3 Steps to Help Practices Prove ROI
April 12, 2017
Medical device and pharma companies can benefit from connecting physicians with reputable marketing companies. When practices market themselves, they get more of the right patients, and your message reaches the patients who can most benefit from your medications and devices.
Most practices know that they need to market themselves, but in many cases their marketing budget is limited, so it can sometimes be difficult to convince them to invest in marketing services.
Traditionally, there haven’t been a lot of metrics to help practices tie marketing efforts to actual appointments and procedures. It can be difficult to justify the expense when they are unable to determine a true return on investment.
Fortunately, with the right tracking methods and processes, practices can take the guesswork out of making marketing decisions. If you can connect practices with a marketing partner that helps them do that, physicians will see your sales reps as valuable connections.
Practices should look for a marketing company that can help them determine marketing ROI by doing the following.
1. Define what counts as a conversion.
“Conversions” refer to the number of times a desired action is taken. For a medical practice, that might include the number of times a specific webpage is viewed, or the number of times an appointment is made after a patient sees an ad or visits the practice’s website.
With most practice marketing, the primary goal is getting more appointments, so it might be helpful to track every appointment request form submission and phone call from the practice website as a conversion. If a practice is running advertising around a special event, like a seminar, signups could also be helpful to track as conversions.
Once the practice clearly defines their conversion goals, they can start working toward connecting them to current marketing efforts.
2. Tie conversions to marketing data.
With the right tracking methods in place, practices can begin to take marketing data and connect it to conversions. These are a few key ways that practices can get more information from marketing data.
- Call Tracking - Call tracking replaces the practice’s actual phone number with a special tracking phone number that automatically forwards to the practice’s phone line. Call tracking can be used on a practice’s website, online ads, and even print ads. By using a different tracking number for each marketing channel, practices can connect those calls to actual appointments and see which marketing channels are the most effective in getting patients to call.
- Online Form Submissions - Your online marketing partner should be able to provide practices with HIPAA-compliant website forms and a means of easily accessing form data. Appointment request forms not only give practices another opportunity to book more appointments, but also another means of tracking conversions.
- Google Analytics Goals - Ideally, your marketing partner should be able to tie online call tracking and form data into the practice’s analytics data. This will allow practices to quickly and easily see how many website visits actually resulted in appointments.
Once all of the pieces are in place to begin tracking conversions, practices will have the data they need to make informed marketing decisions.
3. Compare your marketing costs to conversions--what is worth the investment?
When practices have conversion data, they can compare the cost of each marketing method with the amount of procedures and appointments it brought in. They can take the number of conversions, figure out how much they are worth, and compare that with the cost of each marketing channel.
If the practice is losing money or just breaking even on the investment in a particular marketing method, then they will more than likely be willing to try something new. On the other hand, if the practice is getting a healthy return on investment from a particular marketing method, you will be able to prove the value of practice marketing.
When you can help a practice determine the ROI of marketing, practices will see your company and sales reps as valuable resources, which ultimately strengthens your relationship with your clients.
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