11 Aug 2015
An Evocative ROI from Marketing: What is it and How Do you get one?
While discussing the results we were seeing from the HearScreener Business Growth system with senior marketing team at Starkey in the UK, we were left with a challenge from them. In short, it wasnâ€™t enough to prove a Positive Return on Investment, we had to show an â€œEvocative ROIâ€â€¦ So, was launched or quest for delivering an ROI so good, it could be considered Evocative enough, to be a â€œno-brainerâ€ for any business that provides hearing solutions as its core offer. The challenge was onâ€¦ and at that point, we were still trying to define what an E-ROI was!
Starting with the basicsâ€¦
Anyone who truly knows how to manages their business profitably recognises that you have to see a higher return in sales value, than itâ€™s cost you to acquire that sale. Defining an ROI is simple:
But what makes an ROI evocative? We decided weâ€™d take our best client to date, Malmo Hearing, based in South Wales, who after trialling a HearScreener kiosk in Februaryâ€™15, have just placed an order for a fifth, with more to follow. Working with Malmo, we tracked every lead that came in via HearScreener, through to its conclusion, whether it be closed down as non-contactable, appointment made, or a device sale and fitting. After much cross checking and re-assurance analysing, we came up with what HearScreener was worth to them as an investment. We sat and looked through the resultâ€¦ a lot!... then looked again because even though we knew what our business growth system was capable of, their specific results made us question our own calculations.
â€œAh-haa! So thatâ€™s what an evocative ROI looks like!â€
Before the big reveal (yes, I am tease), letâ€™s consider what contributed to their success:
Â· Multiple HearScreeners kiosks (weâ€™d not longed installed their third one)
Â· Great locations (busy pharmacies and opticians)
Â· Support and help with lead management and tele-appointing
Â· Experienced audiologists; and
Â· Great customer service
In the interests of disclosure, we did work very closely with them from the beginning as we could see the potential, and of course, they had a great reputation locally. However they were keen to grow more and were looking for a way to increase their new business without paying through the noise for it and having to spend time personally marketing at events. Being keen to try new technology and methods, they were equally as committed to getting things right and achieving great results as we were.
â€œAnd the winner isâ€¦ YOU!â€
All said and done, the results spoke for themselves:
Â· The screeners were used on average 5 times a day, generating 2 clean leads.
Â· Of ALL clean leads, 78% showed possible hearing loss, justifying a potential appointment.
Â· Out of those potentials processed, 56% opted for an appointment.
Â· Of the appointments seen, 70% of them converted to a sale.
Â· That means 30% of leads converted to actual sales.
Which after taking into account cost of tele-appointing time etc, resulted in an Annualised ROI potential of over 1000%... and thatâ€™s when we concluded:
Thatâ€™s one hell of an Evocative ROI!
â€œWould you like help with doing that?â€
HearScreener Audiology Business Growth System supports you in each or any of those stages, from providing our highly successful and bespoke lead generating HearScreener kiosks; and finding great kiosks locations through our network of industry connections; and/or implementing our lead management systems; through to using our dedicated and experienced team of tele-appointers to convert those high quality, hot leads into appointments for you.
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