Nine Marketing ROI Stats That Might Surprise You

Is your marketing working?

In other words, is it generating business in a profitable way?

If your answer is “no” or “I don’t know,” then read on to find out why it’s important to have a clear understanding of your marketing return on investment (ROI) and its impact on your business.

First, let’s define marketing ROI: It’s the practice of attributing profit and revenue growth to the impact of your marketing initiatives. Simply put, if you spend money on marketing, it measures your return.

Now, let’s discuss why your marketing ROI matters. Here are the top three reasons it’s a critical element of your overall business strategy:

  1. You can identify any “red flags” or missteps in your current marketing strategy so that you can make the necessary adjustments to drive greater results. For example, if your call response rate for your marketing initiative is below the industry benchmark, you might need to reevaluate your target audience.
  2. You can make informed decisions about allocating your marketing budget and creating your marketing plan for the coming year. If you don’t know what works and what doesn’t, then you’re essentially gambling with your investment.
  3. You can analyze your ROI data and know for certain if and how much your marketing efforts are contributing to revenue growth.

Now that you understand why marketing ROI is important, we can dive into the fun part—the data!

We reviewed a year and half of data from a select group of practices and below are some insights and benchmarks we uncovered. Some stats might surprise you or, more importantly, motivate you to take a closer look at your own marketing strategy and reevaluate your plan for 2020:
  1. Direct mail still works— in 2018 and 2019, our practices sent out 525 direct mail campaigns, yielding an average of $1,320 in profit per campaign. Find out if your own direct mail campaigns are successful with our Direct Mail Calculator.
  2. Thinking about advertising in your local magazine? You might want to give that a second thought! With a high cost-per-campaign and a negative return, magazine advertising serves more as a brand awareness tool than a true opportunity driver.
  3. Patients routinely check your digital properties before picking up the phone. 421 digital campaigns resulted in 2,935 calls with a total profit of $1,058 per campaign—a whopping 502 percent return!
  4. Over half (55 percent) of our Associates’ referrals come from physicians. This is encouraging because patients that come from a trusted opportunity source are more ready to buy. So, keep working to establish relationships with physicians in your area!
  5. Five thousand direct mail pieces resulted in 15 calls and 6 appointments with an average response rate of 31 percent. Although this appears low, the industry benchmark for response rates is 0.25-0.50 percent.
  6. Wouldn’t you like to make two months’ revenue in just three days? It’s possible with the Consult Upgrade Program! A total of 32 upgrade events averaged $58,000 in total revenue.
  7. Did you know that 40 percent of co-op dollars available are currently going unused? Every co-op dollar spent results in $5.39 in revenue for our Associates. If you’re not taking advantage of your co-op dollars, let our marketing team help you use them strategically.
  8. Calling Out of Warranty (OOW) patients generated an additional $215,000 in profits for our Associates while calling Tested Not Sold (TNS) patients yielded an extra $86,000 in profits. So, pick up the phone! Or, better yet, let Your Patient Contact Center do it for you.
  9. Due to blank categories in our Associates’ practice management systems, there was nearly $1.7 million in revenue unaccounted for. Meaning, many practices don’t know where all of their revenue is coming from each month. Don’t be one of those practices — let our marketing team help you establish an organized process for labeling opportunity sources in your practice management software.

*Based on the Marketing ROI data from a select group of practices between Jan. 2018 – June 2019

Consult YHN’s Quarterly Marketing ROI Reports offer invaluable insights that ensure every marketing dollar spent today is growing your practice for the future. If you don’t already receive a report, talk to your Account Manager to find out how you can!

About the Author

Laura Kegelman joined Consult YHN in 2018 and currently serves as a Strategic Planning Analyst. Her diverse professional background includes supply chain, forecasting, and marketing. Laura holds a degree in marketing from West Chester University in Pennsylvania. When she’s not working, Laura loves exploring the city she lives in (Philadelphia) as well as traveling to new cities and countries.

Looking Ahead: 2020 Marketing Trends

Can you believe we’re nearly halfway through 2019 already?! It’s important to start thinking ahead about the marketing trends you can expect to emerge or intensify in 2020 so that you’re prepared for their potential impact on the playing field.

Below are the three biggest trends that Consult YHN’s marketing experts think you should know about now. Because trust us—the future of marketing is coming quicker than you think!

1. Optimizing for on-SERP SEO aka. “on-Search Engine Results Page (SERP) Search Engine Optimization (SEO)”

That’s called a zero-click result, and it’s just begun to change the game in terms of SEO. People want their information quicker than ever before. Google has heard their plea and you can bet it’s giving the people exactly what they seek.

