Whats the market rate for leads, is a question that I am often asked. The answer: What they are worth! There is no fixed price for leads nor should there be, they should be a moving target based on actual value. The industry has continued to evolve as have most of the major players. In order to compete in this fast paced EDU world you have to evolve with it. This evolution has been led by continued improvement in marketing processes which has led to tremendous improvement in conversion rates. Some online schools who deal in volume have seen their conversion rates almost double in three years and many like me believe there is more improvements that can be made which will result in improved conversions.
In order to achieve right pricing of leads you need to integrate a lead & vendor management system with your SIS or CRM system. By establishing real time communication of activities (such as appointments, interviews, enrollments, starts & graduates) tied directly to the leads and vendors who generated those lead you can effectively manage the payout per lead based on actual value. You can also uncover potential problem areas within your organization based on the feedback your receive. Don’t be afraid to communicate with your vendors that they will be judged based on conversions, the top providers are used to this and appreciate the feedback. You can adjust your CPL’s based on actual value monthly or even engage in more aggressive performance based relationships. Also, once you define your top performers don’t be afraid of offering them a higher CPL for additional lead volume. It’s well worth it.
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