With over 2.7 billion active users worldwide, Facebook has quickly become the platform of choice for healthcare marketers to reach a vast global audience. Although the reach is significant, the best way to maximize marketing spend is to constantly analyze a set of key marketing metrics. It is by identifying and establishing benchmarks for these marketing data points that will help healthcare marketers get the most out of their Facebook campaigns without breaking the marketing budget.
Here are the top campaign metrics for the healthcare industry, specifically, to follow to ensure your social media campaigns are hitting the mark.
Average Click-Through Rate (CTR)
Your ad may garner thousands, if not hundreds of thousands of impressions or views by your target audience. But, the goal with any social media marketing campaign is for your ideal patient to take action. By monitoring your ad’s click through rate, you can determine if your marketing campaign is resonating with your audience enough to get them to take the next action.
For the healthcare industry, the average click through rate is approx. 0.83%. If your marketing campaign can reach 1-2%, then it is performing above and beyond most other healthcare advertisements.
Average Cost per Click (CPC)
Your Facebook reach is one part of the social media marketing equation. You can reach a large audience, if you are willing to invest heavily in the ad spend. This is why tracking your cost per click is equally important to determine how much you are spending to get each new patient to your healthcare website. On average, health-related companies pay $1.32 per click on their Facebook ads, whereas other industries, like apparel, generally pay closer to $0.45 per click.
Average Conversion Rate (CVR)
If every click from your Facebook ad converted into a sale or an appointment booked, then this could offset the CPC you pay for your ads. However, there are lots of variables that often influence if a new patient will click and then take another action such as booking an appointment. For the healthcare industry, Facebook ads tend to convert approx. 11% of the time, which is the second highest conversion rate across all industries, only second to fitness products and services (14.3%).
Average Cost per Action (CPA)
On Facebook, there are a host of actions a follower can take when interacting with your ad. They can click to be redirected to your website, they can book an appointment (or make a purchase), they can share the ad or comment on it directly, or they can simply like your company’s page. All of these actions come at a cost when you run Facebook ads.
Healthcare companies, on average, have one of the lowest cost per action metrics of $12.31. When compared to the lifetime value of a new patient, this cost can quickly be recouped with one new patient appointment.
As you roll out new healthcare ads on Facebook, it’s important to take note of the cost averages as outlined above. If your campaigns can hit or exceed these metrics, then you are running highly successful ads that are performing well, in comparison to other healthcare ads. If your campaigns are struggling to hit these benchmarks, then it will be critical to review your ads and see where you can make adjustments to improve their effectiveness.
Would having a social media marketing audit be helpful? If so, let’s connect. I’d be happy to review your current campaigns and suggest some actionable changes you can make to quickly enhance your social media marketing strategy.