Any healthy practice relies on a steady stream of new patients, which is why marketing should always be on your radar. Enter Sponsored Results, an advertising solution that gives you preferred placement in relevant Zocdoc searches.
Using Sponsored Results ensures that you rank highly in the types of searches performed by prospective patients looking for the medical services you provide — and once they’ve found you, they can easily book an appointment. The Sponsored Results ranking system gives you even more of a competitive edge since you can set a price that allows your listing to be placed higher than your competitors’.
Using Sponsored Results comes with an upfront investment, but like any well-designed marketing or advertising, it should pay for itself several times over. To actually know how well it works for your practice though, you’ll need to do some simple math. Here we’ll explain how to measure your success on Sponsored Results — and for tips to maximize your success.
How to measure your success on Sponsored Results
Figuring out your success in Sponsored Results means making a calculation based on two numbers: the amount you invested in your Sponsored Results campaign, and the number of appointments it generated. This figure — also called the cost to acquire an appointment, or CPA — lets you know how much you spent on marketing to get each new appointment, and it can give you some insight into the profitability of your practice.
Say you’re a family doctor practicing in Chicago. Since that’s a highly competitive market, we recommend a maximum budget of $50 to $100 per day. If you set your budget to $75 daily, and your Sponsored Results campaign brings in an average of 3 new appointments per day, your CPA would be $75 divided by 3, or $25.
To calculate your return on investment (ROI) — or how much money you made as a result of your marketing investment — compare your CPA to your average profit per appointment. If that $25 per-appointment marketing spend brings in an average of $125 per appointment in revenue, your ROI is (125 minus 25) divided by 25, or 400%. Not bad!
Considering your results beyond CPA
Unless you’re in one of a few hyper-specialized specialities, your practice doesn’t run off one-time appointments, so some of the new patients you see via Sponsored Results will become regular patients. You should take this into consideration when measuring your success on Sponsored Results too, since the value of the patient can go far beyond the price of the initial appointment.
Let’s say you’re a dentist and you book an emergency appointment via Sponsored Results. In addition to the initial appointment, that patient might book a cleaning and a checkup, get a filling or two, or even order in-office whitening over the next 12 months. So while that emergency appointment may have cost just $100, you could book $1,000 or more in business from that initial $25 marketing investment.
When measuring your success, consider the lifetime value of the patients you attract via Sponsored Results so you can get a real sense of the value they bring to your practice.
How to maximize your ROI through Sponsored Results
Ultimately, Sponsored Results helps you show up in relevant searches, but it’s important to optimize other aspects of your marketing to get the best results. Make sure your Zocdoc profile is complete and up to date. Keeping your insurance list current helps ensure that you show up in searches for people who can become patients, while your list of hospital affiliations, a friendly professional bio and a recent headshot can compel searchers to choose you as their provider.
Of course, your in-office experience matters, too. A friendly welcoming receptionist, paired with great customer service, can turn one-time appointments into long-term patients — which not only boosts your profitability but enhances your quality of care, too.