escrs 2014 cost-effective methods of attracting new patients

Cost-effective ways to attract new patients

Cost-effectiveadjective

1. effective or productive in relation to its cost

2. good value for the amount of money paid

“the most cost-effective way to invest in the stock market”

source: 1. Oxford Dictionary, 2. Cambridge Dictionary

How do we know if something is cost-effective?

By measuring its return on investment, or ROI

The most frequently used method of measuring ROI is

ROI = Gain from investment - Cost of investment / Cost of investment

An example of ROIROI = Gain from investment - Cost of investment / Cost of investment

100% = £1000 - 500 / 500

Buy a home for £500,000, sell it for £1,000,000, you generate a 100% return. (Good investment)

Buy a car for £10,000, sell it for £5,000, you generate -50% (bad investment)

What do you think the average return on investment for marketing is?

Source: The Neilsen Company 2013

Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent

Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper

ROI (short term) ROI 2 (long term)

9%Source: The Neilsen Company 2013

Average Marketing ROI

For every ($, £, €) 1.00 spent, you can expect to get ($, £, €) 1.09 back…

Why doesn’t it work???

What are traditional marketers doing now?

What are online marketers doing now?

How does marketing compare with other

means of attracting new patients?

Making the most of a low yield investment

• Increase conversion rates of the leads generated by marketing

• Increase conversion rates of the appointments in front of you

Training your staff has much higher ROI than marketing

Marketing Telephone Training

Consultation Training

ROI 1.09 to 1 47 to 1 21 to 1

Within 3 months

Marketing