Best Strategies for Growing Your Practice Selling Retail Products and Medical Supplies
You can literally “set up shop” at your practice to increase your practice’s growth potential by selling retail products and medical supplies. While this can be a great addition to your bottom line, it also gives you an advantage over your competition. Your clients will see this as an added value as it is very convenient.
Choosing products, marketing and advertising can be a tricky situation. You definitely want products that are valuable to the majority of your patients without overwhelming your waiting area. To stimulate your practice growth through selling retail products, here are some best practices to consider when beginning this endeavor.
Choose quality products
A subpar retail shop will leave your customers questioning your judgment on the small things and that is not a good way to approach your business. By choosing to only sell quality products, it creates even more trust with your patients. You want satisfied customers throughout their entire experience within your practice.
When choosing quality products for your retail store, do your own research. Determine if the products you are choosing already have rave reviews and show high standards of materials, ingredients, etc. If there are common complaints with a product, consider if that will be a deal-breaker for you as a seller.
Determining what to sell exactly is a whole other can of worms. Many general practitioners start with basics like vitamins or OTC supplements. Healthy technology is another popular choice, like Fitbit watches. The main thing to consider is who your main customers are and what they would be interested in buying. Having repeat customers with repeat sales is essential. You must be confident in your choices and estimate the proper amount of inventory.
Create a winning display
It might be tempting to keep retail items behind the front desk or locked up for safety, but a winning display to showcase the items will help your sales explode. It is not uncommon for patients to have to wait in your waiting area for more than a few minutes. Give them something to browse and take note of. They may not mind the wait so much.
You want the display to be inviting and informative. It should be cleaned, stocked and maintained daily. Encourage your staff to take note when a patient could truly benefit from your retail product so they understand what you are selling.
Create an online presence
Your website and social media accounts are great places to advertise your retail products. For clients who may not have visited recently, a webpage on your website dedicated to your new retail products will help spread the news. Social media posts with pictures are another great way to get the word out.
Use a rewards program
Creating returning visits and sales is key to maintaining your bottom line. Using incentives is a great way to keep those customers coming back. You can entice new customers with discounts or samples, then reel them in with a loyalty or rewards program.
Dive into other marketing strategies
Lastly, there are hundreds of marketing strategies you can take to highlight your retail products. Some will be more successful than others and oftentimes they depend on your specialty, location and customer base. You may need to try more than a few tactics to find what truly works for your demographics. There is no single correct answer. You must be willing to be flexible and try more than a few times. Here are some marketing strategies to try:
- Create Facebook challenges, giveaways or contests.
- Host a lecture/seminar on a product you are selling.
- Send out promotional postcards.
- Release e-newsletters about your products and announcements.
- Train your staff in sales and marketing.
- Create Youtube videos and continual social media content.
- Partner with a local company or vendor to market your practice and products.
- Always be willing to change with technology and platforms.
Final Thoughts
The best strategies for growing your practice selling retail products and medical supplies will take a few calculations and a learning curve. You must know your audience and have a good estimation of what they will be willing to buy from your practice. With literally hundreds of marketing tactics to choose from, it will all depend on your specialty, type of patient and some trial runs to see what sticks.