The problem of marketing attribution always comes down to either a lack of collecting key marketing data or not analyzing it to drive marketing decisions. The goal to overcome the attribution gap is to marry data that captures marketing effort, such as spend, placement, and time with the results data, like new patients, revenue, and profit. While many industries struggle to effectively do this, the healthcare industry typically has more hurdles due to HIPPA concerns, legacy, and disparate IT systems.
At Response Mine Health we have had success helping clients with varying levels of tracking capabilities set up and implement strategies for tracking, measuring, and analyzing marketing ROI.
Strategy #1: Direct Patient Attribution With Marketing Codes
This strategy is easiest to implement with online marketing campaigns. All keywords and advertising content are attached to a specific marketing variable string. When the content is interacted with, whether by having a patient click a link or call to request information, the website and phone system can be set to pull these marketing codes. Each code is unique and can be placed in a new patient’s file, allowing healthcare marketers to track exactly how the new patient was acquired. With this system reporting cost per new patient, cost per new procedure and the lifetime value of a new patient can all be easily determined. This is what the marketing industry refers to as near perfect attribution.
Strategy #2: Response Rates (Calls and Clicks)
If using marketing codes is not an option with your phone system, this approach is a viable workaround. By using proxy numbers that are assigned for marketing purposes and ring to your main line, you can count the calls that come through each dedicated number. This enables you to count the cost per call and determine which proxy numbers (and where they may appear) are driving the most traffic to your business. Having unique email or web tracking links can be an efficient and affordable way to track online web visitors and estimate a cost per click as well.
This strategy enables you to better optimize your marketing to generate better responses and lower the cost per call. However, gathering anecdotal feedback from the contact center in terms of the quality of each call coming through would be valuable to evaluate if the proxy approach is translating into more than just inquiry calls. By adding in other estimates such as the number of new monthly patients, you can use this strategy to determine the cost per new patient.
Strategy #3: Unique Campaign and Time
This is often the easiest and simplest approach to enhancing your marketing attribution. You create a unique campaign with its own specific offer complete with a designated marketing proxy phone number, marketing codes, and/or custom links. This could include offerings such as a free consultation, free prostate screening, free blood glucose test, etc. The key to this strategy is to run the campaign and measure the marketing response. This would allow you to calculate and estimate the cost per new screening and then estimate the cost per new patients converted from the offer. With a few additional calculations you can also determine the revenue and ROI from the new patient estimate.
No matter your marketing approach, these are three proven strategies that can work in taking your marketing attribution to the next level. When done right, leveraging how you track your marketing spend to better position your products and services can be the differentiator you need to stay steps ahead of the competition.
If you want to find out how our experts can help you set up and implement proven marketing attribution strategies, contact our team here.