Roughly 61.8 percent of search results across Google are now being answered with zero-click results – changing the real estate space on the coveted “Page 1” of Google and, in turn, making more and more keywords less profitable. Google is spidering through the top results of relevant content for any keyword or search query and serving up “featured snippets.”

It’s still a bit of a waiting game as far as how this will change SEO at large. For now, just know that the more real estate you can hold on Page 1, the better off you are.

You can do this by keeping your website fresh with relevant content and vie for that coveted #1 spot or even a featured snippet. Check out your keywords to see where zero-click results are coming up in your area and where those featured snippets are pulling from. Also, see what questions people are asking relevant to our industry and provide concise answers to those questions on your website.

2. Optimizing for voice search

Just ask your BFF: Siri, Alexa or Cortana – voice search is shaking up the way we conduct search queries. That’s right, 20 percent of all search queries on Google are now being conducted by voice search.

Artificial intelligence (AI) and personal digital assistants are making it easier for busy people to get answers to their questions fast and hands-free. The outcome: marketing content has become more conversational. Make sure you are watching this trend and adding a conversational (yet professional) tone to any unique content or blogs on your website.

But our friendly AI voice assistants aren’t just here to give us answers—the next wave in voice search will be a shift towards transactions. Amazon’s Alexa can already place an order for pizza from Domino’s or request a ride with Uber. Voice assistants will soon be able to book appointments and perform more transactions for us. This may sound like the plot of an episode of Black Mirror, but we promise it’s real – so buckle up!

3. Chatbots

AI is #trending. Chatbots are taking over the customer service space and are starting to replace human agents in some areas. Believe it or not, 56 percent of customers prefer to communicate with customer service reps via instant message rather than pick up the phone.

The most common use of chatbots is in the form of instant message pop-ups on business websites. These messaging tools not only give customers 24/7 access to support, but they can also capture leads and help move customers along to their point of purchase.

Of course, there are situations when a human agent can provide much more detailed and personalized customer service, but for FAQs and scheduling appointments, chatbots can help save time, cut costs, and provide convenience to customers.

The world of marketing is constantly changing. That’s why it’s important to partner with a company like Consult YHN to ensure your marketing strategy adapts to these changes. If you want to chat about any of these trends or talk strategic marketing, contact our team of experts today at marketing@consultyhn.com!

About the Author

Julia Shreckengast joined Consult YHN in 2015 and serves as Marketing Account Executive, providing support to Associates by managing creative projects and developing/executing marketing plans. Prior to joining Consult YHN, she helped promote the city of New Orleans as a member of the New Orleans Tourism Marketing Corporation. Julia graduated Cum Laude with a bachelor’s degree in marketing from Tulane University.

Omni-Channel Marketing: The Recommended Approach

As the hearing industry gets more competitive, it is essential to have a marketing communication plan that incorporates streamlined messaging via every medium. The path to device purchase can start or end at any time, in any location or any device for that matter — to be a leader in this market, it is imperative for your business to provide a seamless user experience.

That is where the omni-channel marketing approach comes in to play: Delivering the same message on different platforms, which not only optimizes your advertising dollars, but also better engages your audience.

For example, take a direct mail campaign that you tie to an open house event or, better yet, a community event like a lunch and learn or educational seminar. Instead of relying solely on that direct mail piece, here are a number of other avenues that you can utilize to promote that event:

Follow up phone calls.

Every direct mail vendor that we work with will allow you to obtain a phone list of the individuals you mailed to for a nominal cost — typically about 10 percent of the distribution list. You can also use this as an opportunity to speak to your database as another way to generate event attendance.

When you actively call your OOW, TNS, Cancel/No Show patients, along with your direct mail targets, 1 in 3 will schedule an appointment!

If your practice does not have the staff to make these calls, Your National Call Center can help. They will work as an extension of your practice to bring you quality opportunities and save you time, effort and money.

Promote through digital marketing.

Social Media: Post the event details on any social media page associated with your practice. Upload the PDF of the creative or simply outline the details within the post.
PPC: If you have an existing pay-per-click strategy in place, work with your digital marketing agency to pull the messaging from the direct mail piece, convert it to an online ad, and capture leads.
Email: If you currently have an email marketing strategy, use this event as another way to speak to your patients. Even if they recently purchased, they may know someone who may be interested in attending the event.

Consult YHN Associates who are investing in digital marketing doubled their marketing spend in profit! If you need assistance with your digital marketing strategy, Consult YHN’s Marketing Team can help. We can provide insight on your existing digital marketing strategy or provide recommendations on how to get one in place. We also have free white papers that review how to implement digital marketing and social media tactics.

