The Metrics That Justify Your Marketing Expenditures
Business development consultant Marlene Kurban poses an interesting question for healthcare marketers: “If your CEO walked up to you in the hallway at your hospital next week and asked you what return on investment your hospital is getting for your marketing efforts, could you accurately answer the question?”
Alicia Shoemaker, senior account manager at Nationwide Children’s Hospital in Columbus, Ohio, is proud to be able to answer in the affirmative. “This year the marketing team achieved an 85 percent return on investment, with the goal of 100 percent ROI in 2018,” she says.
Making the business case for investment in infrastructure, support services, and especially a CRM system can be tough in pediatric hospitals, notes Kurban.“You’re marketing to the parents, not the patients,” explains Shoemaker. “The people you’re marketing to aren’t necessarily the people in your database. And predictive modeling is not currently readily available in the pediatric market.”
How did Nationwide’s marketing team capture data at the front end that tied to downstream revenue—$15.4 million in gross revenue to be exact? And how did it use insights gained to optimize campaigns?
Read our new article to learn some highlights of Nationwide’s methodology. We’ll also share a case study illustrating its approach in action: