Find out what your healthcare marketing team should be measuring. Our team appreciates connecting marketing technology and generating data-driven plans. Continue reading for marketing analytics suggestions.
Aside from 10 years of medical school, healthcare marketers and doctors are very similar. Various signals are used in medicine to assess a treatment’s efficacy. With high cholesterol, a doctor would likely request lipid panels routinely to monitor changes.
While marketers cannot control human lives, they must assess their strategy’s impact on patient outcomes. CPA variances are one-way marketers evaluate new patient acquisition performance. Marketing will look at the marketing channels that helped them become patients and the patient retention rate.
This is the essence of marketing measurement. This blog post is about how healthcare marketers can use analytics to get more bang for their dollars.
What Are the Requirements for Improving Marketing Metrics?
Marketing metrics exist at the mercy of data creation. It’s a lot of it. Fortunately, healthcare generates a lot of data, and if the growth of the healthcare analytics market is any indication, there’s a lot of value in extracting insights from it: the healthcare analytics market is expected to reach $50.5 billion by 2024.
As a result, many businesses are working to improve the accuracy of their ROI measurement. This is especially important given the current influx of private equity funding. Of course, each marketing measurement strategy will be unique. There are a few key components that require your undivided attention in general:
People: Prospective, new, existing, and previous patients are prioritized, while partners and clinicians may be included depending on the nature of the healthcare business.
Activities include all of the channels, campaigns, methods, strategies, and so on that comprise your overall marketing strategy.
The massive volume of data generated throughout the organization and its storage, structure, and application for analyzing marketing performance and insights.
These are the metrics that healthcare marketers use to assess their effectiveness.
The various software platforms, systems, and tools (often called “MarTech”) that enable a healthcare marketing operation are technology.
Clearly, there are many variables to consider. A data > analytics > insights structure helps marketers. We employ analytics to gain insights from our data sources as healthcare marketers (patient data, marketing data, etc.). Bringing these five important marketing areas together takes time and effort.
It’s simpler to say than do.
Patient education is a great way to reduce patient outcomes costs. Before, those who successfully combined patient and marketing data did the best. It is now possible to automate patient education campaigns and compare the impact of inbound and outbound patient education on patient outcomes and expenses.
The healthcare marketing teams, in particular, must strengthen their analytics game in four areas:
EHR, CRM, and Other Systems Integration
You’ve probably heard of EHR and EMR systems. Almost certainly, your firm already has one. As the focus shifts to patient-centric strategies, many healthcare organizations install and integrate CRM solutions alongside their EHR/EMR.
“Now that the industry goal is oriented on value, a patient’s quality of life becomes crucial in this equation that determines caregiver revenues,” writes Denis Zhinko for ScienceSoft. The less likely a healthcare professional is to be penalized, the happier and more educated patients. A well-tuned CRM system can help fill in the gaps and improve treatment outcomes.”
A lack of efficient integration can lead to data silos, inefficiencies, and bad user experiences that hinder rather than aid marketing performance assessment and improvement. To successfully integrate these technologies, you will need to do the following:
- Combining data from multiple sources and business areas
- Integrations with marketing automation, analytics, and web services.
Data security protection and HIPAA compliance
Personalized outbound emails to patients or patient reminders for medical staff will be enabled with an integrated architecture. This link helps healthcare marketers track how their efforts affect both the bottom line and patient outcomes.
Create comprehensive analytics dashboards that are easy to use and share.
In this “integrative” approach to healthcare marketing, analytics will be critical. The marketing dashboard or report is assumed. It may be an Excel document with charts or a Google Data Studio dashboard.
Your marketing dashboard delivers real-time data on your marketing initiatives. In theory, a marketing dashboard should provide high-level information for virtual marketing channels, including SEO, paid advertising, social media, and others. The most beneficial dashboards are highly dynamic, constantly updated (automatically), and easily shared across the enterprise. They also simplify report creation and export.
