Measuring return on investment (ROI) is the holy grail for marketers, but it’s never been easy to do. Healthcare marketers often play the long game, using complex multi-channel strategies that build awareness and reputation over time. CRM systems may give insight into the ROI of automated programs, but they offer zero insight into tactics run outside of the CRM. This means CRM systems are giving healthcare marketers, at best, half the story. Attributing a dollar amount to less-transparent tactics is possible, but it isn’t easy, especially if individual service lines are working in isolation.
Determining ROI is complicated, but your leadership team will want to see it. It’s the only way to determine if your marketing is having its desired impact. That knowledge is essential for your organization’s continued growth, your bottom line, and leadership’s peace of mind.
These five steps can help you measure the success of your marketing — and make sure leadership knows it.
Success looks different for every organization. Maybe your focus is improving general awareness. Or maybe you want increased physician referrals or patient volume for specific service lines. In any case, it’s important to keep your objectives tangible.
Keep in mind that leaders across different departments likely have different priorities. To measure effectively, set objectives that are specific enough to add value for individual departments or service lines.
Once you’ve set objectives, your next step is to develop a strategic, holistic framework to help you track your progress toward them. This framework should encompass the entire patient journey. That includes top-funnel (awareness), mid-funnel (preference), and bottom-funnel (conversion).
It doesn’t stop there, though! The journey continues after the initial appointment through patient retention. Your framework should provide insight into how well you’re performing long-term, too.
Another important pitfall to watch for is internal silos. Your framework should encompass your entire organization, not just individual departments or the campaigns that happen to get captured in your CRM. This is the only way to gain a big-picture understanding of your performance.
Key performance indicators, or KPIs, are the metrics your organization has deemed most important to its success. It’s your job to map these onto your organizational goals and your metrics framework. Determine where in the customer journey each KPI fits — top, middle, or bottom funnel, or post-conversion — and incorporate them into your framework accordingly.
Now is also an excellent time to carefully audit your current marketing mix. If your KPIs are bottom-funnel, conversion-focused metrics, but your marketing tactics all generate awareness, you’ll want to take some time to get strategically aligned.
Once your priorities and KPIs are in order, it’s time to decide how often you want to evaluate your performance. Different measurement cadences will provide different types of insights. For example, automatically generating weekly KPI reports will give you real-time insight into campaign performance. On the other hand, quarterly reports provide a big-picture look at overall effectiveness, patterns, and places to optimize. You may want to use a mix of different reporting cadences, as well as a blend of manual and automated reports.
As humans, we’re naturally attracted to stories — and your leadership team is no exception. To understand the impact your marketing efforts have had on the business, they don’t need to see endless data points in a spreadsheet. They need to hear a compelling, straightforward story.
A visual dashboard is a powerful way to transform data into a clear narrative. It cuts through the clutter and presents information in a way that’s easy to digest. Patterns and opportunities for optimization are easy to spot. Leadership gets maximum visibility into marketing effectiveness — helping them determine ROI without sifting through reams of data.
Need help bringing your metrics story to life? Our data and insight experts can help you construct the strategic framework you need. Contact us today to schedule a free consultation on your measurement strategy.