Return on Investment (ROI) is one of the fundamental matrices to assess a strategy’s performance. Increased ROI always reflect your ability to understand market demands and disruptions prevailing in the markets. It is always pivoted around your strategy and flexibility with the strategy. In digital healthcare marketing, ROI plays a paramount role, and here we will elaborate on some key strategic points which can help you make a considerable increase in the ROI.
Calculating ROI
In healthcare marketing, people differ on the ways to calculate the ROI. For some, ROI should be viewed in terms of crude cash earned after adjusting with the investment. But others believe ROI is much more comprehensive in scope and should be conflated with the impact of financial decisions. Financial decisions targeted to increase revenue growth with a specific quantum of investment are more holistic approaches to calculate ROI.
Usually, one of the standard formula-
But using these equations is crude and doesn’t elaborate on the technical aspects. A strategy’s workability should be juxtaposed with the results to ascertain which strategic decision led to increased revenue.
ROI- Reflection of a rainbow of Strategic Decisions
ROI, when seen from different reference frames, we can ascertain what’s working and whatnot. So we have to see it from a different perspective to ensure a continuous increase in revenue growth.
- Lead Generation is one of the crucial metrics for the calculation of ROI. Although restricting ROI to only lead generation is also not a good approach. But taking it into account will always help you in tweaking your strategy to get the best results.
- Conversions are yet another crucial aspect that speaks volumes of the impact of your strategy. These are the result of your efforts and thus directly linked to ROI. Although conversions should also be seen in a broader perspective, e.g. How many people gave their details for downloading the lead magnet from your website?
- Educating customers about your brand is also an essential part of ROI, wherein you can assess how many people understood what you were trying to communicate to a customer.
- Customer’s Satisfaction ensures that he/she is more likely to come again, which will lead to further revenue growth. It gives a picture of ROI in prospect.
Ways to Increase the ROI
There are several ways to increase the ROI, but we will go into the most effective ones adapted by leading digital healthcare marketing agencies worldwide.
Understanding the customer’s mindset
- One of the mistakes digital healthcare marketing agencies commit is that they want to impose their strategy on customers than tweaking the strategy in coherence with the consumer mindset.
- Targeting customers becomes much easier when you know the requirements of the market. It helps in resource management, and one can see its reflection in ROI.
Not taking a risk, the biggest risk.
- Nobody knows for sure what’s going to work in a dynamic market wherein anything can trend the next moment, and suddenly something can go out of trend. So risk-taking is paramount to increased ROI.
- Global digital marketing agencies in the Healthcare sector take risks all the time by exploring uncharted territories. One ad campaign, one Video ad or One hashtag can sometimes bring an unprecedented impact.
- A sustainable approach is always the best choice in healthcare marketing, but overly relying on sustainability may end up hurting innovation. One needs to strike a balance between sustainability and innovation to witness a continuous rise in ROI.
ROI and Revenue growth
- ROI and Revenue growth are inseparable. Thus one should always give the top priority to revenue. Seeing ROI solely from a revenue perspective may not be the best strategy, but ROI heavily banks on revenue growth. And a client always sees ROI in terms of revenue growth for their investment in marketing their goods or services.
- Revenue Growth can be augmented by a series of steps from increasing sales by proper targeting to managing the overall costs of paid advertisement on different platforms. Healthcare Marketing agencies deploy different methods, which vary from case to case basis.
ROI is a crucial aspect of digital marketing in the healthcare sector, which helps generate confidence in the client and the service provider. Having a decent ROI in different projects is usually among the top USP healthcare marketing agencies across the globe. A simple change in ROI outlook will go way far than seeing it in crude hard cash earned on investments.
