Considering growing your practice?
Then you’ll need to scale your advertising. Healthy medical advertising accounts can be scaled to grow with your practice. At M.Ad we do this for our clients regularly especially when they’re considering opening a new clinic.
KPI’s That Help Indicate Scalability
Scaling an account is a straight-forward initiative but there’s also room for money to be wasted unnecessarily. A poorly exectued account scale-up has the ability to increase the amount you’re paying per new patient lead instead of bringing through a higher volume of leads. For the best outcome, we recommend pulling some metrics from your account and doing some simple math. Below we’ve summarized some of the key performance indicators we take into consideration when planning an account scale-up.
Average Revenue per User
This metric can’t be pulled from your advertising account but it can be estimated from looking over your business financials even briefly. The question you’re trying to answer is: what’s the value of each converted new patient. We recommend ball-parking two metrics: the upfront ARPU and the lifetime ARPU to keep in your line of sight.
This metric is also known as the cost-per-conversion and can be pulled directly from your advertising account. It will tell you how much you need to spend to bring through each new patient lead.
Search Impression Share
A mature account can tell you the percent of total impressions that your ads are being exposed to.
Search Lost Impression Share
This metric can also be found within your existing ads account and tells you what percentage of the total pool of search impressions you’re losing out on because your budget is limited and your ads are being outranked by competitors.
Another good indicator that helps predict how ‘scalable’ an account is. If your click through rate is low (say less than 3%) that means there’s a much larger pool of impressions that your ads are failing to translate to clicks and conversions.