AADOM PODcast – 5 Marketing Metrics That’ll Skyrocket Dental Practice Growth

5 Marketing Metrics That’ll Skyrocket Dental Practice Growth

Ever felt lost in the sea of marketing jargon and endless metrics?

How can you tell if your marketing is actually making you money?

Roadside Dental Marketing’s Chief Marketing Officer, Dominique, unpacks five game-changing marketing metrics every dental practice should track.

Listen to the podcast and follow along.

Let’s dive right in!

1. Net New Patients

This metric showcases your patient growth either monthly or quarterly. You calculate it by subtracting the number of lost or inactive patients from your new ones.

Always strive for a positive trend. This number is your best indicator of overall practice growth. Most offices only track new patients, ignoring losses.

But remember, gaining 50 new patients while losing 60 puts you at a net of -10. To better this metric:

• Use reactivation campaigns for patients with unaccepted treatment plans or those who missed hygiene appointments
• Engage in long-term nurturing through emails or organic social media to stay at the forefront of your patient’s minds
• Invest in patient generation campaigns on platforms like Facebook and Google to increase new patients

2. Conversion Rate

This metric reveals the percentage of your website visitors turning into leads, such as phone calls or appointment bookings.

To calculate: (Total leads / Total website visitors) x 100%. Ideally, aim for a 5-8% conversion rate.

This number is crucial as it best reflects your website’s performance. If you’re investing heavily in Google ads but have a mere 2% conversion rate, consider redistributing your budget for improved website content. To boost your conversion rate:

• Incorporate engaging photo and video content
• Use potent headlines addressing your target audience’s needs rather than long textual explanations
• Enhance website design and have compelling call-to-actions

3. Cost Per Lead (CPL)

CPL indicates the cost of generating a lead. It’s often used for PPC campaigns. To determine this: Total ad spend / Total leads acquired. A general benchmark lies between $40 to $80.

This metric best captures the effectiveness of your top-of-the-funnel advertising. If CPL is too high, consider:

• Offering enticing deals, like discounts
• Refining ad copy, creative content, and targeting strategy
• Enhancing landing pages with stronger messaging and ample social proof

4. Cost Per Acquisition (CPA)

CPA denotes the cost of converting a lead into a new patient. Calculate it by: Total ad spend / Number of new patients.

It varies significantly based on the services you’re promoting. This number is pivotal as it measures the efficiency of your middle and bottom-of-the-funnel strategies.

If the CPA seems too steep:

• Implement or improve online booking systems
• Ensure better follow-ups post lead acquisition
• Enhance the patient experience within the office and optimize treatment presentations

5. Return On Investment (ROI)

The ultimate metric, ROI, indicates the revenue earned relative to your marketing expenditure. To determine ROI: (Revenue from marketing leads / Total marketing spend) x 100%.

A good baseline is 3:1 (spend a dollar, earn three back). Aim for at least a 5:1 ratio.

Understanding and tracking ROI from top to bottom of your funnel grants you better strategic visibility. Doing so allows you to adapt strategies based on tangible metrics, ensuring your marketing efforts aren’t in vain.

While metrics might seem daunting to many, these five are essential to ensure your practice’s robust growth.

Remember, it’s not about overwhelming data but deriving actionable insights.

If you want Roadside to take a peek into your numbers and see where you’re leaving money on the table, request a free Revenue Opportunity Report.