Healthcare Marketing Costs
“If it don’t make dollars, it don’t make sense”
Healthcare marketing costs have a way of creeping up and unless your medical marketing firm can show you a positive return on your investment, you may be throwing money away.
I overheard a conversation where a company was spending $10,000 per month on a billboard for marketing costs on a busy freeway. An employee said that they knew of some people who saw it and that’s why they came in for service. He then said “It must be working”. If the revenue generated by the sign was $7,000 per month for a billboard that costs $10,000 per month, is it “working”? Marketing is an investment. It has a return on investment. It’s either positive or negative. If it’s a negative return then it’s not “working”. Yes it generated income but not enough to cover its costs so it should be changed or abandoned. Don’t just stick a wet finger in the air and proclaim “I have a feeling it’s working because some patients came in”. Get the facts and know your numbers so your healthcare marketing costs don’t spiral out of control.
You should analyze every marketing channel to find out which ones work and which ones don’t to better control your marketing costs. Using the Hubspot platform you can perform closed loop marketing analytics. This just means you can track a website visitor down to the point they become a patient by integrating the system with your customer relationship management system. With that data in hand, you can decide to beef up the marketing channels that are outperforming the rest and shut down the ones that just aren’t cutting it. If you can’t measure it, you can’t manage it. Sorry Yellow pages. If you would like a demo to see how the Hubspot platform can help you track your ROI contact us now.
