Marketing should be considered an investment, not an expense. To be sure your marketing is effective and providing a healthy return on investment, it is necessary to accurately and diligently track your marketing efforts.
By tracking your marketing results from the start, you will be able to establish baseline performance numbers and then work to improve upon them to reach your goals.
Two things are imperative to accurately and adequately track your marketing:
- Determine the average lifetime value of a patient. How much will the average person spend over the course of being a patient?
- Calculate how many new patients you need so that marketing more than pays for itself. Ideally, each new patient should bring enough revenue into your practice to cause a return on investment for your marketing tactics.
By establishing these baseline numbers, it becomes extremely evident how critical each new patient lead is, and how important it is to minimize the gap between new patient leads and actual new patients.
Marketing is an evolutionary process that requires recalibration as your practice shifts and grows and as your goals increase. Tracking your marketing efforts allows you to have a full picture into what’s working and what needs improvement, at any point in time. By constantly and thoroughly tracking your marketing efforts, you will always have full awareness and insight into your marketing.