Join us to learn which marketing metrics physical therapists should be measuring, and which they should let collect dust! One of Co-Kinetic’s core values is to help you navigate your way through the maze that appears to be marketing, save you time, and help you to drill down to the small number of marketing activities that can actually move the needle for your business.
We say “the maze that appears to be marketing” because marketing isn’t as hard as most people think it is; as long as you focus on the right things! What can be confusing is understanding the numbers that go hand-in-hand with your marketing strategy. You need to decipher these numbers so you can measure your marketing, and plan accordingly to get the results you need, in the most cost-effective way possible.
Good marketing is about doing more of what works, and ditching the stuff that doesn’t, but to know that, there needs to be an ongoing process of testing, measuring, adapting, retesting and re-measuring. And we certainly can’t afford to waste time on measuring things that don’t matter.
Let’s start with the UNimportant things…
Whilst there are many things you need to be tracking, there are also many things you don’t need to track! It’s time to vanquish the vanity metrics! In short, vanity metrics are things that don’t serve an actionable purpose, or in other words, they don’t directly drive a business goal. This article by Michael O’Neill is great, and describes vanity metrics as things such as social media likes, website bounce rate, social media followers and organic traffic growth. These vanity metrics do not correlate to revenue in any way. They’re useful to measure brand awareness of course, however there are more important marketing activities to be investing in and prioritising before you throw money down the brand awareness drain!
But more importantly…
There are metrics that you need to know and be aware of and know in order to answer the question: If I spend £100, how much can I expect to get back?
These metrics are important to help with forward planning when it comes to your marketing strategy… Let’s go into a brief explanation for each of the following metrics…
Average search position for buyer-intent keywords
Buyer intent keywords – these are search queries which show that somebody is actively looking to make a purchase (they’re ready to buy from you). It’s worth employing some SEO (search engine optimisation) input to help you find out what these queries are to help you optimise your SEO!
Email leads collected
We believe that growing and nurturing your email list is one of the most important marketing activities you can do! Collecting new email leads is one metric that can correlate with revenue. Once you’ve collected these leads, they can be entered into an email process allowing you to send regular value-added resources i.e. links to patient leaflets that we provide in our subscriptions.
Lead magnet downloads
Providing people with downloadable resources (i.e. lead magnets; whether that be patient leaflets or ebooks) is one of the best ways to collect marketing-qualified leads. Remember you should only give access to these resources in return for an email address (at the very least). Not only can you add these emails to your email marketing sequence, but you can also accurately target them in the future with information you know will be relevant to them.
A marketing-qualified lead is someone who’s demonstrated an interest in your services based on marketing activities you’ve put out there. This could be anything from lead magnets they’ve downloaded to web pages they’ve visited. Essentially they’re demonstrating an early interest in the services you offer. The goal is to turn a MQL into a sales-qualified lead…
A sales-qualified lead (SQL) is someone who’s demonstrated more investment or effort in you, and has engaged at a deeper level with your marketing activities. This indicates that they’re a viable prospect with needs that match the service you’re offering.
In the purest sense, your conversion rate is the number of leads who become paying clients divided by the number of leads entering the top of your funnel (for example email sign ups).
Customer acquisition cost
This is one of the most important numbers that you need to know about. It’s all about how much it costs you to acquire a new customer. At the very simplest level it can be calculated by dividing all the costs spent on acquiring customers (marketing and sales expenses) by the number of customers that were acquired in the period that money was spent. Whenever you run campaigns, make sure you keep track of any costs that incur. However, you may still get a new customer as a result of a campaign several months or even a year later, which therefore falls outside the measuring period so it may not be 100% accurate.
Customer lifetime value
This is the metric that indicates the total income you may reasonably expect from a single customer throughout the lifetime of the relationship.
So there you have it; the metrics that you do and don’t need to pay attention too! Not sure what to do next? Why not try setting a process in place to measure the key metrics outlined in this blog post, and keep a spreadsheet of what you’re spending on each marketing campaign!
If you’d like to delve into this topic in greater detail, we have a longer version of this article at this link.