should we communicate with the student?Where do we communicate? Who should be involved? Why? Really? I won’t go thereHow? How do we organize a plan that is timed,
includes key stakeholders, fosters a relationship and provides early social and intellectual integration into our program?
Ideas into Action..
http://whitman.syr.edu
Ideas into Action..
http://whitman.syr.edu
Ideas into action…Let’s break down what we just saw
Immediately following, an email is sent out (along with offer packet)
One week following, Director of Recruitment contacts
Two weeks following, Associate Dean contactsDecision due emailsMore calls (Director of Experiential Learning,
etc.)Do you see any patterns?
Ideas to action continued…
http://whitman.syr.edu
Yield Strategy Done! Yippee! Now what?• Decided on key stakeholders, created a timeline for when
to contact and the message to send, provided an export of information to each stakeholder about who to contact
• Created filters for the timeline identifying criteria necessary before the next step begins
• Carefully document all communications and important dates associated with the student record
• Provide templates for stakeholders with email content and student information
• Implement triggers for administrative action based upon the status of the student
Who handles all of this?
I do!Ok, most everything…
…or maybe some of it
…I do a little of the…
I DO NOTHING!
CRM: The new acronym
C – Creative R – Resource M - Management
Using CRM to administer, automate, and maintain yield strategiesBreak down each component of your yield
strategy and ask, “What can Hobson's do”?Utilize functionality of your CRM in house
(emails, exports, and filters)Tie each step in the process back to a
functionConcentrate on what’s important and don’t
get fancy. Remember three end goals when integrating: Automate, Record, Deliver
Using CRM to administer, automate, and maintain yield strategiesAutomate
Create exports/filters that email stakeholders directly instructing them to contact the student (using pre-determined criteria)
Tie these exports not just with email/phone directions, but with administrative directions as well (i.e. grant access to onboarding site)
Queue emails to go out using watched attributes (i.e. alumni ambassador emails)
Let’s Hobson’s tell you when something needs to be done!Assign
Automate using exports
http://whitman.syr.edu
Automate using exports
http://whitman.syr.edu
Automate using exports
Automate using exports
Create emails that go out automatically when an attribute is changed on behalf of an alumni ambassador, faculty, etc.
Automate using exports
Record actions for yourself: Alumni Ambassador Email? Keep yourself in the loop…
Additional ways to Automate integrated aspects of your yield strategy
Assign student ambassadors ahead of time and tie those assignments with automated messaging later on in the yield strategy
Attribute Use
Using CRM to administer, automate, and maintain yield strategiesRecord
Each export and filter is recorded within the student’s record
Have each stakeholder share with you his/her communication (email or phone conversation) and input into record. Yes, this is the most work you’ll have after setup
Using date attributes along with timeline provide you with good cycle times of a student from admit to matric
Using CRM to administer, automate, and maintain yield strategiesDeliver
Provide real time yield to those involved with substantive data to support efforts
Improve the quality of yield efforts eliminating hours of auditing records, sending out action items, and manually documenting communications
Enhance your ability to forecast better and increase the likelihood of matriculation. Simply put, perception is everything!
Thoughts for the future• Name actions/steps for ease of user• Utilize exports/emails to automate faculty
messaging• Integrate VIP page into timeline• Build additional emails post
admission/confirmation that are automated (i.e. what to expect, onboarding, etc.)
• Branch out to other programs (copy, copy, copy!)
ResultsCurrent Yield for FTMBA program as of June 25th is 51%, with active applications still in
the pipeline
Hopefully, our melt will be zero!
Questions?
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