When planning the advertising budget for your education provider business, what’s the number one consideration?
- Return on Investment
Hands down. So let’s talk about Return on Investment, ROI, so simply that economists with fancy degrees are gonna call and complain.
First of all, here’s the secret, if you invest $1 in advertising, anything over $1 in revenue is a positive ROI. Likewise, if you invest $1 and only make back .75, that’s clearly a negative ROI. Positive is obviously better, so even $1.50 is a positive return on your investment of $1.
So if you spend $5 on an Ad click, and earn $145 from that spend, you have an ROI of 2,900%. 2,900%!!!
What? How is that even possible? Here’s the equation that as a business owner you will love:
- your net profit / your total investment x 100 = ROI %
Let’s plug in the numbers:
You bought an SR Ad for $5 a qualified click and you sell the course you’re advertising for $150. The Licensee clicked on that Ad, and then she bought your course. Here’s how you figure your ROI for that purchase.
- Your net profit, which is the cost of course MINUS the cost of click, $150 – $5
- DIVIDED by your total investment, which is the cost of the click
- $145 DIVIDED by $5 equals
- MULTIPLIED by 100, and read as a percentage
$145 / $5 x 100 = 2,900%
So how does all this work with StateReporting.com? I mean, why bother running ads when you can just send out your quarterly email or paper the area in fliers, like you always do. Those can be great ways to stir up return customers, if you hit them at exactly the right time but…
…what if that email or flier hits your customer when they are:
- Out of town?
- With a client on the job?
- Low on funds for CE?
You take the chance that the email gets deleted or lost in an inbox (or spam) or the flier gets tossed in the trash with similar looking junk mail.
But with an SR Ad, your course could be sitting at the top of the Course Lookup, and:
- When a license holder is on the Course Lookup, you know they are actively looking for a CE Course!
So want to take advantage of that amazing ROI now? Sign your class up for an SR Ad at StateReporting.com. Questions? We’re always happy to help so give us a call at 855-261-9808!