Social Media ROI Reform - Measuring the effectiveness of your hospital's social media efforts

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Transcript

  • 1. Social Media ROI ReformMeasuring the success of yourhospital’s social media efforts
  • 2. About me • Director, Digital Marketing and Communications, Inova Health System • Advisory Board Member, Mayo Clinic Center for Social Media • Worked with more than 100 hospitals/physician practices • www.christopherboyer.com • @chrisboyer • www.inova.org/socialmedia
  • 3. I feel sorry for traditional media
  • 4. I feel sorry for traditional media • Badthe news in the NYT is at least a day old” “All timing
  • 5. I feel sorry for traditional media • Badthe news in the NYT is at least a day old” “All timing • One-way conversation
  • 6. I feel sorry for traditional media • Badthe news in the NYT is at least a day old” “All timing • One-way conversation • Very expensive $114,174
  • 7. I feel sorry for traditional media • Badthe news in the NYT is at least a day old” “All timing • One-way conversation • Very expensive $114,174 • Not personal
  • 8. I feel sorry for traditional media • Badthe news in-the NYT is at least a day old” “All timing • Very expensive - $114,174 • Not personal - • Broadcast 4
  • 9. Social mediamakes sense for patients and for us
  • 10. But why?
  • 11. How social media is different"A group of Internet-based applications that build on theideological and technological foundations of Web 2.0, andthat allow the creation and exchange of user-generatedcontent." - Andreas Kaplan & Michael Haenlin
  • 12. How social media is different"A group of Internet-based applications that build onthe ideological and technological foundations of Web 2.0,and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin
  • 13. How social media is different"A group of Internet-based applications that build on theideological and technological foundations of Web 2.0, andthat allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin
  • 14. How social media is different"A group of Internet-based applications that build on theideological and technological foundations of Web 2.0, andthat allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin
  • 15. How social media is different"A group of Internet-based applications that build on theideological and technological foundations of Web2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin
  • 16. How social media is different"A group of Internet-based applications that build on theideological and technological foundations of Web2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael Haenlin
  • 17. How I define social media
  • 18. How I define social media• Two-way participation
  • 19. How I define social media• Two-way participation• Transparency
  • 20. How I define social media• Two-way participation• Transparency• Credibility
  • 21. How I define social media• Two-way participation• Transparency• Credibility• Trust
  • 22. How I define social media• Two-way participation• Transparency• Credibility• Trust• Humanizes us
  • 23. How I define social media• Two-way participation• Transparency• Credibility• Trust• Humanizes us• “Communities of Interest”
  • 24. There’s no roomfor crappy products (or service) with social media...
  • 25. There’s no room for crappy products (or service) with social media...That’s transparency
  • 26. The cornerstone
  • 27. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply(not engaged) (kinda engaged)
  • 28. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply(not engaged) (kinda engaged)
  • 29. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply(not engaged) (kinda engaged) g Opi nions Sharin esearching R iscovering D
  • 30. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply(not engaged) (kinda engaged) g Opi nions Sharin esearching R iscovering D
  • 31. Social media is relevantPinterest Facebook Forums Twitter Flickr SMM UStream Yelp!Wordpress Angie’s List SlideShare LinkedIn Local ListingsFoursquare Tumblr Microsites g Op inions Google+ S harinYouTube esearching R Blogs iscovering D
  • 32. Social networks are how we connect.
  • 33. Social networks are how we connect.Communities of interest are why we connect.
  • 34. • 1500 “Find a Doctor” searches• 800 eNewsletter subscribers
  • 35. Our business is changing...• Tightening insurance reimbursements• Public reporting of outcome data• Shared-risk model: • Hospitals • Patients • Physicians• “Go big or go home”
  • 36. Not that this is a bad thing!
  • 37. Not that this is a bad thing!• Our goal is to improve health
  • 38. Not that this is a bad thing!• Our goal is to improve health• We want to provide access to high-quality care
  • 39. Not that this is a bad thing!• Our goal is to improve health• We want to provide access to high-quality care• We do this because we want to help people
  • 40. Not that this is a bad thing!• Our goal is to improve health• We want to provide access to high-quality care• We do this because we want to help people• Preventative health is part of our mission
  • 41. Not that this is a bad thing!• Our goal is to improve health• We want to provide access to high-quality care• We do this because we want to help people• Preventative health is part of our mission BUT we need to be financially profitable!
  • 42. Which brings me to pants
  • 43. Which brings me to pantsContrary to popular belief,there is ROI in everything
  • 44. Which brings me to pantsContrary to popular belief,there is ROI in everything ...including social media.
  • 45. Why does the discussion of socialmedia ROI sometimesmake me feel like this? 23
  • 46. What’s the controversy?We all should strive to:
  • 47. What’s the controversy?We all should strive to:• provide the best care
  • 48. What’s the controversy?We all should strive to:• provide the best care• build strong relationships with patients
  • 49. What’s the controversy?We all should strive to:• provide the best care• build strong relationships with patients• be fiscally responsible with marketing
  • 50. What’s the controversy?We all should strive to:• provide the best care• build strong relationships with patients• be fiscally responsible with marketing Simple.
  • 51. Is it really – NO MARGIN, NO MISSION?
  • 52. Where’s theTalking about financial return seems cold and callous
  • 53. Is ROI truly “ROI”?
