The Importance of Tracking Your Pharmacy Metrics
If you don’t know what’s working and not working within your business, then it’s impossible to improve. In order to figure out what strategies are good for your pharmacy, it’s essential to track your marketing efforts to see what your customers do and don’t respond to.
Why Metrics Matter
Pharmacies can benefit from knowing how to use their assets. When you follow the numbers, you can answer questions about your marketing efforts and the finances of your pharmacy - questions like:
● Are my social media ads a worthy investment?
● Is my pharmacy’s mobile app increasing new prescriptions this quarter?
● How many leads did last month’s promotion bring in?
● Is my pharmacy’s marketing improving the bottom line?
Tracking metrics helps you to keep track of data over numerous channels as time passes and compare results with your competitors. Metrics can also tell you important information regarding your sales funnel and how to convert more leads into patients with marketing that’s better targeted towards them.
Metrics You Should Track
Most businesses keep track of revenue, cost of goods sold, and expenses. Some other metrics that you may be familiar with that have to deal with social media are comments, follows, and shares.
As you continue to build your pharmacy’s online presence and place more effort into digital marketing, you should be tracking these important metrics:
● New leads brought in through social media ads/your website
● New leads brought in through review sites/other referrals
● Social media ad activity
● Unique website visitors/session length
● Website traffic sources
It’s a good idea to gather this data monthly, quarterly, and year in order to track the progress that you’re making over time. As long as you have the information on how your business is growing and where your patients are coming from in your online sphere, you can compare your metrics against themselves as time goes on.
For instance, you can compare website activity to the number of new patients that sign up online to get a good idea of your conversion rate. And once you’ve identified the marketing avenues that work the best, you can focus your funds and efforts towards those avenues and give them adequate attention to increase your returns even further.
Analysis Tools and Resources
Google Analytics is a great tool for tracking metrics and keeping a log of digital marketing efforts - and it’s free. It takes data right from your pharmacy’s website and offers results in a user-friendly manner that is easily understandable. It can also help you keep track of your Google Ad campaigns and make your site that best that it can be with Google Optimize to increase conversion rates.
Another good way to measure your efforts is through marketing automation. This refers to any software that helps you manage marketing and automate repetitive tasks. Hootsuite is a social media management site that is great for this, and many of these sites offer detailed reporting and data as part of their services.
If you continue to track your pharmacy’s marketing efforts and metrics over time, you’ll get a good idea of your business’s financial health and get rid of strategies that aren’t working in order to place emphasis on building your patient base and making your customers’ experience the best that it can be.