Track the Right KPIs for Pharmacy Expansion REVOLUTIONIZE YOUR MARKETING STRATEGY WITH THESE 3 KPIs
NO. 2 TOTAL NUMBER OF NEW PATIENTS PER MONTH A growing patient list is a clear indicator of a healthy pharmacy business. This KPI is a predictor and reflects your pharmacy’s health, directly tying into potential revenue and cash flow changes. It’s a metric that speaks volumes about the effectiveness of your marketing, your services’ appeal, and your patients’ satisfaction. Tracking this number helps you understand your business’s trajectory and align your strategies accordingly. While you can check this KPI monthly, we suggest calculating this weekly if possible to get the clearest indicators of the most effective marketing strategies. Knowing your patient growth rate is invaluable, whether reacting to an influx of new patients or strategizing to boost this figure. NO. 3 TOTAL NUMBER OF SOCIAL POSTS PER MONTH In today’s digital age, a solid online presence is non-negotiable. This KPI measures your engagement and effort in digital marketing, a crucial arena for staying top of mind with potential and existing patients. A sparse social media feed won’t cut it — you need to be consistently visible, ideally with daily posts that resonate with your audience. Your goal should be 30 social media posts per month. Embracing tools like Publer can streamline this process by scheduling posts for you, ensuring your pharmacy remains active on social media without having to be tied to your phone daily. Remember, leveraging video content can exponentially increase engagement and patient interest. PUTTING IT TOGETHER Tracking these KPIs offers a roadmap to more effective marketing strategies and business growth. However, it’s not just about monitoring numbers; it’s about translating this data into actionable insights . For instance, a high average cost per new patient might indicate the need for more efficient marketing tactics or highlight an opportunity to enhance the effectiveness of current strategies. Similarly, a dip in new patients could signal a need to reassess your marketing channels or patient service offerings. Additionally, your social media efforts should be more than ticking a box. Your posts should engage, inform, and resonate with your community, driving interest and loyalty. By targeting at least 30 monthly posts, you ensure your pharmacy stays in the public eye, cultivating a brand presence that attracts and retains patients. Understanding and optimizing these marketing KPIs can significantly impact your independent pharmacy’s growth trajectory. When you focus on these metrics, you can make informed decisions that boost patient numbers and enhance overall business health. Remember, strategic marketing guided by solid KPIs is your ally in achieving sustainable growth and success.
Staying ahead isn’t just about offering the best patient care — it’s also about smart, efficient scaling through strategic marketing. Understanding and tracking KPIs related to marketing efforts is essential for pharmacy owners looking to thrive. We’ll dive into three crucial marketing KPIs every independent pharmacy owner should monitor: Average Cost per New Patient, Total Number of New Patients per Month, and Total Number of Social Posts per Month . NO. 1 AVERAGE COST PER NEW PATIENT Expanding your pharmacy’s reach begins with understanding the investment required to attract a new patient. This KPI shows the financial effort behind each new face walking through your doors, encompassing all marketing expenses from traditional to digital channels, including flyers, radio ads, social media marketing, and more. It’s vital to grasp this KPI to pinpoint what’s working and where you can optimize your spending. More than just knowing the cost of a click or a leaflet, it’s about comprehending the holistic investment made in growing your patient base and seeing what expenses are worth it (and what aren’t).
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