In the Optical
The first quarter is about gaining momentum as we begin to move out of the cold, dark months of winter. As spring comes into focus, we will look at ways to grow your business. This lies not only in increasing sales dollars or the number of patients you are seeing, but also balancing your margins and the profits you are retaining in each transaction. Looking at the bigger picture and knowing what the true final costs are of the products and services you are selling will ensure you can cover all the costs involved in doing business and optimize profitability.
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The #EBOpticalChecklist is breaking out of each issue with a digital episode to our social channels. Join optical pro Sheena Taff as she applies these checklist items to real-world scenarios. Watch on EB’s Instagram (@eyecarebusinessmagazine) and TikTok (@eb_mag).
1. Audit your pricing. Many frames and lenses have increased in cost over the last year. Make sure existing inventory has been adjusted to match the current cost. This is important for when a frame model is replenished or if a different color is ordered for a client. Factor in shipping or specialty lab costs if they apply.
2. Evaluate margins. The cost of an item isn’t only the “cost” on the invoice. There is labor, shipping, and expertise that is associated with each product. Specialty frames or lenses should have different margins to reflect all the “costs” associated with them.
3. Set up subscription services. Contact vitamin, eye drop, and contact lens customers and offer direct-ship replenishment services. Credit card information can be securely stored and processed prior to product shipping. This can be done on a small scale with simple calendar reminders for processing dates.
4. Review internal billing systems and ensure submissions, tracking, and reconciliation are being done correctly and efficiently. Just because the task is being completed doesn’t mean the process is optimized. A second or third set of eyes should always check for accuracy.
5. Create a list of brands that you are interested in adding to your practice. Look at the geography of other retailers. Expanding product offerings can tap into emerging or underrepresented products in your area and will draw in new clients.
6. Reach out to the sales reps for new brands of interest and inquire about buy-back programs or new account incentives. This will help with the decision-making process on which brands/vendors to add to the optical.
7. To increase specialty appointments such as intense pulsed light or vision therapy, add a few minutes to regular appointment lengths. This allows for consultation and discussion about the recommended treatments with the optometrist. The extra face time with the patient increases the understanding of the prescribed treatments and leads to instant bookings for new, higher-revenue services.
8. Ask new clients how they found you. This will allow you to optimize marketing/advertising in the right place, increasing the value of your marketing dollars. If they were referred by another client, send a thank-you email or card, or call to express your appreciation. This will lead to many more referrals!
9. Train staff in cross-selling. Each member of the team should effectively suggest additional products or services that complement a patient’s visual requirements or eye health. Needs-based selling is authentic and beneficial to the client and the business, without coming across as simply an “upsell.”
10. Share what sets the business apart. On your website, Google Business listing, and social media channels, it should be clear upon first look what makes your business different. This can be treatment specialties, unique product lines, or service offerings.
Remember: Pictures speak a thousand words.
