As a marketer the more you can prove the value your campaigns added, the more likely your key stakeholders are to see the value in marketing. So ideally, shouldn't the end goal of all your campaigns be to tie campaign spend to patient value?
Make tracking return on investment (ROI) easy with our pre-campaign checklist.
YOUR PRE-CAMPAIGN CHECKLIST FOR TRACKING ROI
1. ESTABLISH A DOLLAR VALUE FOR EACH NEW PATIENT.
To properly attribute financial return from your campaigns, you need to first determine the value of each new patient. The simple formula to calculate a patient's lifetime value is (Average value of patient visit x Average number of patient visits per year) x The number of years a patient typically stays with your practice.
2. SET UP CONVERSION TRACKING.
Conversion tracking tools show you what happens after a customer clicks on one of your digital campaigns, whether they went on to fill out a form to get additional information or called your practice. When a customer completes an action that you've defined as valuable, these customer actions are called conversions. No matter which channel you choose for your campaign, they're options (most of them free!) that can help you track conversions, and ultimately, ROI.
Use call tracking to help you see how often your campaigns lead to phone calls. With call tracking, a unique phone number is designated for a campaign or even specifically down to each tactic. The number still routes to your practice, but the caller's information is tracked and tied to your campaign.
When you subscribe to Netsertive, we’ll record every call that’s generated by your digital campaigns. Then inside our platform, you can easily label, and listen to all inbound calls from your campaigns. You’ll also get an email alert with a link to each recording a few minutes after each call ends, so you’ll know in real-time what leads are coming in from your campaigns and if they are being handled properly.
With Google Adwords campaigns, you can add a conversion tracking tag, or code snippet, to your website. So when a customer clicks on your ad from Google Search, a temporary cookie is placed on their computer or mobile device. When they complete an action you define as conversion, Google recognizes the cookie (through the code snippet you added), and records it.
For multi-channel digital campaigns, you can utilize Google Analytics to add campaign parameters to the destination URLs you use in your campaigns, so you can collect information about the overall performance of those campaigns, and also understand where the campaigns are more effective.
For example, your monthly special campaign might be generating lots of revenue, but if you're running the campaign on several different social channels, you want to know which of them is sending you the most leads. Or if you're running different versions of the campaign via email you can compare the results to see which campaign format was most effective.
3. TRACK YOUR CAMPAIGN SPENDING.
This may seem like an obvious statement, but the bulk of your ROI will rely on your campaign spend. Make sure you're keeping a careful eye on your spend, whether it be within the campaign platforms or in separate spreadsheets.
HOW DO I CALCULATE MY ROI?
The simple math for ROI looks like this: (Patient Lifetime Value x # of Leads Converted to Patients) - Marketing Spend/ Marketing Spend.
So if your patient LTV is $2500 and your campaign brought in 10 new patients and the campaign cost $5,000. Your campaign ROI is 400%.