Business assets: Maximize sales per customer

Sunday, January 22, 2012

A. In most retail venues revenue models are built off of traffic. Traditionally, DME retail DME retail has been focused on physician or prescription driven business. A casual counter effect of this model is that customer service and loyalty never really seemed to be a focus. Customer relationships were often sacrificed by lack of sales training, product driven sales associates and information platforms required to maintain a profit producing retail model. Even today most DME retail venues focus first on insurance coverage and physician requests versus customer service and patient care. In turn, the intangible value to service many mediums of care, i.e. product sales, for each customer is often lost.

Conduct an overall analysis of your customers and start speaking with them about what their problems are and what types of products they may be interested in. The initial key to tapping into your intangible asset returns is customer information. Whether it be database analysis, purchasing trends, diagnosis services, or referral source specialties, it is imperative that you seek out information, assess how that information integrates with your current business model, and determine how you can utilize current assets to leverage that information into new sales. 

A customer loyalty program could improve your company's ability to maximize current sales per customer. Such a program builds relationships with retail customers, and maintains that channel of communication necessary to constantly tweak your business model. This communication leaves the door of opportunity open to seek new markets, new product trends and bond with your customers by helping them find solutions to every day problems.  

You can start with something basic like customer loyalty cards that would entitle your retail customers to a certain percentage off at your store.  Every time you touch your customers you are leveraging your opportunities to maximize intangible returns! HME