As a medical professional you might be facing a challenge in promoting your medical practice and justifying the costs of advertising and medical marketing campaigns. If properly organized and performed, health care marketing can greatly help to attract more patients who appreciate your medical products and services. And if you invest in follow-up marketing activities, you can also increase patient loyalty and referrals. At the time you assign a budget for promotional campaigns and advertising programs, it is very important for you to measure the ROI (Return on Investment). The ROI is the measure of the investment in promotional activities compared to the profits generated for a certain period of time.
How ROI Can Help Marketing Health Care Professionals
In the health care industry, measuring ROI can help the medical professionals in many ways. It can be used to make future advertising projections and increase marketing investments. In fact, ROI is an essential metric in gauging the effectiveness of your marketing activities.
However, measuring ROI for health care marketing industry is no child’s play. Generally, when advertisers design an advertising campaign for other products or services they assume that the customers are going to use them immediately. This is however not true. When customers see an advertising campaign for a health care professional; in most cases, they do not visit him immediately. Most of the times, it takes months before a person pays a visit to the health care professional after exposure to a medical advertisement. Due to these difficulties, measurement of ROI in the medical industry needs to be done in a different way.
Different Methods of Response Measurement
Health care marketing ROI can be measured by tracking the different responses given to the advertising campaign. For this, whatever your method of advertising is – newspaper advertisements, health publication mailers, or direct mailers – you would require a method of measuring the responses for each of these marketing activities.
This means all of your medical marketing materials must include some type of tracking method and response generator. To get patients to respond to your marketing activities your medical marketing materials must require the prospective patient to take actions. Methods that you might try are offering, discount coupons for services or services, e-newsletter subscriptions, free registration for specialized health care events, free first aid kits, or free samples of products. After developing response generating tools, set up a reporting system to track your response rate. Also, track the costs of each marketing activity. With this data you will then be able to calculate ROI.
There are many medical professionals who are struggling for recognition and loyal patients in their practice areas. With tight budgets due to a slower economy, the proper allocation of marketing resources is vital to the success of your health care marketing plan. By measuring the effectiveness of your healthcare marketing programs, you will know exactly where to invest your marketing dollars, as well as, which promotional programs should be abandoned. When you discover which marketing vehicles are producing the best results, focus on maximizing the effectiveness of those vehicles by increasing your investment in them. When you track and measure your medical marketing tools, you health care marketing campaigns are sure to grow to higher levels.
Rx MD Marketing Solutions provides full service marketing for doctors, marketing for physicians, marketing for cosmetic surgeons, marketing for dermatologists, marketing for aesthetics, marketing for general practice physicians, and marketing for dentists. We are more than medical marketing consultants; we help explode the profits of your medical practice!