When it comes to attracting and converting new patients, being able to calculate the cost-per-patient is key in determining the success of your marketing efforts. However, when the source of the patient is unknown, or difficult to trace, what other ways can you effectively quantify your marketing ROI?
Calculating Marketing ROI
Standard marketing ROI is calculated by taking the revenue generated from a marketing initiative and subtracting out the cost of patient acquisition. That difference is then divided by the total program costs. For example, a billboard advertisement in Atlanta, GA costs approx. $5,000 a month. If the average patient spends $460 per month and we acquire 15 new patients in a month, we will net $6,900 in Revenue, with a 38% ROI.
When you know exactly what marketing campaign the patient saw, this is a straightforward calculation. However, if you have multiple advertisements on varying platforms, deciphering the patient source can be challenging. For example, a patient may have contacted you after seeing your yellowpages business entry, whereas another patient may have seen a billboard on a local highway, and yet another patient may have heard a radio advertisement for your services. The key to differentiating among these marketing channels is to segment your tracking.
Assign Individual Tracking Numbers
For complex marketing campaigns using several media, you should assign unique tracking numbers. The most practical way to do this is to use different call-in numbers. It has been our experience that many patient acquisition initiatives don’t do this because it seems too elaborate, but this is actually a fairly straightforward, simple and extremely cost effective tactic today. Based on the phone number the patient calls, you are able to quickly trace it back to the advertisement that prompted their call. This is the most accurate method, as it does not rely on the patient to remember where they obtained your company’s contact information and can easily be done without having to significantly modify any of the marketing messages or campaign structures.
How do you track patients that come through organically?
In some instances, the patient may not have seen a specific advertisement for your product or services, but instead may have organically found your website and contacted you directly for more information. In these instances, calculating the cost-per-patient would simply be found by dividing your total ad spend by the number of patients that are not already associated with a marketing source.
How can you enhance how you attract patients to better leverage marketing?
Whenever possible utilizing keywords and census information can be effective ways to enhance how your marketing campaigns are positioned and how they resonate with your target audiences. For example, at Response Mine Health, our media team generates a host of keywords that are associated with both the product and relevant locations. These search terms can also be tied to geographical locations or specific zip codes and enable healthcare marketing teams to create compelling ad copy for landing pages to drive more organic traffic.
What role does A/B Testing play in determining marketing ROI?
A/B testing is a critical part of assessing the success (or failure) of your active marketing campaigns. Ideally, for every campaign, you’ll want to have 2 or 3 alternative options to test against each other in order to gain valuable insights into what elements or wording are working best for the intended audience or platform. Leveraging different targeted phone numbers for each marketing iteration is an easy way to track each campaign’s effectiveness.
Attracting new patients to your healthcare practice is mission critical for growing a business and requires a proven marketing strategy. Having the right analytics tools in place to quickly capture key patient information and determine your marketing ROI will play a pivotal role in the success of your marketing campaigns. At Response Mine Health, we specialize in partnering with you to secure the latest tools you need to get the most out of your marketing spend. Our personalized marketing dashboards provide you with the real-time insights you need to make informed business decisions and adjust your marketing strategy to convert.
If you’re ready to take your marketing ROI to a new level, then contact Response Mine Health online or call us today at 404-800-9499.