Why Tracking Social Media ROI Is Important in the Medical Industry

by | Published on Jun 20, 2017 | Social Media Optimization

Social media has drastically changed the way how people interact and communicate with each other and it is an excellent platform for digital marketing for healthcare. The entire marketing landscape has changed with the introduction of social media. Today many patients use social media avenues to find their physicians online and it has become crucial for physicians and medical practices to create an online presence and make a lasting impression among the patients. There are many social media tools available that are available that can be used to reach target audience. A reliable provider of medical SEO services researches, discovers, analyzes and implements relevant strategies and techniques to provide customized website and social media optimization that will bring excellent ROI.

Social media is a high impact marketing channel and hence measuring and tracking social media return on investment is crucial. However, measuring the impact of your social media efforts is not very easy. You cannot be sure about the revenue your YouTube video or Instagram post brought in. In fact, many businesses have only a vague idea about the financial impact their social media marketing has. The usual challenges businesses have in measuring their social media ROI include lack of expertise, resources and analytics; insufficient tools, unreliable data and inconsistent analytical approaches.

Tracking Social Media ROI Is Important for the Medical Industry

Social Media ROI – Its Importance

Social media ROI refers to the revenue earned from all your social media marketing efforts that is measured in terms of dollars. To measure this correctly you should know how much money you are investing in social media, and how much money your social media objectives are worth. You need to track each step you are taking, what is being spent and what the results are. Social media ROI should be measured because it will help you identify the areas where you need to improve your efforts, the social media platforms that are bringing you maximum revenue, and how particular changes are affecting your social media goals. Take for instance, Google AdWords campaign. Shouldn’t you check the amount you are paying per click, the kind of click-through-rate you are getting, and how many people who clicked on your ads are actually converting?

The definition of social media ROI may vary according to your specific goals. These goals may be revenue, brand awareness, customer satisfaction and so on. In other words, you can say it is the overall results of all your social media efforts that create value.

  • If your primary objective is revenue from your investment, the formula for calculation of social media ROI is:

    Profit/total investment (people, hours, ad budget etc) X100 = Social Media ROI (in percentage)

  • If your goal is creating brand awareness, you would be measuring your success not in terms of profit but in terms of audience engagement, and reach.For this you need to know what actions your audience took, whether they were in keeping with your goals, whether there were any shortcomings, and how they can be improved next time.

Social media ROI is important for businesses including medical businesses for the following reasons:

  • Helps you to identify where the social media marketing efforts and resources are used efficiently.
  • Changes the perception of social media within the organization and its impact across various departments outside of marketing.
  • Identifies the faults in overall strategies, contents and key messages
  • Gives a better picture about customer preference, perceptions and conversations

Measuring Social Media ROI

To measure social media ROI, three things are important – setting social media objectives, deciding how and when to achieve those objectives, and the metrics to use to measure ROI. You can set social media goals on the basis of brand awareness, business conversions, customer experience and so on. It is important to set a timeline for achieving these goals. Reliable metrics you can use to find out how social media is helping you achieve your business goals include:

  • Audience engagement
  • Site traffic
  • Reach
  • Number of leads generated
  • Sign-ups and conversions
  • Revenue generated

Whatever metrics you use, they should align with your objectives, and enable you to take crucial decisions. You should also have the capacity to use them successfully.

Some Social Media ROI Tools

Here are some tools that will help you track consumer actions, set up conversion funnels, analyse data and report the results.

  • Google Analytics: Track website traffic, onsite conversions and sign ups emerging from social media campaigns
  • Facebook Pixels: Allows to track conversion from Facebook ads, everything from leads to sales.
  • UTM parameters: These short text codes can be added to a URL to track data regarding traffic sources and website visitors. They work with Google Analytics and other analytics programs and give a comprehensive picture of your social media performance. You can get information regarding the networks that are performing best, as well as the particular content or post that brought the maximum traffic to a particular page.

Social media users, especially those looking for healthcare services are growing increasingly and hence it is important for healthcare providers to have a strong online presence to attract more prospective patients. A reliable provider of medical SEO services can provide the necessary support to optimize your medical website as well as provide social media optimization and measure social media ROI.

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