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How to get leadership to see your marketing budget as a marketing investment.
Your success as a marketer at an urgent care company depends upon your ability to win support from senior leadership. Without their buy-in and investment in your marketing budget, you won’t have the resources you need to successfully execute your marketing plans.
Our urgent care clients have achieved tremendous results using a data-centric approach to marketing. This strategy delivers a clear marketing ROIiReturn on investment (ROI) is simply the measure of what was spent on a marketing campaign compared to the sales that were a result of that marketing campaign. More simply put, for every dollar a company spends on marketing, how much money is that effort generating in sales. On a larger scale, ROI is a key metric used to not only determine success of markteing efforts, but... Read More by giving you the insights you need to focus your marketing dollars on the most lucrative patient segmentsiSegmentation is the process of dividing a company's entire target audience into smaller segments by shared characteristics to permit more specific, personalized marketing options. A high-end, luxury car may have segmented audiences based on income or demographics such as location. That luxury car might be marketed to the income segment for its high-end finishes and luxury ... Read More, service lines, marketing messages and communication channels.
This approach is also a great way to prove marketing’s value to your urgent care center business. As part of this effort, here are seven easy ways you can tangibly demonstrate the importance of a data-centric approach — and convince leadership to back these marketing initiatives.
At the heart of making the right marketing decisions is developing a comprehensive understanding of the visits your urgent care clinics receive, and the value of each visit. What revenue and profits does each visit type generate? Which visits drive repeat visits? Which help enhance lifetime patient valueiThe lifetime customer value (or customer lifetime value/CLTV) is a metric that represents the worth of a customer to a business across the span of the business relationship. The longer a customer remains a customer to a company, the the greater their lifetime value becomes. This is an important metric because it costs less to retain an existing customer than it does to acq... Read More?
Chances are that you already have a good working revenue number by service. This is a foundational input to help you understand your patients and their lifetime patient value.
While revenue per visit is an important metric, it is the lifetime value (LTV) of your different patient segments that should be the focus of your patient acquisition and engagement strategy. You can calculate this by multiplying the average number of appointments per year for each segment by the average value of each visit and by the average number of years those patients will visit your practice.
You should understand how age and demographic attributes affect the LTV and be able to look beyond individuals to also understand the LTV of the entire households you serve.
Knowing the revenue by visit and LTV of your patients helps you identify your most promising patient segments. But you also need to know how many potential patients in your market area fit these desired customer profiles.
This information helps you further define both your projections and the most promising segments of opportunity. A strategic modelingiModeling in marketing is the method in which companies understand the strength of their business and help define effective marketing strategies and even generate revenue projections. ....... program can integrate your patient data with consumer demographic data, healthcare industry data, and data relating to consumer interest, purchase activity and intent. This provides a stronger foundation for reaching the people in your market area who have the greatest propensity to need your services.
Every marketing campaign you strategize should start with the identification of your business goals, or key performance indicatorsiKey performance indicators, or KPIs are important measurements that are used to gauge the efficacy of a marketing campaign. For example, is the goal of a certain marketing campaign to convert leads? gain social media followers? get subscriptions to a newsletter? At the onset of a marketing campaign, it's important to determine what your barometers for success are, so that ... Read More for the campaign. These can include:
These benchmarks are important for guiding your plan and for ensuring that your marketing initiatives are aligned with the objectives of senior management.
Once you understand your customer segments, their LTV and the segments of most opportunity, you have the ingredients to build a highly strategic plan. It should include acquisition of new patients for long- and short-term revenue growth. It should also engage existing patients, driving them to additional service lines to boost revenues further while increasing their LTV.
Using the right modeling and data tools, you can identify the channels that your patient segments prefer and identify the most cost-efficient and effective channels and messages by segment and visit type. With this information, you can more precisely predict marketing return on investment in the budgeting stage of your campaign.
When data drives your campaign, you can get closer to clear attributioniSimply put, marketing attribution is identifying how a customer became familiar with and/or purchased your product or service. The goal of attribution is to enable marketers to understand which messages and channels had the greatest impact on the consumer's next step. A good example is a consumer gets information about a product in an email blast, but doesn't make a purcha... Read More of marketing impact by marketing touchpoint to each patient visit into your facility. You can identify which specific marketing messages, channels and tactics brought patients in. You will have the dashboard and tools to demonstrate your strategy, your execution, and your impact on your bottom line.
You also be equipped to analyze your results as you go and use these insights to continually optimize improve and refine your creative and your channel strategy throughout the campaign.
By harnessing the advanced power of patient and consumer data, you can understand your patients and their value to your business better. You can learn which potential patients are most profitable. You can reach them via the most cost-effective channels they use, with messaging that resonates. And you can improve your marketing as your insights into your customers and into the activities that make your urgent care centers most profitable continue to grow. This approach equips you with powerful data to show and prove the impact of marketing on your bottom line. It also enables you to effectively demonstrate the results of your efforts and prove your Marketing Return on Investment (MROI) to the internal stakeholders who matter most.