Digital marketing is a huge part of any clinic’s marketing plan and it is estimated that 70-80% of consumers research companies online before visiting or making a purchase.1 But how do you know if your strategy is working? And how would you calculate your return on investment (ROI) effectively? The key word here is ‘investment’. In your personal life you don’t make investments lightly, you do research, speak to lawyers and find people who can help you evaluate risks and predict ROI. So, why then are some so blasé when it comes to investing in marketing? I believe that ROI is one of the most misunderstood metrics in business – which is surprising since it’s a pretty simple ratio. Within this article, I share the approach that I use in my clinic and explain why I believe this is beneficial to implement into other aesthetic settings too.
Profit means net profit. That’s a better measure than gross profit because sometimes in an aesthetic business the overheads can be substantial. Profit does not mean revenue! Revenue is income; the…
