As businesses reopen all over the country, owners want to reach patients and draw them in even more than before to make up for lost time and get back on their feet. If you’re in a similar situation and starting a marketing campaign, such as direct mail for dentists, you may be asking: “What kind of response rate will I get?” However, this may be the wrong question to ask, especially right now while the economy recovers. Instead of worrying about how many potential patients will respond, you should focus the rate of return on investment (ROI) to make sure your marketing budget is well spent.
Marketing After COVID-19
If your business has been hit hard by the global pandemic, you’re far from alone. It can be tempting to avoid spending any money at all, but now, more than ever, you need to get your message out to potential patients. If you use your marketing budget wisely, you can easily regain your investment plus more! When you judge your success, you just need to make sure you’re evaluating the right numbers.
Why Response Rate Can Be Misleading
If you look exclusively at your campaign’s response rate, you may get discouraged. Unfortunately, with so many people losing their jobs, patients may be cutting costs, meaning fewer may be willing to respond. During these times, you need to focus on the quality of responses to your marketing campaign, not the quantity.
What ROI Is
In many industries, the response rate is actually irrelevant when it comes to measuring successful marketing. Your campaign’s ROI provides a much clearer picture of how beneficial and effective your marketing efforts are. ROI is calculated by subtracting the money spent from the money made. Then simply divide that number by the money spent on the campaign, and multiply it by 100 to determine the percentage of gain.
Why You Should Focus on ROI
Do you offer a specialized service or product that costs a lot of money? In that case, you don’t require a high response rate in order to get your money’s worth out of your marketing campaign. By targeting the right audience with well-designed direct mailers, you may not bring in tons of patients, but you can bring in big-ticket patients who are ready to spend money. As a result, your practice’s revenue can continue to grow even if you have a relatively low response rate.
When you open your doors, you want to know that you’re doing everything possible to attract the right patients, and marketing is a wise investment that can give you the most bang for your buck. Although marketing can feel like a significant expense, it is really an investment in future revenue and worth every penny.
About Strategic Marketing Solutions
Strategic Marketing Solutions was founded by Travis Russell, who has decades of experience in marketing for small businesses, specifically for dental practices. He and his team provide a full menu of marketing services, including direct mail campaigns. If you have questions about these or other services, you can contact Strategic Marketing Solutions by clicking here.