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Texas Hospital Association - Social Media ROI Reform presentation
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Texas Hospital Association - Social Media ROI Reform presentation

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Health care communicators know the importance of using social media, but can they measure the ROI of these efforts? In the age of health care reform and shrinking budgets, knowing how your social ...

Health care communicators know the importance of using social media, but can they measure the ROI of these efforts? In the age of health care reform and shrinking budgets, knowing how your social media efforts impact the bottom line is not only important, but also imperative. How do you measure the return on a tweet or Facebook post? Learn the three ways you can measure the ROI of your social media strategy.

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Texas Hospital Association - Social Media ROI Reform presentation Texas Hospital Association - Social Media ROI Reform presentation Presentation Transcript

  • Social Media ROI ReformMeasuring the success of yourhospital’s social media efforts
  • About me • Director, Digital Marketing and Communications, Inova • Advisory Board Member, Mayo Clinic Center for Social Media • Worked with more than 100 hospitals/physician practices • www.christopherboyer.com • @chrisboyer 2
  • 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
  • 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
  • Social mediamakes sense for patients and for us
  • But what exactly is“social media”?(a.k.a why arewe doing this)
  • A definition of social media"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
  • A definition of social media"A group of Internet-based applications that build on theideological and technological foundations ofWeb 2.0, and that allow the creation and exchange ofuser-generated content." - Andreas Kaplan & Michael Haenlin
  • How I define social media• Transparency• Credibility• Relevancy• Trust• “Communities of Interest”
  • Social media shouldn’tforce us to be transparent. We should.
  • Building credibility• 57 % of people say a social media connection with a hospital has a strong impact on their decision to seek treatment• 81% of consumers believe if a hospital has a strong social media presence, they are likely to be more cutting edge, creating a halo effectConsumers’ Use, Preference and Expectations of Hospital Social Media - YouGov Research, July 2011
  • The cornerstone
  • 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
  • Social media provides relevant messages at the right timeFacebook Pinterest Forums Twitter Flickr SMM UStream Yelp!Digg SlideShare LinkedIn Local Angie’s List Wordpress Tumblr Listings Microsites g Op inionsFoursquare Google+ S harinYouTube esearching R Blogs iscovering D
  • Social networks are how we connect.Communities of interest are why we connect.
  • • 1500 “Find a Doctor” searches• 800 eNewsletter subscribers
  • Multiple uses for social media• Customer service/service recovery • Patient education • Real-time market research • Influencer engagement • Crisis management • Brand protection/equity • Word-of-mouth marketing
  • Social media haschanged everything
  • Which brings me to pantsContrary to popular belief,there is ROI in everything ...including social media.
  • Why does the discussion of socialmedia ROI sometimesmake me feel like this? 21
  • What’s the controversy?We all should strive to: Provide Build Be the best strong fiscally care relationships responsible Simple.
  • Our changing business...• Tightening insurance reimbursements• Public reporting of outcome data• Shared-risk model: • Hospitals • Patients • Physicians• “Go big or go home”
  • 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
  • Is it really – NO MARGIN, NO MISSION?
  • Where’s theTalking about financial return seems cold and callous
  • Is social media ROI truly “ROI”?• Return on Results (ROR)• Return on Opportunity (ROO)• Return on Engagement (ROE)• Likes Accumulated from Facebook Followers (LAFF)• Time We Invest in Twitter Spam (TWITS)
  • 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)?
  • 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
  • ROI = (financial gain/savings - cost) cost
  • Why should we measure ROI?• Only 27% of exec’s believe social media is strategic priority - Jive Social Business Index Survey• 59% of marketers use social media 6 hours or more/week - Social Media Marketing Industry Report• If you don’t measure, don’t worry: your successor will - Chris Boyer
  • 1 Profitable services Profitable patient revenueThree waysto measure ROI
