This tool helps you visualize the performance of your student search sources by how the student originally entered your CRM.
- Initial Volume represents the volume of student records.
- Outcome Rate represents the conversion rate of student records between funnel points selected on the right side.
- The dotted lines represent your average conversion rates for the selected funnel points. They can act as your internal performance benchmarks and create quadrants for evaluation.
Like most scatter plots, you can spot how the variable is performing based on its relationship to the x and y axis, or in this case, the dotted lines representing your average volume or conversion
Quadrant I | Quadrant II
Quadrant IV | Quadrant III
Figure 1. Evaluating Inquiry Source for Application Generation. First Source comparison of volume to outcome rate for Inquiry to Applicant conversions.
Quadrant I : Sources in this quadrant have an above-average conversion rate from Inquiry to Applicant for Sample University. An enrollment leader might consider investing in ways to produce more inquiries from these sources because they convert well. Investigating the makeup of the students you acquire from these sources could help you understand why they convert at high rates. We’ve clicked on the green dot labeled Encoura Declared to view an in depth analysis of these students.
Quadrant II: Sources in Quadrant II are generally successful for you. Instead of focusing on these to improve your outcomes, consider making extra investment in Quadrant I or III.
Quadrant III: Sources in this quadrant produce many Inquiries, but their conversion to Applicant is relatively low. An enrollment leader might consider investing in ways to improve conversion rates from these sources. Investigating the demographics of students who apply, your recruiting practices, and marketing strategies may uncover a way to increase conversion. While the increase in conversion might be small, with so many inquiries, the outcome could be substantial!
Quadrant IV: This is your “room for improvement” or “challenge” area. Sources in this quadrant produce your lowest volume of inquiries and conversion to application. These areas may be a risk for you. They require a more comprehensive investigation into why these sources aren’t performing well for you. Questions an enrollment leader might seek to answer would include:
- Would the students from these sources be a good fit for my institution?
- Do we have accurate and sufficient quality of data for students from these sources to create multi-touch marketing campaigns?
- How are we marketing to these students? Should we consider a change in messaging or delivery?
- Do we have adequate representation in the areas where theses students come from?
- Should we consider redistributing this budget to another source in the future?
- Start by selecting a point in time.
- Next, Select a source rate. We recommend starting with "Inquiry to Applicant".
- Now, check out your items in the bottom-right quadrant. Which source is performing lowest? Click it to look deeper into the population of that source. More detailed graphs will appear below.
- Ask yourself if this source providing low-quality data or are the applicants simply not engaging with marketing and recruiting efforts? The detailed graphs can help you answer.
- Do the students come from your target markets? Are they completing the application? How many are being admitted?
Top Insights from First Source
- Which sources are performing best overall? Change "Top N Sources" to see your top 5, 10, or 20.
- Are some sources performing better at a specific point in the funnel? Select which sources you want to evaluate, then change Source Rate to look at the part of the funnel you're interested in.
- Of my sources with high travel costs, which is performing best? Which needs improvement?
Select which First Sources from the filter you would like to include, and at what point of the funnel you're interested in. To look at "overall" performance, start with Inquiry to Enrolled. Then move through Inquiry to Applicant, Applicant to Completed Applicant, and Completed Applicant to Enrolled.