Healthcare marketing analytics is the use of data to track and measure the effectiveness of healthcare marketing campaigns. For doctors and medical practices, it is essential in order to know which campaigns are providing the best Return On Investment and—therefore—where to allocate your marketing budget.
Here is a screenshot of marketing analytics showing the source of new patient website visits.
In this particular example, it shows that this website's main source of new patient referrals is organic search.
Why should Doctors and Medical Practices consider Medical Marketing Analytics for Doctors? (5 Advantages)
If your practice is serious about maximizing the Return On Investment of your marketing dollars, then medical marketing analytics is essential. Here are 5 reasons why:
1. Understand how patients are finding you
Do you know how your patients are finding you? For example, what percentage of them find you on organic Google search vs. Google Ads? Plus what about Facebook, other social media channels, healthcare directories, and even offline sources? Tracking this data is the first step to understanding which of your healthcare marketing strategies are working—and which are not.
2. See which channels provide the highest conversion rates
Even if most of your website traffic is from one channel, for example, social media, it doesn't necessarily mean that this channel is winning you the most new patients. Measuring patient conversion rates is essential to understanding how many patients per channel are actually scheduling an appointment with you.
3. Calculate cost per new Patient acquisition
Once you are tracking new patient conversions, then you can calculate the cost per conversion. Perhaps, for example, you are getting 100 new patients per month from Google Ads and 100 from organic search. If your medical SEO campaign is only costing you $2000 per month, whereas Google Ads is $10,000 per month, then the cost per new patient acquisition is far lower ($20 / patient vs. $100 / patient).
4. Understand where your marketing dollars are being wasted
Once you are able to calculate cost per new patient conversion, then you can begin to see where your marketing dollars are being wasted. In other words, healthcare marketing analytics empowers you to identify poorly-performing marketing campaigns and to either optimize them or reassign your marketing dollars to better-performing campaigns.
5. A/B testing—see what works best and then expand
Once you have set up healthcare marketing analytics for your practice, you are in a position to perform A/B testing on your campaigns. For example, launch multiple campaigns via Google Ads, Facebook Ads, email newsletters and then sit back and see which performs best. Additionally, when it comes to new patient conversion, you can simultaneously have multiple landing pages to gauge which works best.
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