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.

Marketing New Technology: How to Ensure Your Patients Purchase from You & Not Your Competitor

As we all know, hearing technology is rapidly advancing, and new products are hitting the market every few months. From a marketing perspective, it’s important for providers to understand their patients’ relationship with technology adoption.

Remember, everyone’s relationship with technology is different. Take the iPhone for example: some people will camp outside of an Apple Store just to be the first to own the latest model, some wait for their techie friends to try it first, and others refuse to upgrade their phone until they absolutely have to do it. 

But what about hearing devices?

Interestingly enough, there’s a very similar application of how patients adopt new hearing technologies. Below is Consult YHN’s take on the technology adoption curve applied to the hearing industry.

Based on nearly seven years of data and a sample size of over 70,000 patients, this curve points to insights on the different segments of your database, their relationship to new technologies, and the marketing touchpoints to drive conversions.

As a practice owner, how often do you think patients upgrade their hearing devices? Every 5 or 10 years? Our data shows that on average, patients upgrade their hearing devices every 3.6 years. If you want to ensure patients don’t go somewhere else to purchase their next set of hearing aids (which 40 percent of patients do), the below graph illustrates the number of times you need to contact your patient to ensure your patients remain loyal to your practice and purchase their next set of hearing aids from you.

 

FIRST ADAPTERS – Innovators

Also referred to as techies and visionaries, these are the patients who are eagerly awaiting the next hot device to hit the market. There are no sensitivities to price or technology for these folks. They are current users with a hearing aid that may even be less than a year old. Because of their readiness to purchase new technology, they only require a couple of touchpoints or marketing interactions to drive conversion.

Focus on the bells and whistles of the technology – what are the latest and greatest features that are really going to wow this audience? Remember, the first adapters may be the first to kick off sales of a new product, but they only represent five percent of current hearing aid users.

EARLY ADAPTERS – Enthusiasts

Although very similar, there are some key differentiators between first and early adapters. This group of customers value new technology but have purposely waited to make a purchase. They’re more hesitant to test drive new products and will most likely look to resources and reviews to consult first before purchasing. Gathering testimonials from your innovators (first adapters) will help move the early adapters along in their purchase decision.

1st MAJORITY – Pragmatists & 2nd MAJORITY – Conservatives

This is where a new device really gains momentum – it has now been road-tested and has built some credibility in the marketplace. The first and second mainstream customers are the peak of our contact curve, representing the majority of untapped opportunities. So, you want to make sure you are hitting this audience with the necessary touchpoints and the right messaging to convert them.

At this point in their hearing health journey, they are hovering around that 3.6-year mark of average device replacement. It’s important to tout the proven applications of your technology – not just the bells and whistles – how these new applications will impact real-life users in everyday situations.

This segment requires more nurturing – between 3-5 touchpoints for first mainstreamers and 5-7 for second mainstreamers. But making up 50 percent of hearing aid users, they’re worth it!

 

LATE ADAPTER – Skeptics

By this point, the newest technology has been on the market for some time. Anyone making a purchase after a product’s introduction is considered a late adapter or a skeptic. They are risk-averse and price-sensitive, so these individuals need the benefits of upgrading their hearing aid devices to significantly outweigh the cost.

If you can afford to offer discounts, value-added services, and/or accessories with a hearing aid purchase, this may be the only thing to entice this group. Be mindful though of the number of touchpoints required to convert skeptics: between 7-9 interactions.

RESISTANT ADAPTER – Resisters

Finally, the resisters. This is a group who are, yep, you guessed it: resistant to change! More often than not, this group of customers will only upgrade when they absolutely have to. Because they represent a small percentage of hearing aid users and require constant nurturing to convert, they are too costly (of your time, money, and energy) to build a separate marketing strategy around.

Of course, these patients are no less deserving of better hearing and can still benefit from your care – we just recommend focusing on other motivations outside of tech, like wellness, when marketing to this group.

If you want to learn about more ways to engage with your database, reach out to your Account Manager and schedule an appointment with the Consult YHN Marketing Team.

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.

Adding video to your marketing strategy just got easier with this easy to follow guide

A few months ago I wrote about the importance of video in your marketing strategy. There was a time not that long ago when shooting video required expensive equipment and hiring a specialist. Not anymore. Shooting video has never been easier and you have everything you need in your cell phone!

Chances are, you’ve already shot video with your phone, so you know how to access your phone’s video capabilities. Whether you’re shooting an owner or audiologist promoting a practice or a happy patient for a quick testimonial, here are a few tips to guide through the process.

The Basics

Ideally, you’re looking for 60-90 seconds per video without the use of a script. Anything longer and the speaker might get sidetracked and lost in thought. Make it look and feel natural. If you want to promote your practice and have a lot to say, consider breaking it up into a few videos, each on a certain aspect of why your practice excels or services you offer. If you have a testimonial, speak with that person first to see what they have to say as a short rehearsal, then give them the cue or prompt them with a question and hit record.

Location

You’ll need a quiet, well-lit room. It doesn’t have to be the nicest room in the office, but a nice neutral wall works best as the background. If you have elegant posters or works of art that you think will look good as the background, then have them stand in front of them. Make sure the room is free from the usual office noise (ringing phones, lobby television, office chatter, etc.) and foot traffic.

