Across industries, we frequently discuss ROI and for a good reason. It helps us understand how effective and efficient our revenue-generating methods are. As a B2B healthcare marketing leader, everything you do impacts this metric.
But in healthcare specifically, it's critical that you have your eye on another measure of B2B healthcare success. That's VOI (Value of Investment). What is VOI, and why is it vital to healthcare? Here's what every B2B healthcare marketing manager needs to know.
The Importance of B2B Healthcare ROI
No single department should be the main contributor to a company’s ROI. The highest ROI occurs when you have alignment among marketing, sales, and customer care to deliver a consistent, perfectly timed, and personalized customer experience.
At a fundamental level, ROI = Revenues - Cost of the Investment
Whether it's enhancing marketing automation, additional investment towards inbound marketing, or adding a new social media channel, it's critical that you benchmark your investment before and after to understand how the investment influenced your ROI.
ROI is an adequate place to begin understanding how cost-effective it is when you meet KPIs and continually improve your success in achieving this.
VOI takes this process one step further.
What Is VOI in B2B Healthcare Marketing?
VOI goes beyond financial return to measure the intangibles. These are the ROI-driving decisions that really impact your bottom line. But sadly, they're often undervalued. Why? Because they're not as easily measured as the direct financial metrics, executives are accustomed to evaluating B2B success.
However, this doesn't mean they're not measurable — or shouldn't be measured. When you measure them, the financial impact becomes apparent.
They influence both company culture and outside brand perceptions. And at the end of the day, perceptions matter. When a sales rep is attempting to close the deal, that perception drives the closure rate, time to close, and how much that new customer spends on their new account, which are all major ROI drivers.
In fact, it doesn't matter where someone is in the buyer's journey, from a stranger to a delighted customer. It minimizes customer acquisition costs across the board.
VOI in healthcare marketing focuses on the value you're creating for the business — the kind that pays back long-term in dividends like:
- Employee and customer engagement
- Employee and customer satisfaction
- Employee and customer promoter activity
- Employee's increased productivity due to factors like higher morale, less turnover, less absenteeism, automation, and alignment
- Health outcomes your customers achieve for patients through your B2B healthcare product or service
- The wellness of your own employees
These are the types of metrics that help your products and services "sell themselves". People see this value. They talk about it. It generates trust, loyalty, and a desire to share with others. It drives your bottom line.
Ultimately, VOI proves value to C-suite, but more importantly, it proves it to your leads and customers.
For example, let's say your B2B healthcare organization helps employers manage corporate wellness programs. A corporate human resources director is online casually exploring how to improve their employees' health, wellness, and productivity.
They see your employees actively discussing what they do online (employee engagement). And they see corporate leaders (your customers) engaging with your content. They're discussing how your corporate wellness solutions have helped their bottom line.
This social proof both attracts them to your company and convinces them your company is the right choice for their business. No hard sell required. You've already won them over before they even visit your website.
This is the power of VOI.
How to Measure VOI?
Measuring VOI to capture your true ROI requires the right tools and system to measure how your marketing efforts impact financial KPIs. We can help you prove the value of your marketing efforts and show how they contribute to your bottom line. By extension, we can demonstrate the value your leadership offers the B2B healthcare company you work for.
Never walk into C-suite again stumbling over how one of your marketing initiatives impacts ROI. Proceed confidently with proof in the form of measurable VOI and ROI.
If you want to learn how to improve your ROI tracking and reporting, then start with an assessment. Relequint’s B2B Balanced Scorecard will help you align your overall business goals with your strategy to increase your healthcare ROI. Click here to learn more.