We often hear from education marketers that they didn’t realize just how broad our student marketing services were, and so we thought it was about time we initiated a blog series about some of our different solutions. We’ll plan to go into depth on one solution per blog. So here we go…everything you wanted to know and then some about Remarketing.
Let’s face it – while it is easy to go out and generate new inquiries, it a bit redundant and quite expensive too. There is a more effective way. Believe it or not, you previous contact lists still have value. Simply put, it’s more economical to re-engage uncontacted inquiries than it is to generate new ones, not to mention, you might even still be able to resurrect a good relationship or two.
In a recent Datamark student survey, 73% of private-sector prospects said they had previously looked into going back to school, and 40% said it had been more than 2 years ago. Just because they didn’t enroll at that moment doesn’t mean they don’t still want to. And, you’ve already paid once for these inquiries. So maybe now is the perfect time for them to reconsider their options?
The trick is (re)connecting with these prospective students in the right way, at the right time, and for the right number of times to inspire action. Through an appropriate mix of channels, including direct mail, email, telephone, and SMS, you can target specific messages for each communication vehicle. You can also determine the frequency by which you reach out.
For example, your first campaign might consist of a direct mail piece, followed by an email a few weeks later. Further down the road, you might follow-up with a different direct mail piece and a phone call.
The key to Remarketing is personalization. Based on the channels and responses of prospective students, you can better target your remarketing plan to meet their needs and resonate with them. Do you know why they didn’t enroll the first time? Do you know what other obstacles they face in their life? Do you know how they want to be contacted? Remarketing presents a great opportunity to pick up where you left off with a prospective student using the insight you have on that individual, and expanding that relationship.
So do we really know what we are talking about here? Think about this…
- Remarketing response rates are 50–200% higher than prospecting.
- Conversion rates for Remarketing are 20–30% higher than first-time prospects.
Don’t be too quick to delete those old contact records, as easy as it can be. Rather, re-engage unconverted prospects with targeted, multi-channel messaging. And, oh by the way, did I mention it’s a fraction of the cost of generating new inquiries?