Measuring the Effectiveness of Your Healthcare Marketing
Measuring healthcare marketing effectiveness is a numbers game.
- Compare the cost of hiring a physician liaison against the number of referrals that result.
- Evaluate the time involved in social media activities against the addition of new patients to your practice list.
- Balance the effort involved in patient-centric staff training against the positive change in online reviews.
Is it worth doing all those calculations, especially since your primary goal is providing the best possible care?
In a word—yes. These are highly competitive times. Consumers are evaluating their healthcare providers based on a variety of metrics. Providers who don’t know how their marketing is performing may be – to use a medical metaphor – misdiagnosing and mistreating it.
This can be a financially expensive mistake. Especially if your marketing budget is in line with those surveyed for the SMB Internet Marketing Survey 2013. According to the report, small and medium-sized businesses in the health and medical industry have an average marketing spend of $475/month (16% higher than the all-industry average). 21% Of those businesses spend more than $1,000/month (vs. just 7% across all industries).
Interestingly, however, the healthcare industry as a whole spends less than 3% on digital advertising than other industries. This can be shortsighted, especially since social platforms can be a productive source of new patient engagement. Plus, mobile devices the preferred method for accessing practice portals.
Measuring healthcare marketing provides insight into how well and wisely you have allocated your dollars. The amount of data you can track is limited only by your time and desires. But if you don’t want to get too deep into the weeds, here are three areas to determine if you’re getting a good ROI on your investment.
Three metrics to measuring healthcare marketing
Patient Acquisition Cost (PAC)
Before you can start measuring healthcare marketing, you need to know what to measure. Beginning with Patient Acquisition Cost (PAC) is a good start. It’s a simple calculation: divide your marketing budget for a specific time period by the number of new patients you acquired in that same time. That is your PAC.
Want to be more detailed? Evaluate your PAC against the different marketing tools you’re using: an email campaign versus the services of a physician liaison versus a PPC (pay per click) ad that leads to a landing page conversion. By tracking the outcome of each source, you’ll have a clearer view of what method brings the greatest ROI.
But if one tool is underperforming, don’t pull the plug without giving it a thorough “physical.” It may just need some strategic improvements to improve its marketing health. For example, with more users using mobile devices, a slow-to-load site would be problematic. Emails that don’t display well won’t bring the desired ROI until the technical problems are resolved.
Click-Through Rate (CTR)
Click-through rate (CTR) measures the success of a specific online or email campaign. It’s not enough to get eyes on your email or online advertising. You actually want users to click on it. The CTR can vary, according to SmartInsights. CTRs for overall display ads across all ad formats and placements average 0.05%. Rich media ad CTR is a little higher at 0.1%. If you’ve allocated dollars for a Facebook ad, the CTR rate for the healthcare industry is .83%.
As for email engagement and response statistics for the health care sector, the GetResponse Email Marketing Benchmarks report provided the following figures:
- Open Rate 35.54%
- Click-Through Rate 5.69%
- Click-to-Open Rate 16.01%
- Unsubscribe Rate 0.36%
- Spam Rate 0.02%
If you’re investing in an online or email campaign, you should be measuring healthcare marketing results. If the open rate, CTR, or click-to-open rate are below average, it’s time for a digital diagnosis. Similarly, if recipients are unsubscribing faster than new ones are signing up, you’ve got to identify the cause.
Website Visitor Traffic
You’ve spent money on a robust practice website. Now it’s time to take a look at its marketing metrics. Data to track:
- Overall traffic (especially the number of unique visitors to your site)
- Page views (the number of pages opened before your visitor leaves)
- Bounce rate (the number of people who leave your site after viewing one page)
- Conversion rate (the percentage that undertake a specific action: download a health tip or sign up for your newsletter)
Also worth evaluating is your site’s SEO performance. Where are your visitors coming from? What do your search engine results tell you? A website with poor metrics represents wasted marketing dollars. High performing pages indicate well-spent money.
By compiling and reviewing these statistics, you’ll have a better understanding of the ROI for your marketing budget. The data will provide insight into what areas are underachieving and those that are driving results. That will help you maximize your healthcare marketing dollars and build a stronger practice.
Enlist a healthcare marketing team for help
If you need assistance in evaluating your healthcare marketing performance or other marketing strategies, B63 can help. We are experts in strategic messaging, public relations and brand management, serving practices, hospitals, and networks. An EDGE-certified, woman-owned business, B63 provides strategically focused creative solutions with a sharp eye on metrics and ROI.
Call us today at 937.490.4000 for more information or schedule a free consultation at: https://B63LineDrivesMarketingMovesPeople.as.me/.