As healthcare marketers today, we seem to have access to metrics, metrics and more metrics. But measuring marketing’s performance is ultimately not about the number of likes or followers. It’s about return on investment (ROI) – how your marketing efforts are generating income for your organization.
As marketers, we need to help the C-suite understand our value and begin to view marketing differently – with marketing being THE key revenue source for the organization (as they do in other industries). That means we need to be accountable to the organization for demonstrated ROI on our marketing efforts.
Our first foray into demonstrated ROI has been with CRM and also with digital ads and our ability to demonstrate click-thru and response rates. Data is key when it comes to aligning marketing efforts with ROI. But where systems aren’t advanced enough is coordinating with other elements of financial reporting which can help marketing demonstrate what the ROI is back to the organization. There also must be a solid plan in place to help manage this data – and, again, it should be synced with other elements of financial reporting.
The bottom line is that marketing must be viewed as a revenue source, with agreement from finance and leadership on what the important key performance indicators (KPIs) should be. Finally, marketing should then be held accountable to demonstrating those KPIs through effective report cards, focusing on the financial impact of their marketing efforts.
As experts in marketing operations and performance, Corrigan Consulting can assist you with marketing analysis, strategic marketing planning, determining KPIs and the all-important ROI. Drop us a line at firstname.lastname@example.org.