Binary Fountain leaders Aaron Clifford, Andrew Rainey and Chase Ausley tackle that question every day for clients. For our latest webinar, they gathered for a roundtable discussion about the return on investment (ROI) for online reputation management (ORM).
The trio talked about the competitive landscape, setting goals, key metrics to analyze and other contributors to ROI that will help you get the most out of your online reputation.
Here are some of the questions they cover:
- What are the key metrics for my enterprise-wide reputation management strategy, and what is their impact on my bottom line?
- How do I connect online reputation metrics to business objectives when seeking executive buy-in?
- How do I measure ongoing success for my healthcare company’s investment in reputation management? How do I calculate ROI?
Here are some key takeaways:
On how to frame your thinking about what to invest in ORM:
There are three main categories you should consider from the outset: Your current website metrics and online presence, the patient experience (which dictates the feedback you get online), and how you manage patient feedback. If you’re improving the areas within those categories that are subpar, it will be reflected online and it could improve patient acquisition.
Equally important to tracking those metrics is identifying team leads who will manage the project. That includes buy-in at the health system level, but also applies to the business’ executive leadership, who would be benefiting from an ORM program.
On the key metrics to track for your enterprise-wide ORM strategy:
Some of the important metrics are obvious: When you search for your brand online, where do you show up? Even with five-star ratings across all your facilities, if you don’t show up on search, you don’t exist to the consumer. The volume of reviews and recency of reviews are important signals for guiding consumer behavior and choice – apply those trends to your healthcare organization.
It’s also critical to understand where patients are looking when they require care, and to have a healthy presence on all those sites. When shopping on Amazon, consumers are more confident in a product with star ratings than those without. Today, consumers have the same viewpoint when searching for healthcare.
On attracting buy-in or budget for a new strategic initiative:
The critical mass of the healthcare market has realized that reputation management is simply a cost of doing business. Everyone must invest in ORM to some degree – the question is where you invest and where you don’t.
Most importantly, it’s critical to understand how different variables affect the volume of net new patients and loyalty from existing patients. Many different inputs contribute, such as online presence, digital accessibility and star ratings. If you have laid out your success metrics before launching your program, there will be no surprises: You already baked in the program’s alignment with business objectives.
On connecting reputation management to revenue generation:
Especially in healthcare, knowing service line revenue is vital. Choose the most valuable service lines and the health system’s goals for those services, focus on those service lines, and report those results frequently.
Choose your participating providers wisely, too. It’s challenging for healthcare organizations to market providers who are at maximum patient capacity. While it’s important to have coverage for loyalty, your ORM strategy should focus more on physicians with the capacity to bring in more patients. Otherwise, you won’t see the lift in new patient revenue.
For more insights and advice, click here to watch the on-demand webinar.
For more on the ROI of reputation management, check out these articles:
- Whitepaper: Measuring ROI in Online Healthcare Reputation Management
- Blog: How Online Ratings Affect Healthcare’s Bottom Line
- Blog: Patient Experience’s Impact on Revenue
- Blog: How to Get Executive Buy-In for a Reputation Management Program
About the Author
Content Marketing Specialist