Knowing the effectiveness of your marketing can sometimes be hard to tell. Although numbers that come back from reporting can be an indicator of the effectiveness of your strategy, that isn’t always a clear indication of the whole picture.
Many people use marketing tools such as Google or Facebook advertising and use the numbers that come from that as a benchmark for their marketing success. However, other valuable tools should be used for an effective marketing strategy. Companies within the healthcare industry that pair their paid marketing tools with organic content can often see the value of full marketing investment.
But how can you see if your marketing is working? Besides the number of client conversions, you may not see the long-term effects that marketing can have on sustainable growth. Here’s a guide on how to measure your healthcare marketing ROI and what to do if it’s not meeting your goals.
Are you interested in marketing services that can grow your clientele base? See how Beacon Media + Marketing has helped businesses in the healthcare industry!
How to Measure Your Healthcare Marketing ROI
Marketing ROI (MROI) is a way of measuring the return on investment for your healthcare marketing. It’s a way to see if your spending is paying off. In the care of healthcare, it typically correlates between how much money you’re spending and how many client conversions you’re getting.
Measuring your MROI is a great way to do a few things:
- Justify how much you’re spending on marketing.
- Decide what to spend your money on.
- Compare your marketing efficiency to competitors.
- Hold yourself accountable for choosing the right marketing strategy.
To measure you’re marketing ROI, there is a straightforward formula that you can use. It looks like this:
Using this formula, you can see if your marketing investment is paying off. You want to have as high a positive number as possible. Although it is a straightforward formula, some challenges come along with measuring it correctly.
One of the challenges of calculating your MROI is that you often can see the short-term payoff. However, long-term investments can often be challenging to measure. This is where most businesses have to use the trial-and-error strategy to see which long-term marketing investments are worth it for their company. If a strategy works for one business, that doesn’t mean it will work for another.
Understand the Long-Term Investment of Marketing
Marketing takes time, so you might not see a huge ROI immediately. You can sometimes see the number of client conversions increasing but may not notice if an investment is worth it for a while.
Healthcare practices often deal with the long-term investment of their marketing. Many potential clients will take their time deciding if they’d like to seek your services. They may be considering other clinics and unsure which services they’d like to receive.
It can sometimes take months to decide that they want to see you for their healthcare. In other words, you may not see the ROI on your marketing for some time. Clients may not switch their healthcare right away, or if you provide a specific service, they may not seek your practice until they’re in a situation with that medical condition.
Marketing Strategies With Long-Term Benefits
Some marketing strategies have long-term benefits that may not be seen immediately. Some content that will stay for a long time and can be reworked as the healthcare industry learns more include blogs or videos.
Videos are one of the most consumed media online, and many people watch healthcare videos to learn more out of curiosity or because they have that medical condition. The videos can include a wide range of topics or styles that can be a creative way to spread more awareness about healthcare. You can use the videos for various marketing tools, including social media content, YouTube videos, advertising, and more.
Healthcare Content Marketing
Blogs can be a great way to invest in long-term marketing. Blogging allows you to answer people’s questions regarding the healthcare services you provide. It can help people learn more and help your website rank higher on search engines, and spread brand awareness. You’ll also have a library of information on your website that allows people to search through it when they need more information about the healthcare condition and treatment.
Are you interested in seeing the payoff of a long-term marketing investment? Learn how Beacon Media + Marketing can help your healthcare practice!
Identifying Your Marketing Goals
One of the most important things you must do for a better ROI is identify your marketing goals. For example, one company might have a goal to generate marketing content that brings in more patients or build brand awareness. They may start providing content to draw in revenue through podcasts, vlogs, or speaking engagements. Or they may want to grow their business by hiring more providers and opening new locations.
Identifying your marketing goals can help you see what you need to do to get there. If your goal is to convert more clients, you may want to invest in Google advertising. Knowing what you want to do with your marketing can help you and your digital marketing agency find a marketing strategy to accomplish your goals.
Knowing the direction that you’d like to take your marketing will help you measure your marketing ROI. You can match your goals with the numbers you’re getting from the marketing formula and see if it reflects the direction you want to be going.
What to do If Your Marketing ROI Isn’t Where You Want it
Although you often need to take time to see an investment pay off, there are times when you can see that your marketing ROI is not what you want it to be. If that’s the case, then it’s time to adjust your marketing strategy.
1. Spend More to Make More
You often need to spend more money to make more, and if you’re unwilling to spend more on your marketing, you may hurt your ROI. For example, you might see a much higher ROI with a higher ad spend that gets you seen by more potential clients than if you stick with a low amount that gets low visibility. Your marketing company should be able to provide you with data to show you the ideal amount of marketing spending to help increase your chance of reaching your goals.
2. Identify Weak Spots
Another thing to do is consider your overall marketing strategy and identify your weak spots. For example, you’re unlikely to convert even if you have amazing ads if they lead to a clunky website or unengaging landing page. You want to ensure that you don’t have an outdated brand that doesn’t represent your business, or it will turn potential clients away.
3. Consider Missed Opportunities
You should also look for missed opportunities, such as writing blogs or trying Google ads. Your marketing can benefit greatly from marketing methods such as video content or photos.
4. Evaluate Your Marketing Agency
Something you should also consider is evaluating your marketing agency. Do you have major pain points with your current marketing agency? Do you struggle to get a response from your marketing team, have confusing invoices, or do not get information on how your marketing campaigns perform? These red flags can show that it’s time to find another healthcare marketing agency that cares about your business’s livelihood as much as you do.
How Can Beacon Media + Marketing Help You?
Outsourcing your marketing can be a great way to benefit without needing to put time and effort into it yourself. Healthcare marketing can be tricky to navigate for anyone, but our team at Beacon Media + Marketing is dedicated to staying informed on the latest marketing trends so your business can thrive. Our experts can help you with your marketing and ensure that you have high-quality marketing that leads to client conversions.
Beacon Media + Marketing can help your healthcare practice grow and meet your marketing goals. Our team can help you with multiple services such as blogging, social media, paid ads, website design and development, videos, and more. You can focus on serving the community while we find a way to connect you with your new clients.
Are you ready to see how Beacon Media + Marketing can help your healthcare practice? Schedule your free consultation!