Social Media ROI presentation for the Mayo Clinic conference

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Social Media ROI presentation for the Mayo Clinic conference

  1. 1. Social media = ROI? Measuring your hospital’s social media efforts 1Tuesday, October 18, 2011
  2. 2. About me • Director, Digital Marketing and Communications, Inova Health System • Six hospital not-for-profit system serving the Washington DC area • Advisory Board Member, Mayo Clinic Center for Social Media • Consultant for more than 100 hospitals/ physician practices 2Tuesday, October 18, 2011
  3. 3. What we’re covering today • How social media is different • Importance of online communities • Defining ROI • What and how to measure? • Using a CRM and the engagement funnel Download this worksheet: http://bit.ly/MayoRaganROI 3Tuesday, October 18, 2011
  4. 4. Why does the discussion of social media ROI sometimes make me feel like this? 4Tuesday, October 18, 2011
  5. 5. What’s the controversy? We all should strive to give the best care, have the best relationships and be fiscally sound with health care social media. Simple. 5Tuesday, October 18, 2011
  6. 6. A house divided against itself cannot stand - Abraham Lincoln 6Tuesday, October 18, 2011
  7. 7. Why are we doing this to ourselves? 7Tuesday, October 18, 2011
  8. 8. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin 8Tuesday, October 18, 2011
  9. 9. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user- generated content." - Andreas Kaplan & Michael Haenlin 9Tuesday, October 18, 2011
  10. 10. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user- generated content." - Andreas Kaplan & Michael Haenlin 10Tuesday, October 18, 2011
  11. 11. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user- generated content." - Andreas Kaplan & Michael Haenlin 11Tuesday, October 18, 2011
  12. 12. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user- generated content." - Andreas Kaplan & Michael Haenlin 12Tuesday, October 18, 2011
  13. 13. How social media is different "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin • Two-way participation • Transparency • Credibility • Trust • “Communities of Interest” 13Tuesday, October 18, 2011
  14. 14. The cornerstone = Trust 14Tuesday, October 18, 2011
  15. 15. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply (not engaged) (kinda engaged) g Op inions S harin esearching R iscovering D 15Tuesday, October 18, 2011
  16. 16. Social media establishes relevance Building trust throughout the “Continuum of I-Don’t-Care” Facebook Gowalla Forums Twitter Flickr SMM UStream Yelp! Digg SlideShare LinkedIn Local Angie’s List Tumblr Amplify Listings Microsites g Op inions Foursquare User S harin Groups YouTube esear ching BlogsR iscovering D 16Tuesday, October 18, 2011
  17. 17. Social networks are how we connect. Communities of interest are why we connect. 17Tuesday, October 18, 2011
  18. 18. 18Tuesday, October 18, 2011
  19. 19. MyHealthybaby.org • 900 “Find a Doctor” requests • 650 “Baby and Me” eNewsletter subscribers 19Tuesday, October 18, 2011
  20. 20. What can (or do) you measure? • Friends, fans & followers • Reach, relationship & reputation • Strength, sentiment & passion • 100 ways to measure: http://bit.ly/100ways Where’s the beef (ROI)? 20Tuesday, October 18, 2011
  21. 21. Is ROI truly “ROI”? • Return on Results (ROR) • Return on Opportunity (ROO) • Return on Engagement (ROE) These are very important, but they aren’t ROI. They’re success measures. 21Tuesday, October 18, 2011
  22. 22. ROI should always be tied to $$$ “Social Media ROI reflects any other marketing-related ROI: the net financial revenue to the organization from the effort, after having accounted for the efforts costs.  FI-NAN-CIAL money dough bottom line coin or, as I like to call it, ROI” - Chris Bevolo (@IntervalChris) 22  Tuesday, October 18, 2011
  23. 23. ROI = (financial gain/savings - cost) cost Contrary to popular belief, there is ROI in everything 23Tuesday, October 18, 2011
  24. 24. If you’re not impacting one of these... ...why bother? 24Tuesday, October 18, 2011
  25. 25. Using social media to drive growth goals • Engage and drive communities of interest to act • Rely on strong (and measurable) call-to-actions • Lead social media efforts to conversion points • Build engagement through the “Continuum of I-Don’t Care” Tip(s): • Promote elective, “consumer-choice” procedures/programs • Use social media to promote foundation activities 25Tuesday, October 18, 2011
  26. 26. Using Facebook to promote bariatrics • Identify Facebook audience in No.VA interested in weight-loss • Create two ads promoting bariatric seminars • Direct ads to landing page • $479 monthly spend 26Tuesday, October 18, 2011
