Case Studies Measuring ROI in International Recruitment Innovative
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Case Studies: Measuring ROI in International Recruitment Innovative Educators | Webinar | 16 Jan 2008 Session Chair / Presenter: Cheryl Darrup-Boychuck, C. I. E. O. USjournal. com, LLC cheryl@USjournal. com Innovative Educators: ROI 1
Why study ROI? Why now? An argument based on improving our “trade balance” might go farther than one based on the importance of developing global citizens. (I can't believe I really said that after 30 years of preaching the latter. Gasp. ) -- NAFSA’s Marketing and Recruiting Network Forum, 23 July 2007 Innovative Educators: ROI 2
A Domestic Perspective: United States NACAC Admission Trends Survey, 2006 (Mean cost per enrolled student, based on domestic recruitment) $2, 802 = Private institutions $2, 350 = Overall average $1, 083 = Public institutions Innovative Educators: ROI 3
A Deliberately Simple Equation for a Complex Global Issue -- Cost of Developing a Relationship -- Discount on Tuition or Fees + Student(s) Tuition + Student(s) Fees ----------------------------Return on Investment Innovative Educators: ROI 4
Quantifiably Elusive Factors in developing ROI equations • Internal Review / Campus Evaluation • The Prestige Factor • Word-of-Mouth Referrals • Research into External Markets • Quality of Follow-up Mechanisms • Staff Time • Foreign-born Faculty Members (+, --) • Currency Fluctuations • Cost of educating that student Innovative Educators: ROI 5
Multivariate Likelihood Function to Predict Customer Behavior Innovative Educators: ROI 6
Inbox / Outbox / Too-hard Whenever we’re facing one of those “too hard” problems, where we get into an infinite loop and can’t decide what to do, we try to convert it into a straightforward problem. -- Amazon. com’s Founder and CEO, Jeff Bezos, HBR, October 2007 Innovative Educators: ROI 7
An International Perspective: Three Case Studies Customer Acquisition Costs per 12 months $ 60 = Domestic Travel to Saudi Embassy $ 862 = Engaging an Agent in Korea $ 119 = Online Promotions Innovative Educators: ROI 8
Categorizing the Investments designed to yield students Types of Investment: • Travel (Domestic and Overseas) • Agents / Commission-based Options • Online / Print Promotions • Purchasing Mailing Lists (≈30¢ / name) • Financial Aid / Scholarships • Staff Focus on Current Students / Alum • Special Scenarios / Emerging Markets • Long-term Prospects Innovative Educators: ROI 9
Case Study #1: Domestic Travel (Washington, DC) • 20 Students from Saudi Arabia • Enrolled in English Language Program -- $ 1, 200. = Flight + Hotel -- $ 0. = Discount on Tuition or Fees + $135, 980. = 20 * $6, 799. Tuition + $ 7, 000. = 20 * $3, 500. Fees / 10% ----------------------------$141, 780. = Return on Investment Innovative Educators: ROI 10
Innovative Educators: ROI 11
Case Study #2: Engaging In-Country Agents -- Cost of Developing a Relationship -- Commissions Paid + Student(s) Tuition + Student(s) Fees ----------------------------Return on Investment Initial Costs must be greater than zero. Skipping the relationship part may result in very negative consequences. Innovative Educators: ROI 12
Quality – Not Quantity At my first agent-organized presentation in Busan, ten students showed up… What a waste… Within a month, however, four of those students enrolled, with each one spending about three years at our campus. -- NAFSA’s Marketing and Recruiting Network Forum, 29 June 2007 Innovative Educators: ROI 13
Agent Affiliations and Overseas Travel to South Korea -- $ 1, 500. = Agent Workshop, Domestic Flight -- $ 0. = Word-of-Mouth Referral -- $ 3, 000. = 2 Flights (Chicago to Busan) -- $ 1, 500. = Hotel and Meals (6 nights, Busan) -- $ 3, 000. = 2 Events, Equipment Fees -- $ 4, 800. = Agent Fees ($1, 200 / student) + $ 16, 100. = Student 1 Tuition (2 full years) + $ 31, 740. = Students 2, 3, 4 Tuition ---------------------------------$ 34, 040. = Return on Investment Innovative Educators: ROI 14
Innovative Educators: ROI 15
Case Study #3: Online Promotions Model -- Cost of Advertising + Student(s) Tuition + Student(s) Fees ---------------Return on Investment ESL Program -- $ 1, 195 / year + $ 2, 850 / 10 -wk session + $ 465 Student Fees -----------------$ 2, 120 = 1 st student $ 15, 380 = 5 students $ 31, 955 = 10 students Innovative Educators: ROI 16
Innovative Educators: ROI 17
Other ways to measure Return on Investment • Break-Even Analysis • The Elusive Factor of Time • Concentrate on Specific Subsets: • • • Language Schools Graduate Schools (MBA, etc. ) International Student Athletes Full-Scholarship Opportunities Local Non-Resident Populations Innovative Educators: ROI 18
Quantifiably Elusive Factors in developing ROI equations • The Prestige Factor • Word-of-Mouth Referrals • Research into External Markets • Quality of Follow-up Mechanisms • Staff Time • Foreign-born Faculty Members (+, --) • Currency Fluctuations • Cost of educating that student Innovative Educators: ROI 19
Request for Feedback • The Diversity Factor • The Self Preservation Factor • The Referral Factor • The Placebo Effect Innovative Educators: ROI 20
Beware of Statistical Shortcomings • CLV: Customer’s Lifetime Value… • Perspective is worth 80 I. Q. points. -- Alan Kay, renowned visionary and pivotal researcher in modern computer science, HBR, October 2007 Innovative Educators: ROI 21
Continue the Conversation via NAFSA’s Marketing / Recruiting Network • Go to http: //www. nafsa. org/ • Click Knowledge Community Networks and Resources • Click Recruitment, Admissions, and Preparation • Click Marketing and Recruiting • Click Discussion Forums • Click Measuring ROI and contribute! Innovative Educators: ROI 22
Case Studies: Measuring ROI in International Recruitment Innovative Educators | Webinar | 16 Jan 2008 Session Chair / Presenter: Cheryl Darrup-Boychuck, C. I. E. O. USjournal. com, LLC cheryl@USjournal. com Innovative Educators: ROI 23
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