Which KPIs are most important to your CFO when calculating overall success for service line marketing?
The 2 KPIs Responsible for Your Ultimate Success
- Cost Per Acquisition (CPA)
If you want bigger budgets, you’ll make implementing this KPI a priority. By tracking your campaign’s ability to get customers all the way through the funnel (services rendered and final-billed), you’ll be able to calculate your Cost Per Acquisition. A powerful brand paired with savvy marketing will result in a lower CPA (i.e. a more efficient budget). That’s what makes CFOs pull out their wallet next time you need additional budget.
Total Campaign Cost / Total Patients = CPA
- Customer Lifetime Value (CLV)
Maintaining existing customers costs 5x less than acquiring new customers, on average. This is because the effort to reengage existing customers is always easier than securing new ones. Smart organizations roll these savings back into marketing to keep the revenue engine running by acquiring even more customers for their service line.
Avg. Revenue Per Visit x # of Annual Visits x # of Years Patronage = CLV
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