Every savvy business owner knows that it’s important to tack and measure success, especially when it comes to marketing. If you don’t know what’s working and what’s not, how can you improve? Tracking your marketing efforts is key to figuring out exactly what strategies are boosting your business and what your customers respond to – or don’t. Here is how tracking your pharmacy metrics can save you money.
Why Your Pharmacy Metrics Matter
Like any other business, pharmacies benefit from knowing how to use their assets wisely. By following the numbers, you can answer almost any question about your marketing efforts and financial health, such as:
- Are my social media ads a good investment?
- Is my pharmacy mobile app increasing our new prescriptions this quarter?
- How many new leads did that promotion bring in last month?
- Is my marketing improving my bottom line?
Metrics help you track data over time across channels, and in some cases, compare your results to your competitors. They can also give you the information you need to hone your sales funnel and convert more leads into patients with better-targeted marketing.
Read more about how metrics can help you increase your patient base in our latest ebook.
Marketing Metrics You Should Be Tracking
Common metrics most businesses keep track of include revenue, cost of goods sold, and expenses. You may also be familiar with basic social media metrics such as likes, comments, follows, and shares.
As you build your online presence and invest more resources into digital marketing, here are some important metrics to track:
- New leads through social media ads or your website
- New leads through review sites or other referrals
- Social media ad activity
- Unique website visitors and session length
- Website traffic sources
Try to gather data for these metrics on a monthly, quarterly, and yearly basis so you can track progress over time. If you’re also keeping track of how your business is growing and where your patients are coming from online, you should have data to compare these metrics side-by-side.
For example, by comparing website activity to the number of new patients that sign up online, you can get a sense of your conversion rate, or the percentage of online leads that become customers.
Once you’ve identified which types of marketing activities have the best results, you can focus your resources more efficiently which will ultimately save you money and increase your return on investment.
Tools and Resources to Analyze Your Metrics
A great free tool for tracking metrics and digital marketing efforts is Google Analytics. It takes a wide variety of data directly from your website and offers basic results in a user-friendly dashboard. Google Analytics can also help you track Google Ad campaigns and optimize your site for better user experience (UX) with Google Optimize to increase your conversion rates.
Marketing automation is another tried-and-true way of measuring your efforts. The term refers to software platforms that help you manage marketing and automate repetitive tasks, such as social media management sites, Hootsuite. Many of these tools offer in-depth reporting and data as part of the service.
At Digital Pharmacist, we offer a digital marketing package that includes resources and tools like eNewsletters, paid ad support, and lead tracking. These items can help you boost your business and measure success so you know exactly what’s working and what isn’t.
By tracking your pharmacy metrics over time, you’ll be able to analyze your business’s financial health, weed out less-successful strategies, and focus on building your patient base.
To learn more about how you can leverage data and analytics tools in your pharmacy business, download our latest ebook.