Friday, November 29, 2013

1230. SOCIAL MEDIA - Financial - ROI, Time, Money

Find solutions to the top 5 fears:
1.  How will I handle negative feedback? (see below)
2.  How do I properly use social media?
3.  What resources do I need to dedicate to using this medium? (see below)
4.  What will I say?
5.  How will I know my return on investment? (see below)
Know Your Return on Investment
a.  Set clear goals
b.  Track your results
c.  Know these 6 important campaign metrics
i.  Cost of campaign
ii.  Number of new patients
iii.  Cost per new patient (cost of campaign divided by number of new patients)
iv.  Revenue
v.  Average revenue (total revenue divided by number of new patients)
vi.  Return on investment (total revenue divided by cost of campaign, expressed as a percent)
vii.  Example:
a)  Technician spends 8 hours per month on social media at $12 per hour
b)  Cost of campaign: $96
c)  Number of new patients: 2
d)  Money spent to acquire each new patient: $48
e)  Total revenue: $180
f)  Average revenue: $90
g)  Return on investment: 188%
1. The veterinarian owner must spend time to manage social media himself.
2.  Delegate to an employee you can trust (not resign and looking for more pay from another employer after gaining expereince)
3.  Outsource to a marketing company with veterinary social media experience (not easy to find in Singapore. Costly).
1. Increase marketing budget.

. Handle Negative Feedback
a.  Reviews are everywhere online, from Citysearch to Yelp to Google. Some are anonymous while others are not.
b.  Know what is being said about your practice and your veterinarians through regular Google searches.
c.  Anecdotally, negative reviews are a very small percentage of total online comments.
d.  Address a negative post or review tactfully.
i.  Acknowledge that you've heard their concern.
ii.  Express your interest in hearing their story or making things right for them.
iii.  Offer to speak with them offline (provide your phone number and/or email address).
iv.  Allow others to come to your rescue and handle negative feedback if they choose.
v.  Do not whitewash your page. Leave negative posts unless they are abusive or offensive.

Conquer Your Fear of Veterinary Social Media Marketing Open in new window
Proceedings: Atlantic Coast Veterinary Conference 2012, Phillip Barnes

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