Tuesday, December 18

How do you calculate your ROI?

Calculate you ROI correctly! 

Q: I was just wondering about the best practices for measuring ROI of marketing? There's the obvious number of patients that are referred by that particular form of marketing, but in terms of the actual dollar amount returned, how do you calculate it?

I haven't been able to find any software or program that can pull this information automatically, so we have been ma
nually looking at ledgers and manually adding/subtracting to determine the adjusted production. Needless to say, it is very time consuming.

A: I have two awesome tools for exactly what you're asking about. One is my Marketing Plan Workbook and the second is my Marketing Plan Spreadsheet.

Essentially, they allow you to track all of your marketing efforts from soup to nuts, and ultimately your ROI. Most importantly, they track not just the success of each of your chosen marketing methods, but your case conversion rates, which in my not-so-humble-opinion is the information you really need - not just which methods attracted the most patients into the practice with the least effort, but which of those new patients actually accepted treatment and became happy, ongoing patients of record.

Great design is great, and getting lots of patients in the door is great, but true practice success comes down to what marketing methods are successfully building the practice of your dreams - the practice you want to go to filled with patients you want to see and who want to see you. Why else do we go to work every day?

To that end, I created these tools as a result of working with hundreds of practices over the years, tracking clients' marketing efforts, failures and ultimately, successes, in order for them to have the information they need in order to create the practice of their dreams....

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