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Measuring Medical Marketing Channel ROI

Tracking return-on-investment (ROI) by individual marketing channels is essential to implementing a successful medical marketing strategy and budget. First and foremost, you want to make sure you are tracking the following:
  1. Patient leads from each specific marketing channel
  2. Any expense associated with each marketing channel
  3. The patient revenue generated from your marketing channels
"Anyone who provides you with their first name, last name, email address, phone number, and procedure of interest can be considered a new patient lead."

How Do I Track New Patient Leads By Marketing Channel?

Tracking new patient leads from each channel is key in measuring marketing ROI. You must track phone call leads using tracking numbers from third party vendors. For tracking on a website, you will also want to track email leads using a lead form. Anyone who provides you with their first name, last name, email address, phone number, and procedure of interest can be considered a new patient lead.

The Importance of Tracking Marketing Channel Expenses

Marketing expenses include the total cost of running a campaign. Some examples of these expenses are the cost of the vendor who designs and manages your website, the fees for running a paid placement ad, and the cost of Facebook promotional advertising. All of these expenses need to be tracked separately.

The best way to track phone leads is to use a cloud-based phone system or platform that allows you to assign specific phone numbers to each marketing channel. There is no need to be concerned about having different numbers across all your marketing efforts. Most consumers will not even notice this.

The only caveat to using multiple phone numbers is you want to make sure you have your local name, address and phone number citations set up. Your online business listings should be uniform and match what is on your website. But any other third-party advertising you’re doing outside of that (i.e. billboards, radio, print ads, etc.), should definitely utilize tracking numbers. It’s worth it from an optimization standpoint of your entire practice.

Measure the ROI from each marketing channel. Track the new leads all the way through to their purchases. Know which marketing channel they came from, if they scheduled an appointment, whether or not they attend the appointment and then, if and what type of procedure they buy. Tracking this will allow you to calculate how well each channel is performing. If you’re spending money on paid placement advertising, but not seeing a positive ROI, then you can reallocate some of your marketing budget to a more profitably performing channel, like your website.