June 22, 2011

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June 22, 2011

June 22, 2011

Make the Most of Your Facebook Analytics Dashboard

As you are reading this newsletter, the Facebook community has probably reached 700 million users worldwide. Facebook Analytics is a service that lets you count your impressions and monitor feedback for each post on your practice’s Facebook page. The analytics give you precise measurements of your response rate and effectiveness.

To find Facebook Analytics, go to the insights section of your Facebook Fan Page. Click "See All" to bring up the Facebook Analytics dashboard. Here, you can view user and user interaction statistics. You can measure the quality of your posts over time by clicking the interactions tab. This section recaps:

  • Your most recent posts
  • Dates and times of posts
  • Number of impressions each received
  • Feedback per impression

Precise long-term measurement of effectiveness
You can export these statistics to Excel once a month right from the Facebook Analytics dashboard. This lets you archive your results to compare over time. The posts are sorted chronologically to make comparisons a snap. You’ll know how many times each post was viewed and the reactions per impression. The only thing you won’t know, as of yet, is the number of unique users per post.

Measuring impressions over time helps you judge your page’s effectiveness. If impressions are rising, you’re probably attracting new fans regularly. That means you are offering compelling content that’s keeping fans engaged. If impressions drop over time, your fans are not returning to regularly and your content is not relevant or engaging to them.

Monitoring feedback between posts helps you measure how content attracts and engages your audience. For example, if you are a plastic surgeon offering 50% BOTOX® discounts, free information about treatment options or a complimentary consultation, compare the feedback you receive from each of the three offer categories. If 10 people click the "like" button for BOTOX and only 3 people click the "like" button for free information, it probably indicates that your fans value BOTOX over information and tangible savings over intangible savings.

Your goal is to understand what people who "like" your page value from you and your practice. Categorizing and monitoring your posts over time is the key to connecting with your audience and keeping them interested.

Is Groupon Your Best Way to Attract New Patients?

How does Groupon work?
You must first agree to become a featured business in the Groupon network. You will be told to reduce your service price by 50% or more. Groupon promotes your offer and gets new patients into your practice. For each deal, Groupon keeps as much as 60% of your already drastically reduced price. So what happens when 300 new patients show up at your door and you suddenly have to provide care or service for a quarter of what you would normally charge?

Groupon deals have already ruined some practices. It’s easy to get caught up in hot trends and promises of future revenue. So it’s up to you, as the practice owner or partner, to make the right choices for your practice. This means carefully weighing the pros and cons before jumping into anything like a Groupon deal.

Groupon could change your practice and brand
By suddenly attracting a large number of coupon-carrying low-price seekers, you could find yourself spread way to thin – working much harder for much less. And if you have a high-end or boutique practice, it could dismantle your loyal patient base and destroy your brand identity.

Ask yourself. Are you willing to replace your patient base with one-time-only, low-price seeking coupon-carriers? Are you willing to trade loyal patients for those who are only loyal to saving money with Groupon? Are you willing to sacrifice your brand loyalty for a massive low-price promotion?

If you have a brand new practice and all you’re after is exposure, then Groupon may be a viable option. But if you’re expecting a large boost in profits, think again. Calculate the most successful possible outcome of your Groupon deal. See where that leaves you. You could be creating an army of new patients who only choose you because you’re cheap. Such a customer base will dissipate as soon as you stop Grouponing.

Caveat emptor
Many practices are still trying to recover from the recession. That and declining reimbursements have cut their revenues down to barely profitable. Competition based on price is an unhealthy way to grow a practice. There may be many short-term advantages to an excellent Groupon offer, but don’t expect any long-term returns.

Unless you can develop a good strategy for holding on to all your new Groupon-generated patients, this kind of promotional offer is probably not for you. Unless you don’t mind being known as the low-price leader in your specialty, you’d be well-advised to pass on Groupon.

What’s Your Social Media ROI-Q

Improving your social media ROI
ROI is based on a formula: ROI = (return – investment) / investment %. So if you increase your return while keeping the same investment, then your ROI increases. If you decrease your return while keeping the same investment, then your ROI decreases. And we all know that a high ROI is better than a low ROI.

The ROI formula uses only two factors – return and investment. That makes the ROI formula an easy way to measure and compare your marketing efforts, too. A marketing campaign with a high ROI is considered more efficient than a marketing campaign with a low ROI.

Measuring social media ROI "returns"
Take your social media return (the amount of value you got from your social media campaign) and your social media investment (the number of dollars that you invested in your social media campaign) and run it through the basic ROI formula.

Social media ROI = (SM return – SM investment) / SM investment %.

The social media investment is clearly defined. You should know what your social media program costs. But how do you attach a dollar value to your social media return? That answer will help you calculate your social media ROI.

The coolest feature of the social media return calculation is that you define it. It can be anything you want it to be! Because your social media return is the value that you derive from your social media program. If your goal is to attract new patients, then your social media return is the number of new patients you can attribute to your social media campaign.

If your goal is to build awareness of your practice brand, then your social media return is practice brand awareness. Your social media return is the value that you derive from social media based on the goals of your program. Typically, the number of fans, "Likes," followers and comments are not social media campaign goals. But they could be as long as you define them as such.

For more information about Facebook and other social media options, call Practice Builders at 800.679.1262.