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Are you proving real return on investment?
Although most hospital marketers track preference share, market share, and utilization methods, very few actually track return on investment (ROI), said David Marlowe, principal of Strategic Marketing Concepts of Ellicott City, MD. Marlowe, who spoke during the recent HealthLeaders Media Webcast "Proving Real ROI: The Bottom-Line Impact of Your Healthcare Marketing," said hard ROI numbers are exactly what your CEO is looking for when you justify your marketing expenses.
Although the traditional definition of ROI is net income divided by the owners' equity, Marlowe said ROI for healthcare is better defined as "effort ROI," or the revenue (net of costs) divided by investment or expenditures made.