Definition
Yield is the conversion rate at the bottom of the funnel — classically, enrollments divided by admits. In broader enrollment marketing use, application-to-enrollment conversion serves the same role: of the students who got serious, how many showed up?
Yield varies by program, by channel of origin, and by cohort — a fact hidden by single blended yield numbers.
Why it matters
Yield is where marketing quality and institutional fit become visible. A channel can fill the top of the funnel impressively and still produce students who never start.
How Pennant treats it
Pennant tracks stage-to-stage conversion — lead to application to enrollment — by channel, program, and cohort, so yield differences across sources are explicit rather than averaged away.