Camera Settings

You can use your camera’s default settings or have it in fully automatic if you follow these few basic rules:

  • Lighting: Lighting is key to video. A friend once told me that without lighting, it’s radio. Make sure the room where you’ll be shooting the video has plenty of light, preferably natural, indirect sunlight. Direct sunlight can wash your subject out and created harsh shadows. Under low light conditions, your video will appear too dark or, if the camera compensates for the lack of light, too grainy.
  • Sound: Capturing good sound is just as important as capturing good video. Believe it or not, bad audio is worse than bad video. Most viewers will tolerate poor video quality, but no one can stand poor audio no matter how clear the video is. Make sure you stay close to the subject and your hand is not covering the phone’s built-in microphone (a tiny hole located at the base of the phone).
  • Stabilize: Unless you’re using a tripod, you’’ll need to keep the camera as stable as possible. Hold the camera with both hands (still making sure you don’t cover the microphone) and keep elbows as close to your body as possible — maybe even rest them on your waist for added support. Keep the camera at eye level! Unless you’re shooting a sequel to the Blair Witch Project, you don’t want to point the camera up someone’s nose.
  • Focus: Press and hold an area of the shot (in this case, the face) to lock both exposure and focus.
  • Get close to the subject: First, this gets the microphone closer to the sound source. Second, it avoids having to zoom in to the subject. Zooming in can decrease the clarity of the video and intensifies any camera shake.
  • Composition: While the tendency is to hold your phone vertically, that is not the standard format for video. Keep your camera in the horizontal, landscape format. When composing your shot, don’t place the head right in the middle. Instead, place the head slightly above center and closer to the top. You want the eyes about a third way from the top.
  • Keep it simple: Avoid panning, zooming, and any other fancy moves or effects. Those will just distract from the subject.
  • Share: Once the video is done, simply share it to various social media outlets.

Like anything else, practice makes perfect. Take a few test shots, make the proper adjustments, and you’re all set!

About the Author

Rolando Corpus joined Consult YHN in 2011 and serves as Art Director. He has more than 12 years’ experience in graphic design, digital marketing, and video production. He received a bachelor of arts degree from St. Joseph's University and a master of arts degree from The University of Pennsylvania.

Video: A crucial component to your marketing strategy.

You’ve heard the adage “Content is king,” right? Content drives traffic to your website and increases your online presence.

So, who or what is the undisputed king of content? That can be answered in one word: Video.

Research shows that including video on your website is effective for marketing to your patients and prospects, as well as for tracking your marketing data. Here are a few reasons why video should be a part of your marketing strategy.

Video is engaging.

It’s easy to see why. Written text can feel clichéd and trite no matter how accurately it portrays you and your practice. Images are more compelling than text and the visual/auditory elements of video create a far more captivating experience. Video engages the viewer on a personal level and makes them more likely to remember you, your content, and your brand.

Speaking in front of a camera is not for everyone, however. Take me, for instance. I feel most at ease behind the camera. Flip the lens on me and I take on the personality of a rutabaga.

Thankfully, you are in the people business, selling a service and an experience. You interact with others all day. If you want to engage and make a personal connection, video is the closest thing to your daily, face-to-face conversations.

Video builds trust.

Any audiologist (or paid writer) can claim that “we offer the best care,” but only you can convey your uniqueness, credibility and sincerity. Only through video can you convey a true sense of who you are and what you’re like. Video captures your authenticity and differentiates you from the internet crowd.

The same holds true for patient testimonials. A 30-second video clip of a happy patient is far more effective than a well-crafted paragraph. It elicits emotional responses and makes a connection with your prospects.

Video has a wide reach.

Videos are multi-platform friendly. You can upload them on YouTube, post them on your website, and share them on all your social media outlets. Viewers, including third-party and referral sources, are more likely to share a video than a block of text with a relative or friend. A single video has the potential to reach hundreds (or thousands!) of patients and prospects.

Video is effective (and the research proves it).

If you’re still not convinced of the importance of video to the purchase process, consider these numbers:

  • 90 percent of users say that seeing a video is helpful in the decision-making process. (Forbes)
  • Retailers cite a 40 percent increase in purchases as a result of video. (Adobe)
  • Four times as many consumers prefer to watch a video than read text. (Animoto)
  • Four in five consumers say that video about a product or service is important. (Animoto)
  • Almost 50 percent of internet users look for videos related to a product or service before visiting a store. (ThinkWithGoogle)
  • Marketers who use video grow revenue 49 percent faster than non-video users. (VidYard)
  • Enjoyment of video ads increases purchase intent by 97 percent and brand association by 139 percent. (Unruly)
  • 80 percent of customers remember a video they’ve watched in the last month. (Hubspot)
  • By 2019, video will represent over 85 percent of all Internet traffic in the U.S. (Cisco)

If you’ve been working with our marketing team, then you know the importance of data behind your efforts. Here are a few more numbers that show how video can play an integral part in your marketing:

  • Video can increase landing page conversion rates by 86 percent. (WishPond)
  • Including video in an email increases click-through rate by 96 percent. (Forrester)
  • Content with video see 27 percent higher click-through rates. (VidYard)
  • Pages with videos are 50 times more likely to land on the first page of Google’s search results than text-based content. (PR Newswire)
  • 52 percent of marketing professionals worldwide name video as the type of content with the best ROI. (HubSpot)

If you’re not incorporating video in your marketing strategy, you might want to reconsider.

About the Author

Rolando Corpus joined Consult YHN in 2011 and serves as Art Director. He has more than 12 years’ experience in graphic design, digital marketing, and video production. He received a bachelor of arts degree from St. Joseph's University and a master of arts degree from The University of Pennsylvania.