In 2014, big data went from a buzzword to mainstream acceptance. We’ve watched it grow from a tool used by a small group of early adopters into a decision-driver for corporations of all industries, the government and higher education. One key aspect of this evolution: the understanding that it’s not the amount of data that matters, but the insights that come along with it.
We saw evidence of this in the demand for dashboards and other tools as a way to make sense of all of this data—a way to collect, refine, analyze and turn it into actionable insights. Even in our own work at SimpsonScarborough, where we are self-admitted data geeks, we implemented changes to our reporting style to reflect this.
But as a higher ed marketer, what does this mean for you in your every day? You may find yourself on the receiving end of data or spending your time sourcing data from admissions, enrollment, marketing and other additional external sources. How do you begin to manage this data and use it to your inform your decision-making?
Here are a few simple tips to keep top of mind:
Strategic metrics
Metrics must be tied to your institution’s mission, strategy and objectives in order to be successful. The most meaningful metrics are a product of clear priorities. If your institution’s objective is to increase transfer applications by 5%, consider developing a dashboard specific to this effort that aggregates all relevant and historical transfer rate data.
Key trends
Rather than focusing entirely on real-time data, three KPIs to closely monitor are the current state, trends over time, and goals, specifically where you are in relation to hitting your defined goal. If you notice that your alumni consistently donate in October more so than any other month year-over-year, consider this as you select a date for your one-day giving challenge.
Work backwards
Start with the decision that you have to make rather than the data itself. Think about 1) what insights would be helpful 2) what data and KPIs can inform that decision and 3) as necessary, who will be able to share that data. For example, if you are getting ready to confirm your media buy for the upcoming year, think about what external and internal data such as time on site, reach, CPC and impressions you’ll need from your marketing team and from potential partners.
Whether you are reviewing a campaign report, utilizing Google Analytics, or continuing to refine your dashboard, following these key steps will enable you to make sense of the data at hand and develop actionable insights. This, alongside your knowledge of institution and its brand, will empower you to meaningful decisions.