Why measure ad performance?
You can’t manage what you don’t measure. Analysing ad results will help you make better business decisions by avoiding poorly performing channels and improving ad content. Key performance indicators (KPI) such as “click-through rate” and “conversion rate” can help you measure the effectiveness of your digital ads.
What is “click-through rate” and “conversion rate”?
“Click-through rate” or “CTR” is the ratio of clicks your ad gets to the total number of people who viewed the ad—also known as impressions. For example, if your ad received 10 clicks and 100 impressions, its “CTR” is 10%. The higher the “CTR” the better. This shows your ad is effective in attracting prospects to click into the ad to find out more about your marketed service. One tool you can use to track “CTR” on your website is Google Analytics. A good “CTR” varies depending on what you’re advertising and on what channel. For example, a “CTR” below 1% on Google’s Search Network means your ad is not effectively targeting the right audience. In such cases, Google’s ad tips may help you boost your ad’s CTR on the search engine.
“Conversion rate” is the percentage of patients who meet your ad’s goal, for example, booking an appointment at your clinic online. “Conversion rate” is one of the best ways to measure your ad’s performance because it reflects the ad’s success in meeting its target.
How to measure ad performance?
Plato is your Clinic’s Operating System that has everything you need on one platform, including ad performance tracking. In Plato, there are two key ways you can track ad performance. First, use Plato’s “Intelligence” reports to track your clinic’s digital marketing data. Get insights to the online ads and channels that bring in the most revenue and work best for your practice, so your clinic is empowered to make better marketing decisions. Second, use Business Intelligence (BI) tools that are integrated with Plato—such as PowerBI, Tableau, Qlik, or Mode—to build custom marketing reports that are specific to your clinic business. With BI tools, your clinic gets a clear overview of digital marketing KPIs, such as “CTR” and “conversion rates”. Curious to see what a custom marketing report could look like for your clinic? Get a glimpse of PowerBI’s digital marketing report in the video below.
Go Beyond Marketing with BI tools in Plato
BI tools aren’t used solely for marketing. Since your practice management software is rich with data, clinics also integrate their Plato with BI tools to make data-driven decisions related to profit generation, identifying best treatment plans for patients and implementing value-based care. Health systems in Asia—including Singapore, Malaysia and Hong Kong—are already turning their attention to value-based care to manage the rise in chronic diseases and aging populations. BI tools help healthcare providers tackle the complexity of value-based care, by providing quality structured data to track patient outcomes, allocate resources, set budgets and coordinate care.