Volume 19
August 5, 2020
  • Positive Catalysts
  • Measuring Up
  • “Outsmart, Don’t Outspend”
  • MarkeTrak VIII
  • Customer Acquisition Costs
  • Do the Math
Societally, personally and in business, is it better to be proactive or reactive? While hearing care leaders navigate difficult operating conditions, open minds seek positive catalysts. As socially-distanced consumers buy more online or attend numerous Zoom calls, many healthcare sectors are keen on telemedicine initiatives. It is fascinating how current events can trigger renewed efforts on strategic projects pending or started, but not yet brought to life.
With marketing resources dear, we must measure which targeted programs fit best. Are they deftly aligned with your brand promises, patient-centrism and educational goals? From investment perspectives, do they consistently achieve threshold returns? The fact is, we cannot improve what we don’t measure.
After years of co-creating grassroots educational marketing programs with industry leaders nationwide, HDI introduced the aspirational concept, “Outsmart, Don’t Outspend.” What does Outsmart mean? In 2009, many suggested we review the MarkeTrak VIII Study: 25-Year Trends in the Hearing Health Market.
As we Take Science Seriously with peer-reviewed medical literature, we should learn from useful data insights which dedicated researchers invest years to develop. When testing patients, your expert diagnoses and treatments are guided by measurable information. With practice growth initiatives, leaders confidently act upon proven pathways demonstrably best for their patients, practice, community and profession. By design, we should invest more where resulting momentum is positive and reduce spending on less effective tactics that consistently do not “work like they used to.” To invest in bright futures, concentrating on winners makes trends our friends.

While we seek to efficiently reach and serve more in need, Customer Acquisition Costs (CAC) are a key performance indicator. In assessing your CAC data, what are estimated ranges and notable trends? Is your average CAC $500, $750 or higher and with increased competition, has it steadily increased or decreased?
While statistics vary, reports typically show higher CAC costs, to the chagrin of financially disciplined practices who realize that notably reducing this number can stimulate significant benefits on a continuing basis. Click to learn more.
By Outsmarting, Not Outspending, this operational goal can be pragmatically achieved in logical ways more easily than expected. This crucial need is why nurturing campaigns which accentuate abilities to grow practices from the inside out are gaining traction. With “Go with the Flow” automated methods delivering well-received educational content and social currency, you can increase business while doing more good. From MarkeTrak VIII to 2020 and planning ahead, best practices who decisively build these competitive advantages will prosper.

Let’s do the math on previous issue’s example of patients with older devices and warranty expirations. Based on conservative $5000 average transaction value, effective email nurturing and helping of:

1 additional patient weekly creates 52 x $5000 = $260,000 of incremental annual revenue
2 additional patients weekly create 104 x $5000 = $520,000 of incremental annual revenue

Just imagine the positive impact on your practice, including lowering CAC. With systematic nurturing campaigns efficiently delivered in a compassionate voice, these results are not just possible, but, with responsive emphasis on many opportune encounter types, probable.
With consistently healthier engagements, you will help more to improve their quality of life and in doing so, generate higher net profits. Having devoted many recent issues to digital marketing imperatives, next week’s emphasis will be on targeted mail campaigns which creatively deliver value. Thanks for reading and see you then.
Bruce Essman
High Definition Impressions (HDI)

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