Return on investment, also known as ROI, is the ratio between the net profit and cost of investment resulting from an investment of resources. For research sites, ROI is very important, as there are often limited resources and budget constraints. Sponsors who allot advertising budgets for clinical trials are particularly interested in ROI, and for good reason. Clinical trials need patients, and both sponsors and sites want to make sure they are spending their money effectively when recruiting these patients. The goal for any effective marketing plan is to get a good ROI, and we have compiled some tips on how to successfully gain ROI from your multichannel marketing plan:
Tip 1: Create and operate with a view of the patient in mind
You will need to understand how certain patient demographics behave and consume media across the advertising channels you plan on using. A very basic example is knowing that people over the age of 65 are less likely than their younger counterparts to be active on social media. Inversely, younger people will be more apt for a digital campaign because they are more likely to be active on social media. Figure out what your target demographic is and do some research into which channel will be the best way to reach them.
Tip 2: Execute a measurable marketing campaign
Knowing what ads are outperforming others and having measurable results is essential for calculating ROI and getting the best out of your ads. One way to help measure your campaign is to use an online landing page and require potential patients to respond where they heard about the trial from. Using direct marketing strategies will make this tip easier to accomplish because actions of potential patients are easily measured. Digitally, analytics tools included on websites and external tools can be useful in gauging results. Examples of these results include the number people who call your site, the number people who visit the website, and the number of people who enroll in the trial that were referred by the ads.
Tip 3: Run your marketing like an experiment
If you are reading this blog, chances are you already know how an experiment works: hypothesize which marketing strategies will work best, test those theories, measure the results, retest and draw conclusions from there. Taking a scientific approach to your marketing plan will help you create an efficient one that can be tracked and explained from start to finish. This tip involves spending money wisely so your marketing efforts will be worth the expense in the end.
Tip 4: Create the same patient experience across as many channels as possible
The quality of patients’ experience with your communication is as important as your consistency. The same messages should be visible across multiple advertising channels and they should have the same voice. Prospective patients should be clear on what you value no matter the channel they are receiving your messaging from. Don’t think of each channel separately, but rather as cohesive parts of a whole campaign.
At the end of the day, the goal of any successful business should be a high ROI. If executed correctly, an advertising campaign can be the difference between valuable dollars wasted and earned. Deciding which marketing strategies make sense for your plan depends on what you decide to implement. Hopefully these tips make it easier to discern how to spend (or save) your budget in order to gain ROI.