Take a minute to reflect on your holistic practice’s current marketing strategy; where are your efforts being directed? How frequently do you check in on the performance of your marketing efforts? How can you tell if they’re effective or if they need refining?
Marketing is an essential element of nearly every business or organization, of course, but the number of metrics at your fingertips can be overwhelming. Or, if you haven’t invested a lot of energy into your marketing strategy, then you might be unsure where to start or how to approach it.
In this article, we’ll tackle how marketing impacts your holistic practice and which metrics to track for success.
Marketing entails a whole host of efforts and initiatives that impact your practice in a few manners:
Your patients won’t know you exist without some type of marketing strategy. Whether that’s word of mouth from current clients, search results advertisements, setting up a table at a local event, or something else, your holistic practice needs to market itself in order to make your community aware of your services.
Plus, if your marketing efforts are the first time a future client has ever heard of you, you’re able to make a great impression and lead with your best foot forward!
Marketing is also great for your current clients to retain them and inform them of any new initiatives that you’re developing. For example, you might be moving to a bigger location and bringing on another practitioner. You can make a great marketing campaign around this, which is both engaging and informative!
This is important to take into consideration when building out your marketing strategy ideas because retaining a client is cheaper than attracting a new one; be sure your branding speaks to your current clients and keeps them in the loop with your practice.
Beyond attracting and retaining your clients, marketing is how you build and refine your holistic practice’s reputation. Do you have decades of experience within your community? Do you make a point of volunteering in your community? Cater specifically to veterans in your area? Whatever makes your practice special is what you should convey in your marketing efforts.
This helps build rapport with clients, both current and potential, and establishes your practice in your community.
Now that we’ve addressed how marketing can be a powerful tool to leverage and have a significant impact on your holistic practice, let’s look into three key marketing metrics to track along the way:
This metric calculates the total amount spent on a marketing campaign and divides it by the number of leads your holistic practice got as a result:
Cost of Campaign / Number of Leads = Cost Per Lead
For example, if you spent $1000 on a campaign and you got 50 leads from it, then the cost per lead would be $20. On the other hand, if you spent $1000 but only received 10 leads, then the CPL is $100.
It’s important to note that the only way you can effectively calculate this metric is if you know the specific origin of a new lead. That’s why it’s helpful to ask your new leads how they heard about you; did they see an advertisement on social media? Hear about you from a friend? Tracking these origins is great to know where new leads are coming from.
Patient acquisition cost provides you with the number of paying patients your holistic practice earns from a particular marketing campaign:
Cost of Campaign / Number of Paying Patients = Patient Acquisition Cost
This marketing metric helps you understand the more real, tangible cost of bringing in new revenue to your holistic practice. Following the same example, if 10 leads of the pool of 50 turns into actual paying clients, then the PAC is $100.
Figuring the ROI on a marketing campaign involves just a little more math and looks something like this:
Income Derived / Cost of Campaign X 100 = ROI
This first factor, the total income earned, involves you calculating the lifetime value of a patient. Let’s say each of the 10 new patients you acquired spends around $800 over the course of their relationship with your practice. That total amount would be $8,000.
$8,000 / $1,000 X 100 = 800%
This metric is helpful for monitoring the overall revenue generated from a particular marketing effort. This perspective is helpful for determining if a marketing campaign was “successful” depending on your holistic practice’s expectations or if something should be tweaked in the future.
Wish you had more time to spend refining your marketing efforts and engaging with the patients in your holistic practice? Find yourself overwhelmed and frustrated trying to figure out new billing regulations? Tired of dealing with rejected medical claims or medical coding inaccuracies that bring your healthcare revenue cycle to a stop? Partner with Holistic Billing Services to handle all your medical coding and billing needs!
Our team of experts has decades of experience and expertise in your specialty, so you know you’re in good hands. We know you just want to get back to what matters most: your patients. We’re eager to help, so contact us today!
At Holbie, we offer complete and innovative Holistic Billing Services for acupuncture, massage therapy, and chiropractic providers.
At Holbie, we offer complete and innovative Holistic Billing Services for acupuncture, massage therapy, and chiropractic providers.
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