What you’ll need to make a working dashboard
- Access to trustworthy and clean data sources
- A thorough understanding of the key performance indicators and KPIs that your teams must monitor
- A solution for data analytics and business intelligence (see Looker for an example of healthcare analytics)
- Data scientists and IT professionals who have built dependable data pipelines
A healthcare marketing dashboard can provide a wealth of information. For example, you can see that PPC lead acquisition is increasing, but so is the cost per lead. Could you restructure your campaigns to lower the cost per lead while maintaining volume? A powerful marketing dashboard can help you find these kinds of actionable insights.
Creating a Marketing Attribution Strategy
The debate over which attribution model to use rages on since there is no one-size-fits-all solution. Nonetheless, determining which marketing initiatives resulted in the outcomes you care about (appointment bookings, income, etc.) is an essential aspect of healthcare marketing. However, with increasing patient trips, selecting and implementing a credible attribution model may be difficult.
At its most basic, marketing attribution is the process of determining which marketing channel is responsible for a particular outcome. It’s challenging to provide a definitive answer on this subject. First and foremost, it can aid in the allocation of funds within a healthcare organization.
Integrated marketing technologies and core data analytics, required for suitable marketing attribution, have already been addressed. However, the following are some of the more popular methods in use today:
A multi-touch attribution model in which the first and last marketing touchpoints are weighted more heavily than the middle touches.
In this approach, the first, middle, and last touchpoints each receive 30% of the credit, while the remaining touches receive 10%.
The first action or click is given full credit in this paradigm, while subsequent marketing touchpoints are given no credit.
In this case, you give full credit to the last interaction before a conversion. Each attribution model has its own set of advantages and disadvantages. Similarly, specific models will make more sense than others, depending on your particular goals and objectives. Modern attribution technologies, such as Ruler Analytics, Funnel, and Branch, can trace every channel that influences a patient’s path from awareness to consideration to action.
Construct a closed-loop system.
The Reporting Gold Standard What happens to the marketing-generated patient leads? Assume someone searches for a “local orthopedic foot surgeon,” clicks on your ad, and schedules an initial consultation. As a marketer, don’t you want to know what happens to leads who convert from that channel (in this case, PPC)?
Closed-loop reporting can help answer some of these questions. In essence, closed-loop reporting provides data and insights throughout the patient experience, from the first contact to the day they become an actual patient. In marketing, closing the loop refers to attributing revenue from a new patient to the channels, campaigns, and other marketing activity that influenced it along the way.
How Closed-Loop Reporting Can Help Healthcare Marketers
A well-designed closed-loop reporting system will reveal a great deal about what works and what doesn’t. You’ll know, for example, which marketing channels (SEO, PPC, and so on) are generating new patient revenue. You’ll have a good idea of which channels aren’t producing new leads despite your best efforts and spending. Finally, you’ll be able to link specific marketing channels to adverse patient outcomes such as churn, negative reviews, and no-shows.
It’s Hard to Get Healthcare Marketing Insights.
We’ve already discussed some of the healthcare data challenges. Unstructured data from disparate silos, “cleansed,” and made available across linked systems might be daunting.
Healthcare companies, on the other hand, must comply with regulations regarding personal health data. From email marketing to in-portal patient communications, healthcare marketers must never forget HIPAA compliance. Thanks to HIPAA compliance in many marketing automation, EHR/EMR, and CRM solutions.
Finally, many healthcare marketing organizations lack the requisite data and analytics expertise. Others struggle to find a trustworthy third party. Putting together a team of experts capable of collecting, analyzing, and presenting data to improve marketing strategy can be challenging and costly.
All of these obstacles might make securing higher-level support for marketing measurement challenges. Without it, your understanding of what works and what doesn’t would be subpar at best. That’s why building a model that links marketing channels to ROI metrics that matter to stakeholders is crucial.
Above all, do what is suitable for your patients.
In our pursuit of better marketing measurement, it’s easy to lose sight of what’s most important: patients and patient outcomes. Yes, it is critical to properly integrate your EHR/EMR, CRM, and other platforms. It is necessary to have closed-loop reporting, dashboards, and attribution models. However, all of this will be for naught if patients are not prioritized in everything we do.
As a result, nearly all of the benefits of digital marketing that we discuss with our healthcare clients revolve around people. Because if you take care of your working staff, the marketing ROI you seek will come soon after.