Survey Results from Subscribers Demonstrate a
Return On Investment (ROI) of Better than 18:1
- As a result of reading the newsletter, at least 1 to 2% of readers purchased new hearing aids. Sometimes immediately, sometimes in several months, but the newsletter contact program lays the groundwork and reinforces your advice. It also virtually guarantees your patient will return to you for his or her next set of hearing aids.
- A reported increase of about 40% in battery sales when they followed a Battery Club protocol. (Do you know the actual percentage of patients who purchase batteries from you?)
- An increase in annual hearing tests from the typical 25-30% range to a range of 60-65% (ask us about the other components of the program: counseling, re-call letters, and the annual newsletter article about the importance of regular hearing health care check-ups).
- Increased patient satisfaction and loyalty. It’s difficult to measure the number of patients who remain loyal instead of going elsewhere after being swayed by direct mailings from discount houses or misleading newspaper ads. About 10% of patients leave a practice each year because they “didn’t feel cared for.”
- More patient referrals. Your newsletter serves as the foundation of a long-term patient referral program by keeping your patients more satisfied and more personally involved with your practice
ROI Example:
An average subscriber takes 1000 newsletters for $3,400 a year (4 issues), plus $1,100 in bulk postage = about $4,500 a year. (About postage: An informative newsletter can replace other mailings such as announcements, birthday greetings and offers.)
The Results:
- 1 % hearing aid sales: 10 aids X $1,000 net X 4 issues = $40,000
- Battery sales: 20% of $10,000/year net = $2,000
- Increased annual tests: instead of 150/yr at $125, 300/year = $18,750
- Patient loyalty: most commonly mentioned bit difficult to measure = "X"
- More patient referrals: Extremely valuable, estimated at one additional patient referral per 100 patients per year: 10 x 2 x $1,000 = $20,000
Summary of Results:
$40,000 + $2,000 + $18,750 + "X" + $20,000 = $80,750 net income
Divided by the cost of newsletter program (including postage) ($4,500) = an ROI of 18:1
The real return is the increased patient satisfaction and success that comes from providing this platinum level of service and follow-up hearing health care .