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Find the answers you need to calculate your online marketing’s ROI. Fill in the required sections below – your results will auto-populate.
**This ROI calculator is provided for your reference only. This is not a guarantee of your actual ROI or results. For further information regarding these calculations, see the video below.
Watch a Demonstration
Do you have questions about the ROI calculator? To see a detailed demonstration of how to use our tool watch this video!
What is marketing ROI & why is knowing it so important?
Let’s start at the beginning of ROI – what does that mean for a podiatrist’s digital marketing? ROI, or return on investment, is an accepted performance measure used to determine the value of your marketing investments. ROI is a measurement of the return you receive versus the cost you pay for your digital marketing efforts.
Determining these numbers can provide insight on how your marketing is performing and guide you in making decisions on which efforts to invest in more and which are not producing the return you would like. You can calculate a very general ROI by diving the amount you have gained from your marketing by the amount you spent. If you get a positive amount, you’ve gained on your investment, but if you end up with a negative amount, then there is work to be done!
5 Facts about ROI
1. Calculating your Patient Visit Value (PVV) is critical! This is your total collections in a period divided by the number of patients seen. A good marketing strategy seeks to increase PVV by promoting higher-yielding forms of treatment.
2. Knowing how much you get back from your marketing investments makes it easier for you to plan ahead and create a budget for what you should spend on your future marketing efforts.
3. When calculating your ROI – breaking down marketing efforts by type (social media marketing, online advertising, video marketing, etc.) allows you to dive deeper and analyze the return you receive from each type of marketing you are doing.
4. Learning what strategies and techniques are working gives you the ability to allocate spending on the efforts that will yield the largest profit
5. Having your budget planned out can truly help you run your practice more efficiently and ensure that you stay on track and make the gains you want to see.
FAQs and answers about ROI:
1. Why is calculating ROI so difficult?
This is probably the most frequently asked question surrounding ROI. Because using a simple formula does not take into account all aspects of your marketing efforts, calculating an exact return on investment is very complicated. Time is also a significant factor when calculating ROI; for example, if you have a content writer writing blogs for your website an ROI calculator doesn’t take into account the amount you paid them to write those blogs.
2. What is good ROI?
Relatively speaking, any investment that turns out a positive return is a good return on investment. However, some investments will provide much higher returns than others, and you also need to account for things like time and stress that go into gaining a return. If the time spent or stress induced to gain a return are too taxing, then the positive return on your investment may not be worth it to you.
3. What should I consider a marketing cost?
When calculating your ROI, any amount you spend on marketing efforts would be considered a marketing cost. For example, if you pay for Google Ads then your cost to run the ads and the cost for every click needs to be calculated.
4. How do I track my ROI?
Gather all of your marketing costs. Then, determine how you want to analyze your data. You can calculate the overall ROI of your marketing efforts by dividing the amount you have gained by the amount you spent. Or, you can calculate each individual marketing tactic to help you narrow down and see which tactics proved to provide the most return for your investment.
5. What are simple ways to improve my ROI?
To answer this, I have to ask you to remove your doctor’s coat for a minute and put on your business suite (like hats…or roles…you get it!). Two simple ways to improve your ROI are increasing your sales and reducing your costs. How does this relate to podiatry? Great question! You have to increase the number of what we call, “perfect patients” and decrease the amount you spend on things you do have control over. If diabetic foot care “costs” you the most (time spent versus money made), then that might mean focusing your marketing efforts on ingrown toenail patients instead.
Now that you’ve used the ROI calculator to define the current status of your marketing ROI, it’s time to roll up your sleeves and develop an EFFECTIVE strategy to make the most ROI for your podiatry practice.
Schedule a consultation so we can provide our expert advice and you can be on your way to developing the successful podiatry practice you’re dreaming of!