ESCRS 2014 Cost-Effective Methods of Attracting new patients
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Transcript of ESCRS 2014 Cost-Effective Methods of Attracting new patients
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Cost-effective ways to attract new patients
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Cost-effectiveadjective
1. effective or productive in relation to its cost
2. good value for the amount of money paid
“the most cost-effective way to invest in the stock market”
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source: 1. Oxford Dictionary, 2. Cambridge Dictionary
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How do we know if something is cost-effective?
By measuring its return on investment, or ROI
The most frequently used method of measuring ROI is
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ROI = Gain from investment - Cost of investment / Cost of investment
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An example of ROIROI = Gain from investment - Cost of investment / Cost of investment
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100% = £1000 - 500 / 500
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Buy a home for £500,000, sell it for £1,000,000, you generate a 100% return. (Good investment)
Buy a car for £10,000, sell it for £5,000, you generate -50% (bad investment)
What do you think the average return on investment for marketing is?
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Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
Source: The Neilsen Company 2013
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Global Marketing Return on Investment (ROI) - Incremental Revenue per $ spent
0
0.75
1.5
2.25
3
Online Ads Promotions Magazines PR TV advertising In-store programs Outdoor Ads Newspaper
ROI (short term) ROI 2 (long term)
9%Source: The Neilsen Company 2013
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Average Marketing ROI
For every ($, £, €) 1.00 spent, you can expect to get ($, £, €) 1.09 back…
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Why doesn’t it work???
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What are traditional marketers doing now?
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What are online marketers doing now?
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How does marketing compare with other
means of attracting new patients?
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Making the most of a low yield investment
• Increase conversion rates of the leads generated by marketing
• Increase conversion rates of the appointments in front of you
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Training your staff has much higher ROI than marketing
Marketing Telephone Training
Consultation Training
ROI 1.09 to 1 47 to 1 21 to 1
Within 3 months