Analyzing ROI for Medical SEO
Digital marketing is the single best way to invest in your firm’s growth and expansion. With facets like social media, email campaigns, blogs, and websites, digital marketing might seem a bit overwhelming to get right for your company. However, one of the primary means of strengthening your marketing is through search engine optimization (SEO). To create a successful digital marketing campaign for your medical practice, you'll need to invest time and money into your business and your medical SEO.
When you're looking at the return on investment (ROI) for your medical SEO, consider all of the factors that go into creating your digital marketing campaign. This includes the time and money you spend on each task, and, most importantly, the results you get from each task. You also need to consider the lifetime value of each customer. In this article, we'll cover the top ROI metrics you'll want to analyze to see how your SEO efforts are actually performing.
What Is ROI?
Return on investment essentially means what you make from a marketing effort after accounting for what you’ve spent. To calculate your ROI, you'll need to consider all of the money you've spent on your campaign and compare it to the results you've seen. This will help you see how much money you're making for each dollar you spend. It's important to remember that SEO takes time so that you won't see results overnight. However, if you're not seeing a return after six months, it might be time to reassess your strategy.
There are two main types of ROI: financial and non-financial. Financial ROI is the most common and easy to calculate. This type of ROI considers the money you've spent on your campaign and compares it to the revenue you've generated. Non-financial ROI is more difficult to calculate, but it's just as important. This type of ROI takes into account the time you've saved or the brand awareness you've created. Both types of ROI are essential to consider when you're looking at your SEO campaign.
The Best Metrics To Calculate ROI
To determine your ROI, focus on very specific metrics that give you a clear picture of your ROI. These metrics help you see how well your campaign is performing and where you can improve.
1. Unique Monthly Visitors
Unique monthly visitors are one of the most basic ROI metrics you can use to track your medical SEO. This metric tells you how many people are visiting your website each month. You can find this information in your Google Analytics account.
To get a good idea of the effectiveness of your campaigns, you'll want to compare your unique monthly visitors to the number of leads you're generating. If you're not getting enough traffic to your website, this is a sign that your SEO efforts are not yielding the result you had hoped for.
2. Return On Ad Spend
70% of clicked search results are organic, which means that the other 30% are derived from advertisements. If your business has invested in an advertising campaign, you'll want to calculate your return on ad spend. Return on ad spend (ROAS) will tell you exactly how much revenue you're making compared to the amount of money you're spending on your digital marketing campaign. If you primarily use paid advertising to generate leads, this is the metric you'll want to focus on.
Divide your total revenue by your total ad spend to calculate your ROA. The result provides a clear idea of how much money you're making for every dollar you spend on medical SEO. Remember that this number does not include the total ad spend when you include cost of personnel and department costs.
3. Cost Per Lead
Cost per lead (CPL) is a metric that tells you how much it's costing you to generate each lead. To calculate your CPL, divide your total marketing costs by the number of leads you've generated.
This metric allows you to see which campaigns generate the most leads at the lowest cost. If you're paying too much for each lead, you'll need to either cut your prices or generate more leads to make your medical SEO campaign profitable.
4. Customer Lifetime Value
Customer lifetime value (LTV) is the total amount of money a customer will spend with your business throughout their lifetime and shows you how much profit you can generate from each customer during their relationship with your firm.
To calculate your LTV, you'll need to estimate how long the average customer remains with your business and how much they spend each month. This number gives you a good idea of whether your medical SEO campaign is sustainable in the long run. If you find that your LTV is too low, you'll need to either increase your prices or find more ways to generate leads.
5. Average Order Value
To see if you’re pricing your products and services correctly, you need to know the average order value (AOV), which is the average amount of money each customer spends on your website.
To calculate your AOV, simply take the total amount of revenue you've generated and divide it by the number of orders you've received. This number will give you a good idea of whether you're making enough money from each sale. If you find that your AOV is too low, you'll need to either increase your prices or find more ways to upsell and cross-sell your products and services.
Your business can use a variety of ROI metrics to track the success of your medical SEO campaign. In this article, we've covered the five most important ones. By calculating and assessing all of these metrics, you'll get a very clear picture of how profitable your SEO efforts are and whether they're worth the time and money you're investing.
If you need help tracking your medical SEO ROI or designing a campaign that will generate leads, contact our team of experts today. We'll be happy to help you set up a campaign that will generate leads and grow your business.