Fortunately, calculating ROI for SEO services is fairly simple for medical practices. First, find your average patient lifetime value (LTV). Calculate this by averaging the number of times patients visit your office annually. Next, multiply that number by the average value of an office visit, multiplied by the average number of years patients remain with your practice. Example: An average patient visits 3 times/year spending an average $2500/visit and stays with you for an average of 5 years. Their LTV is $37,500. Or $7500/year.
Next factor in the cost of SEO services. Working with an agency is good because you’ll have fixed costs. Let’s say your cost is $15,000/month or $180,000/year.
Now look at your organic traffic increases and conversion. Let’s say SEO efforts brought 100k new visitors to your site in a year. You convert .025% for 250 new patients. The total value of those conversions based on average LTV is $93,750,000 or $1,875,000/year.
Calculate annual ROI:
- (Return – Cost) / Cost
- $1,875,000 – $180,000 = $1,695,000
- $1,695,000 / $180,000 = $9.41 ROI for every dollar spent.