What’s the Best Way to Measure Conversions?
Healthcare marketers ask a common and essential question when launching campaigns or important projects: “What does success look like?” Marketing success is typically measured in converted leads and improved loyalty. But nurturing potential customers in hopes that they will become consumers can be challenging.
One marketing leader decided to study the process of lead conversion. “A few of my colleagues were asking for help — how do you define a lead, how do you measure it, what would be a good goal to aim for?” says Dalal Haldeman, Ph.D., CEO of Haldeman Marketing and a member of the eHealthcare Strategy & Trends Editorial Advisory Board. “So I decided the best thing to do was some research and share it with my colleagues.”
More than one out of three teams struggle to measure lead generation success. “In some institutions, you’ll find it hardwired — they don’t do anything until they know what they’re going to measure and how. But in others, it’s not a requirement. It’s the mindset of the leaders combined with the availability of technology,” Haldeman says.
Haldeman says that when leaders require teams to define measures for success from the outset of a project, it becomes an integral part of a project plan. “Knowing how to get the information you need, setting up a measure and a process before you start any marketing campaign is very important. It is hard to get that started, but it provides insights to the marketing managers and anybody who needed to do primary research, secondary research, or tracking consumer behavior with web content,” she says.
In her research, Haldeman found that 79 percent of leads don’t convert to sales; there is an average conversion rate of 9.7 percent across all industries. For the healthcare industry, the conversion rate is about 8 percent.
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