How to get the most out of your Success Points
By: Alicia Ross, Senior Account Marketing Manager, Phonak
Inner Circle members are often curious about how to best use their Success Points. We thought it would be beneficial to share how to maximize points and support a greater return on investment in your practices with marketing.
Recently, an Inner Circle member purchased new audiological equipment for their office and wanted to submit for reimbursement. After inquiring on how to submit a reimbursement, the marketing specialist used our Waterfall Tool to share an alternative idea for using their points earned by suggesting they invest the points through marketing.
The Waterfall Tool is a quick estimator tool that highlights expected results based on quantity and an aggregate of response rates to a specific marketing campaign. Using the reimbursement amount for the audiological equipment, we entered the current response rate average for the specific marketing campaign and then sent a snapshot of what re-investing in marketing could generate for their practice. The member quickly realized that re-investing in marketing provided a greater return on her Inner Circle points and moved forward with the suggested marketing plan. Plus, with more patients using the new equipment, the return on investment for the new equipment really pays off! In fact, this reinvestment strategy is still being followed by the member who continues to market to generate new patients today.
Let us tell you more about this amazing tool. First, the Waterfall Tool does not guarantee results; however, it does provide data that allows members to make informed decisions when using points for lead generation. Marketing continues to be an important investment and deciding how to spend the budget is made easier with solid data and facts. Not only does the tool estimate the number of responses, it also waterfalls down to identify total sellable patients. These KPIs were a result of a recent benchmark study. For those practices where the KPIs are different, the tool allows for personalized data input to generate estimated results.
Using the waterfall to guide your marketing investment and point utilization strategy helps to drive more revenue for your practice.
Before you submit a reimbursement, consider using this tool to learn how you can maximize your points to acquire new patients and increase practice revenue.
If you would like to know more, please reach out to your Phonak Marketing Representative or Phonak Field Representative.
Alicia Ross is the Phonak Senior Manager, Marketing Communications. She passionately works to help hearing care providers connect with patients to provide the services they need to hear better.