  • Driving growth through social media • 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
  • “Driving growth goals” ROI chart Tool Function Measurement* • Create multiple pages, i.e. • Click-throughs of links “communities of interest” from FB page • Promote free ways to • CTR of FB ads participate in campaigns/ • Analytics on website to seminars measure inbound links and • Use events and polls to gain avg. time on page interaction • Conversions • Use Facebook advertising • Use claimed listings as ways to • Analytics on website to promote clinics measure inbound links and • Ensure message is appropriate avg. time on page for employees and patients • Conversions • Create specialized URL to measure unique traffic * Always track back to financial measurement
  • Using Facebook to promote bariatrics• Identify Facebook audience interested in losing weight• Create ads promoting weight loss solutions• Direct ads to landing page that offers options to patients• $479 monthly spend
  • 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 margin originated from campaign
  • Calculating ROI ROI = (gain - cost)/costGain: $20,700Cost: $479 x 3 = $1,437ROI = (20,700 - 1,437)/(1437) = 13.4 or 1340%
  • Wait a second... you didn’t tell me therewas going to be any math!
  • 2 Lower costs Improve results
  • Lowering marketing & communication costs• Compliment (or replace) traditional with low-cost social media• Train others to assist with your social media efforts• Encourage patients to tell/spread their story• Measure the money or time you save
  • Lowering costs ROI chartTool Function Measurement* • Promote press stories to wide- • RT’s spread audience • # of inquiries from media • Real-time coverage of press • Earned media coverage events • Traffic to website • Links back to press releases on • Increased volume website • Video press releases and • Video views statements • Click-throughs from • Stories/testimonials YouTube URL to main site • Create online video press site, • Cross-linking/embeds with top stories • Increased utilization • Every video SEO’d with CTA * Always track back to financial measurement
  • Mission Health blog
  • ROI through cost savings Higher engagement, too! • 14,000 page views/mo • 5 pages/visit • 3:52 avg time on page
  • Viral promotion• 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
  • Live-tweeted the event
  • Six months later Question: Can you calculate ROI from this?Answer: Yes.(CM for neck surgery/rehabilitation - cost to live-stream/tweet) / cost A better success measurement: we improved their quality of life.
  • How do wemeasure this?!?!?
  • What is thelifetime value of a patient? Photo courtesy Ted Eytan, MD, www.tedeytan.com
  • To Facebook, we’re worth ~$81 apieceYour friends are worth $.62Your profile page is worth $1800 But what’s a Facebook fan worth to us?
  • Using social media to increase satisfaction & loyalty• Provide relevant information to “non-patients”• Build wellness programs to increase relevance• Patient education and compliance• When measuring ROI, think correlation vs. causation
  • Loyalty & satisfaction “ROI” chart Tool Function Measurement* • Share relevant wellness/health • Fans/follower of all messages from other sources communities • Create other “communities of • Likes, reposts, interactivity interest” to encourage deeper • Click-throughs of content engagement to your website • Use polls, photos to provide ways for two-way dialogue • Promote best-in-class • Number of group opportunities to work members • Create forums for physician • Physician interaction leaders to highlight expertise • Employment inquiries to • Link to top stories HR * Always track back to financial measurement
  • 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 programs
  • FitFor50 demographicsAge range
  • Revenue through FitFor50• 325 participants enrolled in 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
  • Is wellness worth it? “worth it”: informal sufficiently good, enjoyable,or successful to repay any effort, trouble, or expense
  • Changing the way we work• Inbound vs. outbound tactics• Measure engagement instead of growth• Use CRM to measure patient & physician behavior• Focus on measuring the lifetime value of the patient
  • 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
  • Questions? Chris Boyer @chrisboyer www.christopherboyer.com
  • Social Media ROI Charleston by Chris BoyerSocial Media ROIIt’s easy if you tryIf you don’t measure itThen why you doin’ it?Social Media ROIThose words shouldn’t make you cryGrow your business,Be cost effectiveOr focus on loyaltySet your goalsThen you’re set to goImpress your CFOIt’s the only way to go 62