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ROI

ROI in clinic marketing

What will be ROI from healthcare marketing? 1.5 to 5 times.

But first, what do you define as the marketing expense? According to the American Marketing Association, “marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (American Marketing Association, 2017). Marketing can be broad and often encompass sales, patient experience, patient communication, and more.

To determine your ROI, break down the campaigns and activities accordingly. At Panel, our clients grew an average of 28% in gross revenue in 2023 compared to 2022. We are confident in providing a lasting ROI for your marketing expense.

How do I calculate my ROI?

Time to pull out those spreadsheets.

The best way to measure the return on investment on marketing is to break down what you are measuring. Marketing campaigns, especially digital campaigns, are much easier to measure, influence, and adjust. They are simple to calculate ROI on and advertising spent can be adjusted to the dollar.

Print campaigns, such as direct mail and neighborhood mail, are also measurable. They just require the right metrics and measurement tools built into them at the time of execution. You also need to calculate the cost of the ads, including the development and execution. (Management fee + Google Ad cost.) Now evaluate the return – so, how many new patients booked an initial assessment. This would give you a return on investment based on initial assessment. However, on average, patients may visit your clinic 5 times a year. So, calculate the customer lifetime value and then add that to the value of the new patient. Finally, consider if 30% of current patients refer new patients. Then you can really see the final value of the new patient to your clinic.

Then we look at ads. Certain campaigns are meant to build the brand over the long term and often don’t have an immediate ROI or return. For example, display advertising and YouTube Advertising may assist traffic to the website or the lead generation page, but they don’t directly lead to a patient booking because the prospective patient may not have a need at that time. However, those are measurable and trackable.

And lastly, broad-based advertising has a return in the future. Marketing campaigns that build a brand, community sponsorships, social media followers, and Google review numbers all add to the brand’s value in the future should you choose to sell.

What should my marketing budget be?

3-10% of your gross revenue. Higher if you are starting out. This is an investment, not a cost.

Growing businesses will require marketing investment. Shrinking businesses may require optimization and maximizing cash flow. To determine budget, determine your current clinic’s utilization. Determine the number of new patients required to fill those gaps.

Understand that marketing should not be all eggs on one ad campaign. Break down the budget into multiple sections that include multi-media, multi-purpose, and multi-goal focus. For example, consider a combination of signage, holding events, and digital campaigns for the purpose of new patients, engaging current patients, or providing a wow patient experience. Then follow this with your goals of short-term growth and brand building. Closely measure it, be patient, and think long term. Marketing should have a return for you in the short term and the long term.

Every month we have a zoom call to review the exact numbers and keep us on track. With Panel you get a custom dashboard where you can review all your numbers.

Often there are larger and unique challenges at play here. For example, it could be the location, certain practitioners, competition, your website, a disconnect with marketing, or patient types. It requires a thorough marketing plan before starting execution.

Patient experience. However, it is easier said (and claimed as achieved) than consistently done.

Peace of Mind

At Panel, we use password locks and database vaults for your security. We do not execute any campaigns or communication without your written approval, and we have several internal quality checks to ensure that when we communicate, we are representing your brand at the highest standards. Additionally, we are versed in the CASL law and the Canadian governing associations, both provincially and federally, for health. Furthermore, we adhere to the laws set by Advertising Standards of Canada.

Quality over Quantity

At Panel we don’t work with every clinic. Instead, we work with a select group to ensure they are successful. We ensure quality through the experience and acumen of our team. We also maintain a high standard of deliverables with our quality checks and process. Consequentially, if you are successful in the long run, then we will be too.

A Process that Works

We believe that process is the foundation to success. Our process includes rigorous planning, insightful research, and strategic execution. We work with you as little or as much as you want, either way, we promise to never leave you out of the conversation.

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