  27. 27. The results: • Over three month period: 296 clicks/month • .03 CTR (average CTR for Facebook PPC is .02) • $1.62/click • 30 seminar registrations • 23% seminar registration/surgery conversion rate • Average $3,000 contribution margin from surgery • $20,700 profit originated from campaign 27Tuesday, October 18, 2011
  28. 28. Calculating ROI ROI = (gain - cost)/cost Gain: $20,700 Cost: $479 x 3 = $1,437 ROI = (20,700 - 1,437)/(1437) = 13.4 or 1340% 28Tuesday, October 18, 2011
  29. 29. Wait a second... you didn’t tell me there was going to be any math! 29Tuesday, October 18, 2011
  30. 30. Using social media to lower marketing & communication costs • Aggregate and populate (“be everywhere”) • Train spokespeople on social media best-practices • Train social media staff on media handling • Remember communications is different than marketing • Emphasize story-telling Tip(s): • Publish press releases on your website, and link to them • Use social media to gather additional stories from patients • Have social media complement your marketing efforts for more reach 30Tuesday, October 18, 2011
  31. 31. Viral promotion of back pain lecture • Dec 2010 – Back Pain lecture held by Spine Surgeon • Event live-streamed and live-tweeted • Watched by over 200 viewers online • Picked up by local media – 200K media impressions 31Tuesday, October 18, 2011
  32. 32. Viral promotion of back pain lecture Potential ROI calculation: • Total reach of the program: 200K impressions • 10% of actual audience will see the message*: 20,000 people • 20% of those seeing the message will find it relevant*: 4,000 • 10% of those finding it relevant will want to learn more*: 400 • 10% of those with interest will will have surgery: 40 • Average contribution margin for spine surgery/rehab: $20,000 • Total cost to promote program: fixed (let’s say $2000) *These are assumptions that should be negotiated 32Tuesday, October 18, 2011
  33. 33. Another success measurement • Dec 2010: 33Tuesday, October 18, 2011
  34. 34. Another success measurement • Jun 2011: Question: Can you calculate ROI from this? Answer: Yes. Cost for video streaming & live-tweeting: fixed (let’s say $2K) Avg. CM for neck surgery/rehabilitation: $20,000 34Tuesday, October 18, 2011
  35. 35. Using social media to increase patient & physician satisfaction & loyalty • Provide relevant information to “non-consumers” • Often used for crisis management & service recovery • Monitor real-time feedback • Educate and act transparently • Correlation vs. causation Tip(s): • Create a wellness campaigns • Promote the breadth of your hospital’s offering • Use a CRM! 35Tuesday, October 18, 2011
  36. 36. Using social media to promote wellness • 7,300 registrants • 575 Facebook followers • 5,000 updated CRM records (2,300 entirely new records) • 500 cross-promoted into other eNewsletter programsTuesday, October 18, 2011 36
  37. 37. Revenue through FitFor50 • 325 participants to enroll in fundraising fitness run (ROI: $20 x 325 = $6500) • Life-to-date utilization (contribution margin): • “New” patient CM: $38,000 • “Former” patient CM: $274,000 • Total CM: $305,600 Correlated vs. Causal ROI 37Tuesday, October 18, 2011
  38. 38. Other ways to measure patient interest www.inovaheart.org 38Tuesday, October 18, 2011
  39. 39. Other ways to measure patient interest • 9,374 recipients/2,047 opens • 55 (20.9%) clicks were in the FAQ section about the price of the vaccine • 68 (25.9%) clicks were in the FAQ section to find out where to get the shot • 28 (10.6%) clicks were in the FAQ section asking who should receive the vaccine • 22 (8.4%) clicks were in the FAQ section to read more FAQs • 38 (14.4%) clicks were on the big red find a clinic button • 21 (8%) clicks were on the big blue button with the phone number and “click for more info” language • 9 (3.4%) clicks were to sign up for e-newsletters “Fight the Flu” • 7 (2.7%) clicks were to find an Inova physician email • 9 (3.4%) clicks were to attend an Inova fitness class 39Tuesday, October 18, 2011
  40. 40. Measuring engagement with a Customer Relationship Management (CRM) database 40Tuesday, October 18, 2011
  41. 41. CRM myths & fears ... “exposed” • Building brand and loyalty is enough • We don’t have a CRM system, so I can’t measure • Math scares me • If we measure we might find we’re not doing too well 41Tuesday, October 18, 2011
  42. 42. Social Media ROI rag by Chris Boyer Social Media ROI If you’re not gonna measure it Then why you even doin’ it? It’s easy if you try Just like your marketing You should measure everything Put your metrics in a chart Simple ‘cause it’s a start (and it’s smart!) Social Media ROI Impress your CFO It’s the only way to go 42Tuesday, October 18, 2011
  43. 43. Questions? Chris Boyer @chrisboyer www.christopherboyer.com @InovaHealth www.inova.org/socialmedia 43Tuesday, October 18, 2011

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