BISM is a business school offering Executive MBA and mini-MBA programs. It was seeking a new way to generate leads. Traditionally, referrals were a significant lead generation channel, complemented by leads from digital platforms after prospects viewed online ads.
The Executive MBA costs approximately €20,000 for the entire program and lasts two years. Potential students' decision-making process was lengthy and required multiple touchpoints with school representatives.
The objective was twofold:
- Generate leads through a new channel, reaching individuals who hadn’t been in contact with the school before.
- Offer existing leads to new touchpoints that nurture them toward enrollment.
The school had a well-established presence in the digital space and had been delivering courses for over ten years, so the focus was less on branding and positioning and more on generating leads and closing deals. There was one intake of the Executive MBA each year (starting in the autumn) and two mini-MBAs (starting in spring and autumn).
Setting the context
The problem was approached from a sales funnel perspective:
As noted earlier, the company was already generating awareness, but additional effort was required to convert leads into qualified leads. The sales team oversees the transition from qualified leads to customers.
In other words, the funnel needed to be extended in the two intermediate areas.
Solution
The solution involved creating two physical event formats: a bootcamp and a One Day MBA.
Having already established the groundwork for digital communication to maintain constant contact with leads, STOICA was now tasked with finding new channels for engagement. Events have proven to be highly effective in achieving both objectives (generating new contacts and converting them) due to:
- Direct, face-to-face interaction occurs in both online and offline interactions and is difficult to replicate through other channels (such as social media, emails, websites, ads, or content marketing).
- The teaser potential: Events could simulate the experience offered in the entire course but in a shorter time and with fewer resources (fewer teachers, less course material). This is particularly relevant for services and high-ticket products, offering a taste of the experience/product that increases trust before commitment.
- The event generated new content opportunities. The presentations, speeches, and discussions could later become blog posts, videos, or quotes for social posts, generating continuous interest and engagement.
- Increased referral efficiency: Some events invited existing customers (students) to have informal discussions with prospects without any business representatives present. This allowed new leads to ask questions and receive honest answers about the services they were interested in.
STOICA proposed event concepts highlighting the program’s experience: a bootcamp and a One Day MBA.
During these events, attendees had the opportunity to meet some lecturers, observe their interaction with the audience, and discover the type of content shared. They could ask direct questions to the school representatives and alumni (existing customers), with a commitment of only one day instead of four months for the mini MBA and two years for the Executive MBA.
The events were promoted through email marketing, digital ads, organic social media posts, and direct invites to potential leads.
Results
Two events were tested in the spring to generate interest for both the spring and autumn intakes of the programs. Each event generated around 50 leads, of which 2 became students. While these conversions to students can’t be attributed solely to the event, they were considered to generate good returns from both the client team and the attendees. They thought these students wouldn’t have been converted through other channels, and the ROI from events was above 1,000% in their case (since limited budgets were invested in promoting the events).
The event attendees gave good feedback about the topics and speakers because they provided valuable information they could use in decision-making. This was also reflected in the client feedback, as they appreciated having opportunities for direct interactions with potential customers.
The events were kept regular occurrences in the business school's recruitment calendar, and the internal team that now implements them continues to use them.
Client Testimonial
By implementing a combination of marketing activities aligned with our objectives, they generated greater interest in our educational programs and increased meetings for our sales team.
Laura Lăzărescu, Managing Director, Bucharest International School of Management
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