Data Deep Dive: Measuring ROI from Live Enrollment Events

Measuring the return on investment for live enrollment events requires combining event metrics with downstream behaviors: applications, admissions, deposits, and ultimately retention. In this deep dive, we outline an attribution model, sample cohort analyses, and the metrics finance and enrollment leadership should use to evaluate program impact.

Define what 'ROI' means for your institution

Start with clarity: ROI can mean short-term financial return (cost per deposit), long-term lifetime value of a student, or strategic value such as improved equity and access. Align stakeholders on which definition to prioritize, as measurement and attribution will differ accordingly.

Attribution models

Common approaches include:

• First-touch: Attributes conversion to the first recorded interaction (useful for top-of-funnel events).
• Last-touch: Attributes conversion to the final interaction before conversion (useful for understanding which live events close the deal).
• Multi-touch weighted: Distributes credit across multiple interactions, often weighted by recency or measured engagement.

We recommend a multi-touch weighted model for live events, assigning higher weights to live attendance and high-engagement signals (watch time > 75%, poll interaction, asked question).

Key metrics to track

Instrument these metrics for each event and cohort:

• Registration rate (registrations / invite list)
• Attendance rate (attendees / registrants)
• Average watch time
• Attendance-to-application conversion
• Attendance-to-deposit conversion
• Cost-per-attendee and cost-per-deposit

Sample cohort analysis

Take a cohort of prospects who attended a financial aid clinic and a matched control group who did not. Compare application rates within 30 days, deposit rates within 90 days, and one-year retention. Use propensity matching to control for observable differences. If the attendee cohort shows a statistically significant lift in deposit rate, compute incremental deposits and multiply by average revenue per student to estimate uplift value.

Calculating net ROI

Net ROI = (Incremental revenue from deposits + projected lifetime value uplift - incremental program costs) / incremental program costs. Include staff time, platform fees, production costs, and any paid promotion used to drive attendance.

Attribution and long-term value

Live events may influence not just the immediate decision but also retention and success. Track cohorts across semesters to see if live-engaged students persist at higher rates. If so, include estimated lifetime value increases in the ROI calculation.

Data hygiene and instrumentation

Ensure unique identifiers link event records to CRM and SIS records. Use consistent event naming conventions and capture raw event data for replay and audits. Without good instrumentation, attribution will be unreliable.

Visualization and reporting

Create dashboards that present both raw event KPIs and downstream outcomes. Keep a rolling 12-month view and compare cohorts across seasons to identify seasonality and persistent effects.

Common mistakes

• Attributing all credit to live events without a control group.
• Ignoring sample-size limitations — small events may show noisy results.
• Failing to account for staff time in cost calculations.

Final recommendations

Implement a multi-touch weighted attribution model, track downstream conversions for matched cohorts, and build dashboards that combine event and enrollment data. Start by piloting ROI calculations on a small set of events, then expand as measurement confidence grows.

When done right, ROI measurement turns live events from costly initiatives into predictable investments that leadership can fund and scale.