What is the Return on Marketing Spend Report?
The Return on Marketing Spend Report is a report used to evaluate the effectiveness of a marketing campaign or initiative by measuring the revenue generated relative to the campaign. The report utilizes data from the Treatment Opportunities module and compares it with the UTM parameters used for tracking forms and appointments. This allows the office to understand how much revenue they are generating for each dollar spent on marketing activities, thus calculating the return on investment (ROI) for the marketing campaign. This is essential for evaluating a campaign's effectiveness and comparing it to other marketing initiatives.
By understanding the revenue generated, organizations can make informed decisions about allocating their marketing budget. Revenue data provides insights that can inform strategic planning. Practices can use this information to set realistic revenue targets, forecast future performance, and make data-driven decisions about their marketing strategies; the office can invest more in campaigns that have a higher ROI and adjust or eliminate those with lower returns. Revenue data also helps in evaluating the performance of different marketing channels and strategies, businesses can identify which channels are driving the most revenue and optimize their marketing efforts accordingly. Knowing the revenue generated allows organizations to optimize their marketing campaigns in real-time.
How to Calculate Return on Marketing Spend
With the data from the Return on Marketing Spend Report, practices are then able to calculate a ROMS metric. Return on Marketing Spend (ROMS) is a metric used to evaluate the effectiveness of a marketing campaign or initiative by measuring the revenue generated relative to the amount spent on the marketing effort. It helps the office understand how much revenue they are generating for each dollar spent on marketing activities.
ROMS= Revenue Generated from Marketing / Marketing Spend X 100%
Setup
Step 1: Identify who manages the practices marketing efforts; and then who manages Treatment follow up.
Step 2: Validate that Treatment Opportunities are set up, syncing and well understood by the team (typically with the treatment follow up leader).
Step 3: Validate and/or setup UTM parameter tracking (Typically with the combination of the marketing team and office manager).
- Lead Intake Forms
- Appointment Booking
- Email Marketing Campaigns
- Text Marketing Campaigns
Report Interface
- Navigate to Legwork Teams > Insights > Return on Marketing Spend.
- Select Report Filtering Options
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Date Filter: Allows filtering of Treatment Plan created date based on past 30, 60 or custom date range. The default is 30 days
- Office Locations Filter: A multi-selected filter to include and/or exclude certain practice locations.
- Source Filter: UTM Parameter filtering to update the graphs to display based on Source, Medium, Campaign, Term, Content or Referral source.
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- The report features a treatment plan table displaying Treatment Plan Count and Value by Treatment Plan Status and UTM Parameter.
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Y-axis displays the UTM Parameter Category data.
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X-axis displays the Treatment Plan Status.
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The left table shows the count of treatment plans
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The right graph displays the dollar value associated with each treatment plan.
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- The report features a bar chart providing a visual representation of the table data.
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The Y-axis displays the treatment plan status
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The bars represent the association of UTM parameters with the count and value of treatment plans.
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- The patient details section displays Treatment Plan specific data in association with the patient including:
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Date: Date when patient classification occurred
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Patient: Treatment Plan Patient
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Treatment Plan Date: Treatment Plan Create Date
- Treatment Plan Status:
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Unscheduled: A procedure code that has been accepted or approved by the patient. It may be that other procedures are needed before the given procedure will be scheduled and/or it was previously scheduled and later canceled or moved to the fast fill list.
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Calculation: Legwork Treatment Plan Status (Presented / Accepted) + Legwork Procedure Status /Appointment Status (Unscheduled)
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Scheduled: A procedure code that has been accepted and has a future booking date/time.
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Calculation: Legwork Treatment Plan Status (Created/Presented / Accepted) + Legwork Procedure Status / Appointment Status (Scheduled)
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Presented: The treatment or procedure is discussed with the patient including cost and time commitment. The patient has not yet decided to Accept or Reject the procedure(s).
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Calculation: Legwork Treatment Plan Status (Created/Presented) + Legwork Procedure Status / Appointment Status (Created, Presented, Fast-Fill)
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Source: Patients 1st Source UTM Parameter
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Medium: Patients 1st Medium UTM Parameter
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Campaign: Patients 1st Campaign UTM Parameter
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Content: Patients 1st Content UTM Parameter
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Term: Patients 1st Term UTM Parameter
- Export: Allows for CSV export of all Treatment Plan data for use outside of the Legwork Software.
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- Selecting one or more records groups the patients for quick email and/or text blast.