Businesses are hurting.
The doors are closed, PPP loans have run out of money, and every scientific report on when this will end shares conflicting information.
It’s forcing many of us to eliminate costs that don’t tangibly deliver us value and pull spending on advertising such as TV ads, newspaper ads, and paid traffic.
But there is one additional thing that you should be doing (that many clinics are not thinking about) …
… that is, to look for ways to continue to drive revenue.
Although the traditional method of having a new patient walk in your door and dispensing them new hearing aids is not as simple as it once was, it doesn’t stop you from thinking of innovative ways to ensure revenue continues to flow.
Look at restaurants as an example.
Although they can no longer have people sit for an evening meal, they’re pivoting to delivery models, coming up with new ways to solve challenges, and utilizing their staff in different ways.
In fact, Forbes wrote a great article last week where they shared how small businesses were pivoting their models to be relevant in this “new normal.”
In this article, I want to share three ideas that you can use to continue to drive revenue during this time.
But before I share the first way that you can achieve this, here’s the first disclaimer.
What I’m going to share is highly unlikely to replace the income that you would have generated if this pandemic had never happened.
You probably won’t break your sales records. However, continuing to dispense hearing aids, collect payments, and drive revenue is going to improve cashflow and make life much easier right now.
Here’s my second disclaimer.
Finding new people right now is harder than ever before.
If somebody has procrastinated on addressing their hearing loss for seven years, a global pandemic is probably another valid reason to not take action.
What you should be doing instead is looking towards your existing relationships.
- It’s people that already trust you.
- It’s people that know you take good care of them.
- It’s people that already know the value of hearing care.
- You have ways of being able to communicate with them.
The question is, how can you segment these people based on their last purchase, the technology that they wear, their personal circumstances, and your relationship with them to ensure that you can communicate with them with relevant messaging?
Here are three examples of how you can do this:
#1 – Beta-Test Upgrade Campaign
I wrote about this in an article that I shared last week, but as more and more of our clients continue to share their results, this campaign is becoming a great way to drive revenue.
This campaign allows you to contact patients that are due an upgrade and invite them to be part of a beta-group to be fitted with new technology remotely.
Here’s how the campaign works.
- You contact your patients, whether phone, mail or email (or a combination of all three).
- You openly share the challenges that you’re facing as a business and invite them to help.
- You introduce technology with remote capabilities.
- You tell them that given current circumstances, you’re looking to introduce a “remote offering” later this year but are looking for a handful of people to beta-test it.
- You say that given the patient’s existing technology, they would be a great person to be part of this.
- You walk them through how it would work.
- You share that they will receive a deep discount by being part of this.
- You invite them to contact you to be part of it.
The mailing that we’re sending is two pages long.
The best part is, because this campaign is aimed at being sent to a small number of patients and to appear personal, the letters can be printed using the office printer and the envelopes can be hand addressed.
You don’t need an external mailing house. It’s quick and simple to implement.
Yet it’s performing as a great way to have patients say “yes” – pay you up-front and allow you to program new devices to their most recent audiogram and temporarily support them remotely.
#2 – Extending Warranties Remotely
How many of your patients are no longer under warranty yet would benefit from some form of cover?
50, 100, 1000, more?
Well, this is the closest thing to “free cash” that is sat waiting for you to collect.
If you don’t already have one, create an “extended warranty” package that includes remote support and covers them for a 12-month period.
Then pick up the phone, mail a letter, or send them an email to invite them to be part of it.
Make it super easy for them to move forward and pay, whether over the phone or paying through your website.
If 50 people that are not currently under warranty say yes to $400 – then you can easily collect $20,000 this week.
#3 – Is the Timing Right for an Accessory?
Although accessories aren’t often your “go-to” product to generate new revenue, in terms of a transaction that can be done remotely, this is one of your easiest opportunities.
Your patients are stuck at home, likely with a loved one, and communication has never been more important.
Could you touch base with them, share how some of your other patients in their circumstances are having success with a Mini-Mic, TV streamer, or Phone Clip and invite them to either trial it or invest in one?
You can take the payment over the phone, you can mail them the accessory, and, if needed, you can support them remotely.
Are you likely to make big money? No. But are you going to continue to drive a few hundred bucks here, and a couple of hundred bucks there? Yes.
A WARNING FOR THE FUTURE
Just as China goes into its second lockdown and as many Scientifics are predicting, there is highly likely to be a second wave that follows what we’re experiencing today.
The most difficult challenge is that nobody knows when this will happen (or even if it will happen).
But the important thing is to ensure that you’re better prepared if this is to happen again.
My question to you is, what can you be doing today and as soon as you’re open to ensure that you’re better protected in the event of a second wave?
- Would you manage finances differently?
- Could you build in a way to get paid monthly (rather than up-front)?
- Could you introduce “Remote Support” today and make all the necessary changes for future benefits.
These are the questions that you should be asking yourself during this time to be prepared.
These are three of many different strategies that you can use to continue to drive revenue. I’ll share some more with you over the coming weeks.
These are the times to get scrappy, work extra hard for every sale, and ensure that you can protect yourself, your staff, and your patients during this time.
Keep up the great work!