In the competitive field of dentistry, understanding the financial impact of your marketing efforts is crucial. One key metric that often gets overlooked is the average lifetime value (LTV) of a patient. This number represents the total revenue a patient is expected to bring to your practice over the course of their relationship with you. Knowing this figure can significantly influence how you assess your marketing strategies, especially when it comes to digital advertising. At Bullseye Media, we emphasize the importance of evaluating the numbers before jumping to conclusions based on anecdotal feedback.
Consider the example of one of our clients who recently started running Google Ads (PPC) with us and immediately saw an increase in call volume. However, the feedback from the front desk was less than enthusiastic. They reported that many of the calls were from people who were too far away, not the right demographic, or not even speaking the right language. While the front desk was adamant that the calls were not valuable, our analytics and call tracking data told a different story.
We could see, and hear, that the calls coming in appeared to be good leads. To address the concerns, we asked the doctor to meet with us to review the calls and data. Leading up to our meeting, we requested that they examine their records to see if any new appointments had been booked as a result of the ads. After reviewing their logs, the doctor discovered that they had indeed booked five new patient appointments directly from the PPC campaign.
To put things in perspective, the doctor’s average lifetime value of a patient is $10,000. Up to that point, they had spent slightly more than $1,000 on PPC ads. This meant they were seeing a return on investment (ROI) of 50 to 1. Once they calculated this, their tone shifted dramatically. Instead of focusing on the negative feedback from the front desk, they were now eager to continue and even expand the ad campaigns.
This example highlights a crucial point: it’s important to look beyond initial feedback and delve into the actual data. Your front desk might be the first point of contact for potential patients, but they might not have the complete picture of how valuable those leads can be. By understanding your average patient lifetime value and correlating it with your marketing spend, you can make more informed decisions and better gauge the success of your campaigns.
While it’s natural to react to immediate feedback, especially when it comes from your trusted staff, taking a step back to analyze the numbers can provide a clearer, more accurate picture of your marketing efforts’ effectiveness. At Bullseye Media, we are committed to helping you see the real value behind your ad campaigns and ensuring you make the most out of your marketing investments.
Ready to see the true value of your dental marketing? Call Bullseye Media at (800) 506-9817 to optimize your PPC campaigns and boost your ROI today!
