Picture this: your medical device marketing team has spent weeks crafting perfectly worded messaging, beautifully designed graphics, and a fully optimized landing page with a fantastic user experience. You launch your campaign and wait patiently for the leads to start pouring in. Except…they don’t.
What happened? Where did your efforts miss the mark? The unfortunate truth is that, without data at the center, even the best campaign will fall short. Different prospects will resonate with and respond to different aspects of your campaign, depending on a multitude of factors that are nearly impossible to predict on your own. However, analyzing performance and engagement metrics on a regular basis can provide deeper insights into dynamic prospect behaviors. Leverage these metrics to tailor your campaigns to hone in on the tactics that most effectively engage decision-makers and unlock greater medtech sales opportunities.
The Top Five MedTech Marketing Metrics You Should Be Tracking
There are countless metrics you can monitor to gauge campaign performance and website engagement. While every measurement can provide valuable insights about your tactics, utilize these five key metrics to gain a complete picture of your marketing efforts with actionable insights for improvement:
- Website traffic and engagement. Monitoring website traffic is a core component of determining the success of your messaging, graphics, user experience, and overall brand quality. While a variety of factors impact website traffic, this metric provides a baseline overview of how well your site is attracting and nurturing leads. Dig deeper and monitor where your site visitors are coming from — through organic search, by directly typing in your URL, by clicking a link, or through social media channels — to identify your highest-performing channels. Aim to diversify traffic across all sources, measuring bounce and exit rates to fully map out the buyer’s journey and optimize your website to capitalize on that interest.
- Click-through rate. Your click-through rate (CTR) measures the percentage of users who see your ad or call to action (CTA) and decide to take the next step, whether it’s on a social media ad, Google ad, email, or landing page. A high CTR indicates that your messaging has hit the mark with your target audience and has proven enough value to motivate further engagement. Experiment with different CTAs, ad placements, and messaging variations, and watch for sharp increases or decreases in your CTR to determine which tactics are the most effective.
- Conversion rate. When a decision-maker makes the jump from prospect to lead, that means you’ve done something right. A conversion is a clear sign that a certain tactic or strategy is landing with your audience. That’s why tracking your conversion rate is crucial to evaluating success and determining how and where your campaigns can improve — and how to optimize other campaigns based on those results. Compare conversion rates across multiple channels, such as social media campaigns and Google ad campaigns, to identify which strategies are generating the most value and leading to the most sales conversations.
- Win rate. The most visible metric of campaign success is a high win rate, or lead to customer or lead to sale rate. A high win rate doesn’t just mean that your campaign has reached its goal — it also serves as an overall thermostat of both marketing and sales strength, indicating effective and strategic collaboration to move a lead across the finish line. Investigate whether your win rate is higher for low-value or high-value deals, and dig into upstream metrics to determine where you can tweak your tactics to maximize engagement with higher-value leads.
- Return on investment. Far and away, the one metric you should be laser-focused on day in and day out is your return on investment (ROI). Your ROI combines every possible measurement to deliver a high-level overview of your marketing performance — and how that performance stacks up against your investment. ROI speaks directly to the profitability of your marketing efforts to pinpoint the tactics that deliver the highest value and should be optimized to accelerate medtech revenue growth.
Maximize ROI With a Data-Driven Marketing Team
The advantages of tracking marketing analytics are clear, yet it’s often easier said than done — especially for several campaigns across multiple channels. At Jairus Marketing, we take a systematic approach to evaluating campaign performance, continually searching for opportunities to improve messaging, graphics, user experience, and targeting. While great messaging and graphics are essential pieces to the puzzle, Jairus remains hyper-focused on ROI as the most important metric to help our medical device, life science, and health tech clients drive engagement and close more deals.
Interested in learning more about improving your marketing ROI? Schedule a discovery session to access expert strategies to optimize performance with data-driven insights.