Since the holiday season is upon us, I began thinking that if I could give a marketing themed gift to all of our Associates, what would I choose? [Yes, these are the types of thoughts a marketing nerd has on a daily basis!] One of the most important components to any marketing plan is the integration of call tracking and the ability to determine a return on investment [ROI] for all initiatives; much more powerful and business focused than drummers drumming, lords-a-leaping and partridges in pear trees. If you are going to spend thousands [or tens of thousands] of dollars on marketing initiatives, you better know how much bang you are getting for your buck!
As our team helps Associates plan for 2013, we are analyzing ROI data on a daily basis, helping to determine the marketing initiatives that were most successful in 2012. And success is measured based on the answers to the following questions:
- How many calls [opportunities] were received?
- How many of the calls [opportunities] were converted into appointments?
- How many appointments [opportunities] resulted in units sold?
If you have all of the aforementioned data, you can easily calculate your ROI and determine the success of your collective marketing efforts.
The most accurate data can be assessed when Associates integrate a unique call tracking number on each initiative [e.g. one number for direct mail, one number for newspaper inserts, one for ads, etc.] to obtain the number of calls received. Couple that with monitoring the calls to appointment ratio and number of devices sold in your practice management software, and you have your ROI all tied up like a holiday gift!
So what if you think you are doing everything right but are still feeling unsure? I often hear that “marketing isn’t working,” or “what I tried years ago just isn’t producing as well as it once did.” These are valid comments/concerns in the marketplace, but often when we dig into the data, we can focus on the variables that are preventing the marketing from being as successful as it should be.
If the data tells us that you are receiving a healthy number of calls that fall within industry benchmark [and we do have these numbers because we work with many CQ Associates across the nation], that’s the first win. If 75%-80% of these calls are then converted into appointments, that’s win number two. And if 60% of these appointments are then converted into sales, you will generate a more-than-healthy ROI.
Conversely, if any of the variables fall below the thresholds listed above, we have some work to do. Whether it’s reassessing the marketing piece, enrolling your front office person in training or getting the Audiologist to a sales class, CQ Partners is here to help.
Make sure you take the time now to research your marketing ROI before setting your 2013 plan in stone. CQ Marketing wants to wish you happy holidays and help make marketing planning part of your yearly tradition!
Interested in learning more about CQ’s Marketing ROI Tool? Contact Scott Berger, Director of Marketing and Sales Analytics at sberger@ConsultYHN.com.