How to earn extra revenue with in-office retail
We all know that in-office retail can be a great source for extra revenue, but how can we be successful at it if patients or clients can get the same or similar products online? The following blog post will disclose some insights that successful companies use to win customers without heavily discounting:
#1 The majority of purchases are impulse buys
According to research, most purchases are not planned, i.e. ‘impulse buys’. What does this mean for you? The presentation of your product is key when you want to sell. Display them in a way that patients can imagine how to use them and provide them with information on how they work. Let them feel, touch, experience and position products in areas where they spend time, such as your waiting room. Did you know that one KPI (key success factor) for eCommerce companies is the amount of time consumers spend on their sites? Imagine how much they would give to have access to consumers that have time to kill in the first place? So why not turn the time your patients wait into something fun for them and valuable for you?
#2 Don’t win with price, win with service!
Unless you sell huge quantities, it will be hard to compete with price. Instead, compete with service! Add free exercise programs or informational handouts to product purchases. E.g. provide everyone that buys a foam roller with free access to a digital exercise program for 6 weeks. Or offer a free injury risk assessment for patients that buy topical pain relief creams.
#3 Bundle products and services.
Adding products or other services to packages can make it more tempting for patients / clients to commit to them and complete the service offering. It can help to improve the overall purchase experience: for example, adding in a free product, a free treatment or a free digital exercise program. By doing so, it might be perceived more desirable than receiving a discount, which will long term affect your pricing strategy and service margins.
#4 Sell solutions, not products
Instead of just selling a piece of equipment or a single service, help your patients or clients maximize their treatment success by combining products and services that work in conjunction as a solution for a specific condition or injury risk. These could include treatments that complement each other, such as exercise and manual therapy, with tools that patients can use for home exercise programs. Use your knowledge to encourage patients to try out and use products that will help them in the long run by framing them as meaningful packages, such as a ‘back pain prevention’ or ‘running injury’ pack.
#5 Add a service to a product purchase
Do you want to create awareness for a new service offering? Add a free trial as your ‘gift-with-purchase’ when someone buys a specific product. Are you trying to fill your new mobility or back pain prevention class? Tie it to purchases that exceed a certain price threshold or with products that patients might use in that class, such as a yoga mat or mobility ball.
Questions, feedback, suggestions? Inbox me at rikeaprea@webexercises.com
About the author: Friederike is the VP of Business Development and Marketing Strategy at WebExercises. She previously worked for Reebok, BMW, and the Adidas Group in the US and Asia and is an ACE certified personal trainer and NASM Corrective Exercise Specialist.
