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How To Measure Your Average Cost Per Lead

In this episode of the Medical Practice Marketing podcast, CEO Matt Coffy breaks down the average cost per lead for a variety of different medical services. He also explains the crucial difference between “cost per lead” and “cost per acquisition. Contact us today and learn more about how we can help you lower your cost per lead.

Transcription:

Transcription:

Alright, here we go on another episode of the Medical Practice Marketing podcast. My name is Matt Coffy. Thank you again for all those who attended the webinar that we did last week. We had a lot of folks on it. I was amazed. We had a short window to alert people about the webinar and we had some great response and thank you again to all those people who attended. If you haven’t been able to get onto that it’s a great webinar. It’s an episode behind this. So if you want to review that we have a replay for those who are interested.

Today we’re talking about something that’s been coming up quite a bit which actually came out of the webinar which was the cost per lead. And these are the most important things that when we speak to practitioners what they should be thinking about. When either hiring a person to help work with them, whether it’s an agency or a specific person that will help build their marketing strategy or if they’re trying to do it in-house and what to think of.

There are really three components and we’re going to talk about cost per lead today. But the other most important things you need to think about are the cost per acquisition and conversion rates. We’ve had a couple of discussions on this before in this podcast, and one of the things that I’ve kind of highlighted is to understand your numbers. A lot of agencies or a lot of the things that we kind of run into in the field are other medical practices complaining that they don’t know what’s going on. They don’t know what they’re spending and what they’re getting out of it. This is really interesting so one of the practitioners I spoke with the other day had mentioned that they had listened to a previous podcast episode 97 where I talked about how to triple your lead flow. And we went through how to tune your sales funnels and that’s really kind of how this whole discussion started so sit back or stand up or run or whatever if you’re on a treadmill right now. But the real digestion of this material I think is going to blow your mind because these are the things that when I had this discussion there were just skyrockets going off. OK, I get it I finally get it.

So what we try and do when we manage a campaign is we manage the process of trying to get a cost per lead. So you put money into Google or Facebook typically and then you want to find out what it costs to get a lead and now lead could be typically an email or a phone number or full contact form. So that might include some information. And we go through this real quickly. But what I want you to think about is what your doing if you have a spend especially on Facebook and Google, what you’re getting out of it because a lot of people just put money in, they get the phone ringing and kind of assume hey it’s busy everything’s working but that doesn’t really solve the problem of trying to figure out what you’re doing and getting out of it. And that is really what we’re going to talk about today. So stay tuned right now for this really cool stuff. So what I’ve done is I put up a whole list of different things that we work on. This is a partial list.

I just had enough room on the board here to kind of list the things that we work on typically in the medical practices we work with. I’m going to go through them and I’m going to give you the cost per lead. So that’s basically the offer. The cost per lead. Meaning that that’s what it cost to get that person’s information sent to the practice. So let’s start.

Acupuncture leads, averaging thirteen dollars on Facebook per lead. We’re not running Google ads in acupuncture. Right now they haven’t been effective. Botox, We are seeing a 25 dollar per lead on Facebook, a 105 dollar per lead in Google. Now, why would you say what’s the big difference? Well, competition-wise there’s a lot of people doing Botox. So you had to spend a lot more money to get the lead. The leads probably as opposed to Facebook could be more qualified. And again that’s another discussion we’re going to talk about cost per acquisition. This is just cost per lead. Getting the leads in the door.

Coolsculpting, 30 dollars on Facebook. One hundred thirty-nine dollars in Google ads. Again this is the average that I’m seeing over the last couple of months. Laser Hair Removal 136 dollars on Facebook. 63 in Google ads so now we see a Flip-Flop right. And there are reasons there are actually social reasons why people don’t want to click on the stuff in Facebook because it’s weird that there’s a design out the algorithm in there that kind of creates challenges with some of the ideas of how you use these platforms. Next first visit promo to a Medical Spa. Twenty-three dollars per lead on Facebook. We are not running this in Google ads. It’s not that we’re not finding it productive it’s just that we’re really just concentrating first visit strategy in this sector because the Google ads are very specific to a quadrant. And that’s kind of an omnivore quandary. VI Peel 21 dollars a lead in Facebook, thirty-five dollars lead in Google ads.

This is a veritable Tethering alignment. So this is a scoliosis situation. Twenty-eight dollars a lead on Facebook 58 does lead and Google ads. Straight out scoliosis type of review. We’re not running Facebook but in Google ads, it’s ninety-six dollars per lead. A pure pain assessment tool, this is typically a chiropractor or PT or any of the folks who are in that space, 21 dollars lead per lead in Facebook again the pain assessment was a little bit deeper and I can get into that in a minute and 26 dollars lead in Google ads. MRI analysis 122 dollars a lead in Facebook, eighty-five dollars a lead in Google ads and this is these MRI analyses are really interesting because if someone is giving you that level they are really ready to make some decisions because they are through with whoever they’re working with before.

That’s why those are really a primitive form of the kind of like I’m ready to go. 20 minutes fertility overview or a 20-minute fertility call to talk to someone over the phone. Twenty-five dollars on Facebook. And 39 in Google ads. And then we have a hormone assessment. Twenty-one dollars on Facebook and we have not run that in Google ads. So just general I mean these if you think about what you’re spending and you’re not knowing these numbers or at least not, in general, like yeah it should be around 30 bucks a lead for coolsculpting in Facebook. That really is something you’re going to have to think about and that’s what we do for a living. We tune these engines right, these are all our sales funnel strategies. We’re tuning these to get better results and more qualified post cost per acquisition. Again this is a cost per lead. That doesn’t mean you get the client. That means you get the lead. When you get that lead, whether it’s a phone number of a full contact form, an email whatever it might be, it’s up to your team or if we’re booking directly on an appointment to schedule them into the book and then get them into the office. And that’s again cost per acquisition is a different number. So that’s going to be something we’ll talk about the next episode. So there’s a couple of things to think about. These are matured campaigns, we’ve been working on these for months. So you know numbers may vary if you just start. The other thing is that it depends on your area, it depends on your offer. So each one of these has a sort of offer strategy behind it and there are some variances in here. There are dollars off in some of the cash ones. There’s again I couldn’t go through everyone because I don’t have time.

But everyone’s got to have a little bit of an offer. There are different really interesting corresponds as to the quality of the area that you’re marketing to depending on your demographics obviously and really what are the specifics of what you’re doing from a quality perspective at your practice. So people will look when they go the offer with the landing page, does it give authority? Is there trust? All these things kind of mount up to cost. But at least this gives you an idea of what we’re finding and these are very interesting numbers. I’m sure you’re thinking in your head right now. Jeez if I could do a hundred coolsculpting leads at 30 bucks. That’s a lot of traffic right. Well, remember there’s one thing you have to understand. This is over a period of time. It’s not like you just put money in and all of a sudden the leads come out. They drip in some sort of fashion that’s dependent again on the area and demographics and so forth. Remember this isn’t just a game of putting money on the table and it comes right back. These happen over time and it’s mixed in with other ad strategies too. So we’ve got lots of things to consider when you run an ad campaign. Other than just trying to figure out the cost per lead because that’s just one piece of it. We’ll get into cost per acquisition and conversion rates in another episode. All right. I hope this helps. We’ll see out there.

All right. Thanks for listening. This has been a PracticeBloom of Medical Practice Marketing Podcast. If you are interested in getting your practice started with a really great strategy to bring in patients, get your branding set up in all the things digital. Please contact PracticeBloom at practicebloom.com/start and we’ll get you a customized package just for your practice. Again practicebloom.com/start.

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