Whether you are new to developing healthcare content for your digital marketing campaigns or have done this many times before, you need an effective way to measure the success of your strategies. But how do you know if your content is valuable to your audience? How far along are you in achieving your marketing goals?
The answer is to measure your healthcare content marketing return on investment (ROI). This guide is about measuring ROI and includes actionable tips to help you improve ROI and get closer to your goals.
How to Calculate Healthcare Content Marketing ROI
Calculate healthcare content marketing ROI using this formula:
ROI (%) = (Return – Investment / Investment) x 100
This means you subtract the cost of the investment from the profit you earned and divide the answer by the cost of the investment. Multiply the answer by 100 to get the ROI in percentage.
If your video content marketing campaign costs $500 and your profit from this content is $1000, then your ROI is 50%. This is a good ROI because the net returns are positive and the total profits are greater than the associated costs. A negative ROI means that the total costs are higher than the returns.
As you can see, this is a very straightforward formula, but it becomes more complicated if you measure long-term campaigns or investments. For example, it is difficult when you are measuring your ROI for your search engine optimization (SEO) campaign to improve the ranking of your healthcare website.
Not only do you need to consider various aspects of your optimization strategies, but it also becomes more challenging to quantify data like customer experience.
What Does It Mean to Have Positive ROI?
According to Digital Authority Partners, a positive or good ROI means that your marketing campaign earns more money than you spend on it. ROI demonstrates your efforts; without it, you are marketing based on guesswork.
Also, a good ROI means your marketing budgets are being put to good use. You are spending wisely on effective marketing strategies like content marketing. Knowing your ROI can also help you formulate your marketing budget.
According to a 2021 study, 42% of polled marketing experts expect their budgets to increase in 2022, while about 20% said they predict their budgets will stay the same. Marketers trust content marketing to drive their revenues, and so should you.
Tips to Increase ROI of Your Healthcare Content Marketing
Content marketing results take time to show, so it also takes time to see a significant increase in your ROI. Industries like healthcare focus more on long-term investments because most of their clients can take time to decide on health-related services or products.
Patients may also be looking at other providers or practitioners, and thus, they are still trying to decide which services they want to get. It could take months for your target audience to decide whether or not to consider your company or practice.
All of these factors can delay your ROI, emphasizing the importance of developing long-term content marketing strategies. Below are some of the top techniques to boost healthcare content ROI.
Use Effective Content Tactics
Try out different content marketing methods to see which ones work best for your healthcare business or practice. Choose from crucial content marketing channels like email, blogs, social media, video marketing, and direct mail.
Once you know which content channel is the most effective, focus on it to boost your ROI. Identify proper content marketing by doing the following.
- Know where your customers are. Find out what media they consume, the apps they use, and the keywords they use to search for healthcare information. You can do this through a survey, questionnaire, or social media interactions.
- Consider the customer journey. The essential elements of a customer journey are awareness, research, consideration, purchase, and support. Creating content to support your prospects through their journey increases their chances of conversion.
- Check your competition. Identify successful competitors and find out their preferred marketing channels.
Highlight Spending and Income
Part of improving your ROI is focusing on your content marketing spending and how much you are earning. Look at spending at every stage of the campaign and find areas where you may be spending more but need higher returns.
Spending more on a marketing video that needs to get more views or using highly competitive keywords for a new site are some ways to waste your marketing budget. Using the following tips, you can spend your budget wisely to get the most out of your content marketing efforts.
Identify Your Core Metrics
- Reuse or repurpose old content. You can turn video presentations into blog posts and podcasts into articles.
- Use free content creation tools. Try free blog creation tools like WordPress, Blogger, etc. Link your blog to your main page, and use this in your social media content.
- Write your content. Instead of hiring an expert to create blogs that cost $20 to $30 per piece of content, you can make your content. This is for small healthcare practices and practitioners who can spare a few hours a week to create content.
If you know your core metrics for your healthcare marketing campaign, you can come up with better ways to improve your ROI. Are you looking into improving your sales, generating leads, or increasing traffic?
To determine the effectiveness of your marketing strategies, measure the conversion rate, bounce rates, and number of unique visitors of every campaign to define their behaviors. Higher conversion and lower bounce rates mean you have an effective content marketing campaign.
Also, the data you gathered may be used to enhance your ROI further. You can improve your strategies to continue engaging well with your prospects and patients.
Summing Up
By calculating your ROI, determine whether your healthcare content marketing is working. Use content strategies that are meaningful and content that generates more revenue. Increase your ROI using different effective content platforms, showing your spending and returns, and figuring out your metrics.
With all these factors considered, you can create better, more engaging, and more effective content marketing campaigns to boost your revenue. So do not overlook your ROI.
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