Not all conversions are equal, especially in telehealth. Knowing which ones to track can mean the difference between your marketing campaign hitting your business goals. or having it fall short. Here’s what you should do to accurately calculate your marketing ROI.
In digital marketing, conversions have become a catch-all for many different marketing metrics. And, this too is true for telehealth marketing. Depending on what you are tracking, conversions can represent a number of different marketing metrics. The key is in knowing what conversions to count and what weight to give each type will be dictated by what your business goals are for each telehealth marketing initiative.
The focus should not necessarily be on what you should track as it should be on how your marketing leads to higher patient acquisition.
Here are some important things to consider when analyzing your conversions.
- Be careful of vanity metrics.
With so many types of reports and tracking that can be done with digital marketing software, it is tempting to get distracted by metrics that though quantifiable don’t actually contribute to your business goals. For example, if the goal of a telehealth marketing campaign is to increase brand awareness, then tracking page clicks or engagement on a social media post may be a good indication of your campaign’s success. However, if your business goal is to increase the number of new patient appointments, then measuring the number of calls or the rise in online contact form submissions may be a more appropriate metric to consider. The key will be in identifying what business goal each marketing campaign is trying to achieve.
- Create conversion values.
Defined as the numerical value you choose to assign to various conversion metrics that most contribute to your business goal, conversion values help you to better quantify the effectiveness of your marketing campaigns.
Though 56% of marketers attribute an increase in sales revenue as the most important marketing metric to track, when you use the conversion value method, you are able to accurately monitor the most impactful measurements tied to your business goal(s). As an example, if your business goal is to encourage previous patients to call in to schedule their next appointment, then assigning a higher conversion value to phone calls from previous patients as opposed to website clicks will be important in determining your marketing ROI.
- Use return on ad spend (ROAS) to drive decisions. With the conversion values assigned, you are better positioned to properly track, optimize, and report on your ROAS. By knowing your ROAS for various marketing campaigns, you are then able to use this data as a benchmark for future initiatives both for budgeting and marketing messaging purposes. Quantifying your results in a way that is directly tied to business goals additionally empowers you to accurately identify your most successful telehealth marketing campaigns and leverage those keywords and ad group targeting to craft winning marketing strategies in the future.
Marketing your telehealth services online is a must in the highly-competitive healthcare landscape. The key will be in how you position your marketing campaigns to attract new patients and how you use digital marketing technology to track your marketing ROI. Invest the time and resources now to create a robust marketing analytics process and you could generate higher patient acquisition rates while maximizing your marketing spend.