Conversion in the Open Platform
An analysis of OGX performance in the new customer flow
What's in the newsletter?
How to Increase your Conversion Rate: 5 tips to help you increase your conversion rate.
Conversion Essentials: If you do nothing else, make sure you are doing these things.
MOGX Synergy: Needs to happen. Read me at the bottom to understand how.
Conversion Data
Some important insights:
1. oGC has a higher acceptance rate than oGT (they are accepted to a higher # of opportunities), however oGT EPs are more likely to get approved once they are accepted than oGC EPs are.
2. On average, EPs apply to 5 projects each.
3. oGT EPs have a very low acceptance rate.
4. Overall, EP conversion is about the same between both functions.
5. Overall, EP conversion is relatively low
*this data is approximate because the number of applications changes once a TN opportunity closes
Increasing your Conversion Rate
1. Follow up with the Opportunity Managers after your EPs apply.
Develop a form email that your team members can copy and paste to send to the opportunity managers. It'll remind them to check out your EP's application, help make your EP stick out, and give them a direct contact in the Us if they have any questions. It should also help speed up your timeline too!
2. oGC, have your EPs apply to 4-5 TNs weekly.
Some TNs will reply to your EPs, some won't, If your EPs are having trouble getting interviews, then encourage them to keep applying to new opportunities. Remember that flexibility is a key characteristic of an ideal Global Citizen EP!
3. oGT, work more closely with your EPs to help them apply to TNs they are qualified for.
A lot of times, EPs apply to Global Talent opportunities that they really aren't qualified for. This can decrease your conversion rate and increase customer frustration with our product. Focus on paying more attention to the customer profile, recommending TNs that you know have a higher matching rate (national partners), and helping them connect to the opportunity manager. If their customer profile is a better fit for oGC, or oGE, then be sure that you are connecting them to the opportunities that fit them best.
4. Know your customer profile and how it aligns to project portfolios.
Remember the fundamentals. oGC is service learning abroad, oGE is internships abroad, oGT is work experience abroad. Target audiences for oGC are underclassmen, oGE are upperclassmen, and oGT are graduating seniors. Always make sure that the profile of the customer is aligned to the portfolio of the project and the talent required. Sometimes freshmen will want an oGT experience, but that doesn't work for our internships and they most likely will not be qualified for that type of program. If the customer is aligned with oGC, then provide them with oGC opportunities. If the customer is aligned with the oGE profile, then provide them with oGE opportunities. Your role is to figure out how these programs fit, because the customers don't understand the product like you do.
5. oGC, shift more focus to closing the deal instead of getting the initial application.
The touch points you have with your customers are gold. When you have their attention, be sure you are making the most of every opportunity to move your EPs along in the process. Remember that consumers don't want to be sold to. They want to buy. They shouldn't have to ask you what is next, you should be presenting that information to them! Check out the following two articles for some pointers on how to do this.
http://www.inc.com/geoffrey-james/5-ways-to-close-a-deal.html
http://www.cpsa.com/knowledgecentre/SRCArticleRead.aspx?articleID=568
Conversion Fundamentals
Finding the right TN can be tough sometimes, but it isn't always as hard as we think. Set expectations with your EPs ahead of time in the process. Be sure to let them know how many TNs they should be applying to per week, what your role in the process is, and what they can expect out of the process.
2. Always keep the timeline in mind.
Set deadlines with your EPs and work closely with them to ensure they know what comes next in the process. This is especially important to bear in mind if your EP will need a visa to go abroad, as some visas can take around a month to obtain.
3. Manage your Opens, but don't baby them.
Instead of sending individual emails to each Open lead on the OP, send them bi-weekly newsletter emails using a platform like Mailchimp. Make them simple, pretty, informative, and tailor the message to incentive them to Apply to specific TNs on the OP. This will allow you to still nurture your Open leads, but not micromanage them.
4. Keep personal focus on your Applicants.
Customer centricity is key. Read about it here,
MOGX Synergy
1. Know and communicate your functional goals
If your OGX team is planning on realizing 50 people this summer, but Marketing is only planning on recruiting 70 EPs, then you are not going to hit your goals. Be sure that both VPs have successfully backwards planned your functional goals according to the same timeline of operations. (Ex: I plan to realize 20 EPs on May 15th, which means I have to have these 15 EPs matched by April 15th, which means I need to recruit at least 45 leads by March 15th.) If you are behind on your goals, analyze what is going on with your VP MKT/OGX so you can work to adjust and innovate your synergy strategies to ensure goal achievement down the road.
2. Focus, focus, focus
It might seem counter intuitive, but focusing your marketing and recruitment strategies helps improve conversion rates and will allow you to achieve your goals much more efficiently. You should be aiming to realize around 10-15 EPs per LC partner, so if your goal is 30 EPs for summer peak, just pick 2 country/project focuses. This will allow the marketing teams to really focus down on finding those people who fit the value proposition of your partners. It will also allow OGX teams to form and deliver up LC-LC partnerships that can provide your EP with a much more customized and valuable experience. Again, make sure this is communicated in Synergies and that you are tracking where your EPs are matching to to see if you are being successful.
3. Always be aware of what is happening in your synergy
Marketing, you should understand what the OGX focus is, what their lead nurturing strategy is, what current goal achievement is, and what is coming up in the timeline.
OGX, you should communicate all the things above, and also understand what the marketing strategy is and be sure that everything is aligned in your operational timeline. (You shouldn't be planning on recruiting and converting the bulk of your EPs in late April and May). This awareness will allow you to forecast successes and failures easier. Remember, that if things aren't working now, they won't work in 2 weeks. Innovate your strategies, try something new, take a risk. You might fail at first, but it is also how you will end up succeeding.
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