How to Upgrade Your Inventory mix

The Optical Journal - Optical News With Independent Views
Ete by Optylux Group

What! You Ask- now in these economic times- people are cutting back, they are not buying….

First- when talking about upgrading, it doesn’t mean to put in every high end frame line. It means carrying sunglasses, exclusive product, designer lines, putting in accessories and or carrying a frame line that is just a little bit more expensive than what you are currently carrying.

Advantages of upgrading an office:
• Appeals to a more discriminating patient
• Patients buy on style & service, not price
• Discourages price/coupon shoppers
• Appeals to private-pay patients
• Less competition in that market
• Strong word of mouth referrals
• Strong focus on product rather than price
• More resistant to industry changes
• Increases average transaction sales leading to higher profitability

12 Tips – How to upgrade product mix:

  1. Establish average transaction price- if you don’t know- you can get an estimate by dividing your total dollar frame sales by number of people sold.
  2. Analyze your price points on the board- to see where the holes are. (see earlier post)
  3. Determine how much you want to increase average transaction price
  4. Set a goal of what you want to achieve- Do you want to go from average of $150 to $175.00
  5. Evaluate vendors to determine who 1.) has the product to achieve your goals 2.) Will help train staff to achieve goals.
  6. Place a good representation of upgraded product on board
  7. Merchandise product effectively
  8. Market product, through recalls, direct mail, email, trunk shows
  9. Train staff to sell through product
  10. Reward Staff on higher transactions
  11. Reorder product as it sells.
  12. Track sales
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