The Importance of Tracking Your Marketing ROI
Healthcare marketing is an effective way of getting new patients through your front door. But for any campaign to be considered successful, you need to measure its return on investment (ROI). Only then will you know where your marketing dollars are being used and the return on that investment. This has been made easy by MDprospects. As Alex demonstrated on the webinar, the ROI Report from MDprospects gives you a rundown of where your marketing dollars are going.
Below are the highlights from the webinar, where Alex explained why ROI is a must-use metric for your practice.
Justifies Your Marketing Spend
If your marketing dollars are flying out the door, you want to know if they’re being well spent. No matter how much time and effort you put into a marketing campaign or how polished it is, the investment needs to be justified. In other words, you want a satisfying cost-benefit. Measuring the ROI of your practice enables you to define the strategies that work better.
For instance, if you paid for a PPC ad campaign, you need to know if the people who saw that ad turned into leads. And if so, how many were converted into actual patients. With the ROI Report from MDprospects, you can determine the worth of such marketing activities.
Enables Better Decision Making
When you’re able to monitor the ROI of your campaigns, you’ll understand which channels require more investment to generate a good return. The data ensures better decision-making and great outcomes. Simply put, making informed decisions results in strategies that perform well.
Ensures Budget Efficiency
By measuring the results of your marketing efforts, you’ll gain insights into what’s working and what isn’t. Rather than throwing your money up in the air and crossing your fingers that it goes somewhere, you’ll have a clear picture of where you should be spending your marketing dollars. So, you can optimize your spending on the marketing activities that produce the best results and pull back on underperforming ones.
Allows You to Better Understand Your Audience
ROI metrics enable you to better know your target market and its behavior. Beyond giving you a breakdown of your investment in dollars and cents, tracking your ROI helps you discover the strategies that have the most impact on prospects. Or, as Alex puts it, “You see the most profitable source you have.” Once you understand that, it becomes a lot easier to decide which marketing approaches will draw in new patients.
Shows You When to Pivot
Monitoring your ROI lets you know when it’s best to pivot your marketing efforts. This means dropping or tweaking what’s not working and doing more of what’s bringing in revenue. For example, the data can show that email campaigns are driving more lead conversions than Facebook. In the future, it would make more sense to have a bigger marketing budget for email marketing.
Helps You Attain Your Marketing Goals
You’ve set objectives you want to achieve. The next step is to find ways to attain them. ROI tracking helps you figure out how you’re going to get there. Having defined your goals, say to increase your revenue by 10 percent by the end of the year, you can use the data to focus your marketing efforts on the most profitable strategies. Investing in campaigns with the best cost-benefit will aid you in reaching your goals faster.
Measure Your Marketing ROI with MDprospects
Keeping your ROI high on your radar is essential to the success of your marketing efforts. The ROI Report from MDprospects utilizes advanced tracking methods to deliver up-to-date and easy-to-understand data on your marketing activities. This makes it easy to connect the dots from any campaign to patient appointments and procedures.