Calculating the return on investment (ROI) that one gets through marketing is essential if one truly wants their business to succeed. You need to put your best foot forward to try and understand if your marketing efforts are really working or if you need to change your strategy.
Calculating ROI is vital because once you know how much return you’re getting for the money you spend, then you can be sure your marketing plan is working. If your ROI isn’t as good as you would like it to be, then you may want to consider using a few metrics to keep track of your marketing ROI.
Since calculating marketing ROI can be a bit tricky, here are 5 metrics you can use:
1. A Canadian Medical Database
You can use a Canadian medical database to improve your marketing efforts. A database can be used both to decrease the time you spend on reaching potential leads and also as a metric to calculate your marketing ROI. As a hospital marketer, you can use a Canadian healthcare database to find other hospitals and healthcare companies that are in your same field and see how well they are performing. By gauging their annual revenue, you can figure out if you are much behind or if you are doing better than the competition.
If they seem to be doing better then you, you may want to increase your hospital marketing efforts for a better ROI.
2. Search Engine Ranking
By checking how you rank on through Google analytics, you can determine if clients are actually searching for your hospital. If your search engine ranking is high then this clearly shows that your marketing is doing well and your SEO and other digital marketing campaigns are actually bringing a good ROI.
3. Client Engagement
Having many people search for your hospital and having a high Google page ranking aren’t the only things that matter. You also need to see how engaged these clients are, as that holds the most value for a good ROI. Check your social media outlets and see how much clients are responding, sharing, and liking your posts. Retweets and Facebook likes are important indicators of your marketing efforts’ success.
4. Call Volume
If you are getting a lot of clients calling in and asking about the hospital you are marketing then you can rest assured that your marketing ROI is paying off. Once again, you can check Google analytics to see how many people visited your website and got the number from there.
5. Client Acquisition Cost
Measuring your client acquisition cost is a very important metric to take into consideration when measuring marketing ROI. You can determine how much each client costs you to acquire by weighing the cost of referrals, social media, and ads. You need to sum up the numbers and see if your marketing efforts are worth the cost, or if you should change your strategy
Calculating the ROI you get from your marketing isn’t simply about dividing your cost of marketing with your profit earned, but it’s about making sure you are taking all the right factors into consideration. Using a Canadian healthcare / medical device database, checking your ranking, engagement, and client acquisition can all help you keep track of and, in turn, increase your ROI.