  • 54. Is ROI truly “ROI”?• Return on Results (ROR)
  • 55. Is ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)
  • 56. Is ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)• Return on Engagement (ROE)
  • 57. Is ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)• Return on Engagement (ROE)• Return on Action (ROA)
  • 58. Is ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)• Return on Engagement (ROE)• Return on Action (ROA)• Likes Accumulated from Facebook Followers (LAFF)
  • 59. Is ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)• Return on Engagement (ROE)• Return on Action (ROA)• Likes Accumulated from Facebook Followers (LAFF)• Time We Invest in Twitter Spam (TWITS)
  • 60. What can (or do) you measure?• Friends, fans & followers• Reach, relationship & reputation• Strength, sentiment & passion• 100 ways to measure: http://bit.ly/100ways
  • 61. What can (or do) you measure?• Friends, fans & followers• Reach, relationship & reputation• Strength, sentiment & passion• 100 ways to measure: http://bit.ly/100ways (R OI)?
  • 62. 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-CIALmoneydoughbottom linecoinor, as I like to call it,ROI” - Chris Bevolo @intervalchris
  • 63. ROI = (financial gain/savings - cost) cost
  • 64. Three waysto measure ROI
  • 65. 1 Profitable services Profitable patient revenueThree waysto measure ROI
  • 66. Driving growth • Use social media to lead to other marketing: • Websites • Seminars• Use tools to measure attribution• Lead social media fans to convert • Opt-in or provide information• Measure your results
  • 67. Promoting bariatric growth• Identify Facebook audience in No.VA interested in weight-loss• Create two ads promoting bariatric seminars• Direct ads to landing page• $479 monthly spend
  • 68. The results (from just 3 months):• 296 clicks/month• 30 seminar registrations• 23% seminar registration/surgery conversion rate• Average $3,000 contribution margin from surgery• $20,700 profit originated from campaign
  • 69. Calculating ROIROI = (gain - cost)/cost
  • 70. Calculating ROI ROI = (gain - cost)/costGain: $20,700
  • 71. Calculating ROI ROI = (gain - cost)/costGain: $20,700Cost: $479 x 3 = $1,437
  • 72. Calculating ROI ROI = (gain - cost)/costGain: $20,700Cost: $479 x 3 = $1,437ROI = (20,700 - 1,437)/(1437) = 13.4 or 1340%
  • 73. Wait a second... you didn’t tell me therewas going to be any math!
  • 74. 2 Lower costs Improve results
  • 75. Lowering costs• Aggregate & populate content to many sites• Compliment or replace traditional methods with low-cost social media means• Train others to assist with your social media efforts• Encourage patients to tell their story• Measure the money you save
  • 76. Mission Health blog
  • 77. ROI through cost savings
  • 78. ROI through cost savings • 14,000 page views/mo • 5 pages/visit • 3:52 avg time on page
  • 79. ROI through cost savings Higher engagement, too! • 14,000 page views/mo • 5 pages/visit • 3:52 avg time on page
  • 80. 3 How do we measure this?!?!?
  • 81. What is thelifetime value of a patient? Photo courtesy Ted Eytan, MD, www.tedeytan.com
  • 82. Change the way we measure
  • 83. Change the way we measure• Adopt inbound vs. outbound tactics
  • 84. Change the way we measure• Adopt inbound vs. outbound tactics• Build & measure engagement instead of growth
  • 85. Change the way we measure• Adopt inbound vs. outbound tactics• Build & measure engagement instead of growth• Adopt a CRM to measure patient & physician behavior
  • 86. Change the way we measure• Adopt inbound vs. outbound tactics• Build & measure engagement instead of growth• Adopt a CRM to measure patient & physician behavior• Focus on building the lifetime value of the patient
  • 87. Increasing satisfaction & loyalty• Provide relevant information to “non-patients”• Utilize clinical staff/doctors/nurses to build trust• Assist with patient education and compliance• When measuring ROI, think correlation vs. causation
  • 88. Promoting wellness• 7,300 registrants• 575 Facebook followers• 5,000 updated CRM records (2,300 entirely new records)
  • 89. FitFor50 demographicsAge range
  • 90. Results
  • 91. Results• 500 cross-promoted into other wellness newsletters
  • 92. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s
  • 93. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program
  • 94. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program• Life-to-date utilization (contribution margin):
  • 95. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program• Life-to-date utilization (contribution margin): • “New” patient CM: $38,000
  • 96. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program• Life-to-date utilization (contribution margin): • “New” patient CM: $38,000 • “Former” patient CM: $274,000
  • 97. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program• Life-to-date utilization (contribution margin): • “New” patient CM: $38,000 • “Former” patient CM: $274,000 • Total CM: $305,600
  • 98. Results• 500 cross-promoted into other wellness newsletters• Engaged more than 100 physicians/clinical specialists as SME’s• Used as part of B-2-B corporate wellness program• Life-to-date utilization (contribution margin): • “New” patient CM: $38,000 • “Former” patient CM: $274,000 • Total CM: $305,600 Correlated vs. Causal ROI
  • 99. Social Media ROI Reform Don’t Care Care somewhat Care deeply(not engaged) (kinda engaged)
  • 100. Social Media ROI Reform Don’t Care Care somewhat Care deeply (not engaged) (kinda engaged) Referral to other svcs Discharge compliance Fitness & community classes Preparing for encounter Physicians building trust Shift to low-cost marketingWellness messaging Promote “patient choice” care
  • 101. Social Media ROI rag by Chris BoyerSocial Media ROIIf you’re not gonna measure itThen why you even doin’ it?It’s easy if you tryJust like your marketingYou should be measuring everythingUse CRM to help you outIt’s simple, so let’s cry out:“Social Media ROI”Impress your CFOIt’s the only way to go
  • 102. Questions? Chris Boyer @chrisboyer www.christopherboyer.com