Run an ad in the local newspaper.

Based on our quarterly Associate marketing ROI analysis, ads drive more opportunities when they are tied to a specific event.

Event-driven ads tend to bring in more qualified leads, which yields a positive ROI. We develop ads for Consult YHN Associates, free of charge! Check out the variety of ad templates available via Marketsource. We can easily adjust the messaging to be consistent with your direct mail piece and work on your behalf to negotiate ad rates, reserve placement, and release the creative.

Utilize your network within the community.

Another idea to consider is speaking to your local network of businesses to see if they would be willing to help promote your event.

For instance, if you have a Practice Development Representative (PDR), your event is another opportunity to speak to local physicians. Print out the direct mail piece or let us help you convert it to a flyer for presentation in their waiting rooms. Apply the same approach to any senior center, supermarket or other local business that has an event board you can post to — they represent other great ways to get your practice’s name out in the community without having to spend money.

At Consult YHN, we have Wellness representatives that can help you implement a physician marketing and/or community outreach strategy that is suitable to your practice. Contact them about your own ideas and any questions you may have.

As a marketer, I am a firm believer in the omni-channel approach in order to generate more leads. By adding one or more of these options to your direct mail campaign, you will decrease your dependency on the success of the piece itself and increase your branding/exposure within the community.

About the Author

Lindsey Pierangeli joined Consult YHN in 2012 and serves as the Marketing Manager. Previously, she held marketing positions with advertising agencies and worked on accounts such as Amazon and Coca-Cola. Lindsey graduated Magna Cum Laude from Johnson and Wales University.

What You Didn’t Know About Marketing

Every quarter, we conduct ROI reports for Associates who share their marketing results with us. We then compile those results and look at the data from a broader perspective to determine marketing trends in our industry.

Here are three interesting insights from our most recent ROI analysis that we all can benefit from.

did you know

At 87% digital marketing brings in the highest ROI?

With an average cost per call of $13 and cost per appointment of $99, Digital Marketing has the lowest cost of acquisition and highest ROI.

If you aren’t sure how your digital marketing is performing, contact Consult YHN’s marketing team for a FREE digital marketing analysis and website assessment.

It is important to realize that a strong marketing strategy requires a multi-media approach and a robust digital marketing presence. To drive traffic to your website — and ultimately to your practice — you need to consider other digital marketing strategies above and beyond a static online presence. Consult YHN partners with several digital marketing vendors that offer a variety programs that can boost your digital marketing strategy.

did you know

With $1.4M last year, direct mail brings in the most profit?

Our Associates invested over $1.9 million in marketing and 87% of their profit came from direct mail – $1.4 million over the past year!

If you aren’t making a profit from your direct mail, let Consult YHN’s marketing team help you. We can determine what kind of response you should be getting and do a deep dive on your direct mail strategy to maximize your results.

While direct mail can be costly and response rates have declined, it is still the number one opportunity driver for our Associates. That is why it is important that you have a direct mail strategy in your marketing plan, but one that doesn’t consume your entire budget. We recommend allocating about half of your marketing spend toward direct mail and strongly encourage you to review your results on a consistent basis to ensure you are getting the most out of your marketing dollars.

did you know

Your $1 grows to $1.87 when you have a marketing strategy?

For every $1 our Associates invested in marketing, they made $1.87! Do you know how much money you are making from your marketing?

You don’t need an Consult YHN marketing plan for us to develop an ROI analysis. Send your results to Consult YHN’s marketing team and we will provide you with insight and recommendations.

If you didn’t know, Consult YHN’s marketing team offers consultation and design services for FREE to all our Associates. We work as an extension of your practice to determine the most effective ways to reach new leads and keep you in touch with your existing customers.

Call the Consult YHN marketing line at 800-984-3272, option 8, and one of our account executives will answer all your marketing questions!

Marketing Trends You Need to Know.

We all know that marketing can be challenging! At Consult YHN we want to make sure our Associates are getting the most value from their marketing investment. To do that we routinely analyze our customers’ marketing program results.  Then, we assess the performance of the individual practice’s efforts against their marketing plan and provide recommendations for investment adjustments to make it a stronger plan.

In creating these comprehensive marketing ROI reports we’ve noticed some trends. We’ve collected those results and summarized the data to reveal what is working, and what is not!

011718-infographicSo… are you getting the most value from your marketing budget?

Contact the Consult YHN Marketing Department today for an objective review of your marketing ROI. Call 800-984-3272, select Option 8 for Marketing or email us at marketing@ConsultYHN.com today!

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