using crm to manage yield

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…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…


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



Create emails that go out automatically when an attribute is changed on behalf of an alumni ambassador, faculty, etc.


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?

using crm to manage yield

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