The shift towards a value-based healthcare system is founded upon the notion of using data to analyze and hopefully influence health outcomes. Metrics such as quality reporting or e-prescription usage provide analytics that providers can use to improve their practice. MACRA, arguably the largest piece of health legislation in recent years, is predicated on the notion of using analytics (meaningful use) to create better patient experiences.
Analytics is the future of healthcare, which is why it’s important to understand analytics on the marketing side, not just healthcare. Creating and maintaining a consumer base is largely influenced by a strong social media presence. We’ve seen in recent years how social media has directly jumpstarted certain healthcare specialties. Our financial partner Integrity Payment Systems has given us a brief sneak peek into marketing analytics and what they can do for your practice.
The Importance of Marketing Analytics
While keeping track of individual metrics (likes, comments, and reviews) is a good way to gauge the social media presence of your company, they are singular points of data that do not create a complete picture. Each individual metric is important, but as Aristotle once said, the whole is greater than the sum of its parts. Being able to see the big picture—a complete view of marketing analytics over a span of time—will give you a better way to make decisions for your practice.
Marketing analytics gives you a good view of your ROI, or rate of investment. Say, you are promoting your practice with ads and sponsored content, if you cannot see how much money you are making versus how much you are spending on ads, your practice will be seeing red. Marketing analytics often comes in easy-to-read tools where you do not need a dedicated marketing associate. Many companies like Integrity Payment Systems’ Integrity Insights, offer free-of-charge marketing tools, along with additional paid services, to give you a handle on how well your practice is doing.
How to Create a Successful Marketing Analytics Platform
A successful marketing platform starts with a well-thought out plan. Though a marketing plan is going to differ according to the size and direction of your practice, there are a few general steps everyone can take. Marketing analytics software company SAS Institute offers a 3 step process which every practice can utilize, we’ve broken it down into easy manageable parts.
- Have a wide variety of tools at your disposal
Start with a wide variety of tools to measure the social footprint of your company. Find an analytic tool with a dashboard that can track all of your social media activities over time. A complete analytics tool is one that can:
- Detailed over-time reporting: A tool that can look back at past weeks, months, and years. Which segment of your marketing campaigns has generated the most revenue? How did a specific segment generate revenue vs. the same exact segment a month later? Lead generation analysis over time is crucial in marketing.
- Day-to-day analysis: Having a real time way of looking at your marketing initiatives will allow you to make great decisions in the future. Where are your customers engaging with you, and when? Which marketing avenues are generating the most buzz?
- Help make predictions for the future: Being able to review trends over time allows you to answer accurately answer questions about the future. For example, if we get the most impressions (likes, comments, shares) at one point in time, how do we maximize our impressions in the future? These business decisions are also backed by data, or quantifiable proof.
- Assess your analytic capabilities, and fill in the gaps
Whether you have a comprehensive marketing plan in place, or you’re brand new to marketing, there will be areas you can’t cover. Understand your analytic capabilities and figure out what you need to prioritize and what you don’t. For example, if your practice is consistently receiving negative Yelp reviews, it may be important to focus on that versus a different social media platform.
A simple tool such as website analytics can increase the presence of your company. A tool like the one in provided in Integrity Insights (pictured below), tracks Visitors, Page Views, and Bounce Rates, over a period of time. With these simple points of data, you can optimize the type of content you want to put out and at what time for maximum impact.
- Use the data to grow
Spending time and resources on marketing analytics is pointless if there is no plan of action. Marketing is a game of inches and requires you to adjust segments in a thousand different ways. Marketing is about understanding, adapting, and capitalizing on a very shifty market. And the marketing, especially in healthcare, is always going to change based on new technology and legislation. Marketing is all about using data to increase sales; create a plan of action such as:
- Analyze all marketing campaigns
- Identify high risk-low reward segments
- Adjust and optimize campaigns for maximum exposure
Marketing Analytics Provides Growth in All Sectors
Marketing analytics is a powerful tool which can be applied to every area of your business. Even areas such as support can utilize marketing analytics for growth. For example, tracking the number of support calls for a specific issue, and creating content on how to combat that issue, will show that your company understands issues and is vigilant in tackling them. At the end of the day, marketing analytics is all about creating growth for your company. Understanding how to market your practice in this digital age is essential.
PrognoCIS partner Integrity Payment Systems provides easy-to-use marketing analytics for providers to analyze their online presence. Integrity Insights is “a proprietary marketing analytics platform designed to help local businesses understand how their online marketing is performing. Start with a no cost marketing score, and add features like email messaging, local listings management, review management, even direct calling campaigns as you grow.”
Learn more about Integrity Payment System’s marketing analytics platform here.