Most practices understand the overall return on investment for their digital marketing efforts. You know if you’re in the red or the black. But do you really understand what’s going on behind the scenes?
Understanding how to segment and analyze your overall web analytics is one of the most important skills for digital marketing. Previously we mentioned conversion rate optimization for dentists, where we explained the value of constantly testing and tweaking your marketing efforts. Today’s topic is slightly broader and more focused on moving your overall digital marketing efforts forward holistically.
What To Think About
When analyzing marketing data, there are a few key areas to focus on:
- Patient Turnover Rate
- Patient Acquisition Cost (And Rate)
- Patient Satisfaction
Now, the first two areas are very self-explanatory and the final one seems out of place. We’ll briefly explain the former and then dive into the more sophisticated form of analysis that can be done on the latter.
For every individual marketing channel that you are running, there should be dedicated statistics. How much is the cost per patient acquisition for CPC traffic? (SEO, content marketing, video, etc.?) If you don’t have this information, it’s a serious problem. How are you going to optimize and grow your marketing efforts if you don’t even know what’s working?
Similarly, depending on your ability to track and analyze customer data there should be a wide variety of variables to track. Make sure you know how long each patient is staying with you, what their reason for leaving was, what the average lifetime value comes out to. If you have this sort of information, growing as a practice becomes very straightforward.
Figure out which marketing channels are driving the most profit, by relating the acquisition cost, average lifetime value, and other pieces of data.
Figure Out The Winners and Outliers
Typically there will be one or two marketing channels which drive 80% of your growth. This isn’t necessarily a bad thing, but you don’t want to over-invest in a single channel. The same way you wouldn’t gamble with money you aren’t willing to lose, don’t risk the success of your practice by relying on one volatile marketing channel.
The other benefit to analyzing this information is figuring out if any marketing channels may lead to larger profits in the long run. For instance, if the lifetime value of one group of patients is vastly superior to your average, maybe that would be a profitable channel to look into for the coming year or two. Think about the long-run and plan for the future of your practice in a financially smart way.
Finally, use your marketing data in an unorthodox way… for boosting patient satisfaction. Survey your patients periodically, and figure out what they like and dislike about your practice. Anything goes, whether its related to your front-desk’s attitude, or the clown painting in the waiting room… these answers are always valuable to hear. Similarly, make an attempt to survey any lost patients. Figure out why they wanted to leave, and keep this information on record.
After enough people have gone through this process you will be left with a ton of insider-information that can be used to optimize and improve your practice. This kind of data is often overlooked by practices, but it is vital to improving your overall profitability. Utilize your digital marketing data to boost the lifetime value, and lower your acquisition costs of your happier and more responsive patients today!