Retail can help to boost your veterinary practice bottom line by up to 10% by implementing some simple strategies.
Whether you are new to vet retail or are looking at ways to increase your sales, putting these steps into place can help.
How to increase your profit through effective veterinary retail strategies
Choosing the right products to sell
Any retail store has the potential to stockpile up a hoard of unused, unwanted, unsold products that will simply gather dust for years to come.
The key lies in knowing what products to sell, and when. Not only those that will sell – but those that will sell quickly. If certain products are not in the mix – dump them, and dump them fast.
Winners in this category are medical items that pet owners may continue to use following their vet appointment. They could find the same item in a pet store, but having the convenience of stocking an item there and then helps for upselling while you have a captive customer.
Your clients trust that you stock and sell the products you recommend. Discuss with your veterinary team the products you will all recommend as treatment for particular conditions. Then stock those products.
Upskill your team on product sales
Your practice team make a big impact on the success of your retail operation.
Your clinic receptionist meets and greets your clients as they enter the practice and farewell them as they leave. They are both the first and last point of contact with your clinic, so it makes sense they are the ones to discuss any post-appointment sales with your customers. Simple tips and pointers to recommended items can help to boost in-practice sales.
Training your staff is an important aspect of the sales process. Conduct regular retail sales training where your staff can get up-to-date on the latest products and sales techniques. Practice their sales pitches and quiz them on their product knowledge.
Introduce a rewards system
Introducing a rewards system is a great way to increase sales and prompt return business.
Customers can receive a stamp for every spend they make over a certain dollar value to encourage customers to reach a goal. A simple way to upsell without being overly pushy.
If you are concerned about launching into retail, the best approach is to start small.
Look at what is most important to your customers.
What do they need?
What items can help them the most?
Then start by stocking these items and build as demand requires.
Ensure your staff speak to your customers and note down any retail requests. Stocking products your clients need gives them a reason to come back and visit the practice outside of their usual, routine visits.
Once you have a system running efficiently, be sure to keep on top of it and evaluate your monthly reports, Look at the products that have the highest turnover and stock more of those. It is important to always have the stock of the products you recommend, as customers may not always come back for them once they have left the clinic.
The easier you make it for your clients to purchase the right products, the higher the uptake will be.
Your clients need to trust in the fact that you are recommending products that are the best for them and their pet. That’s the reason they choose to use your services and have trust in your recommendations. In the end, it all comes down to trust. If you can show that the products you stock and sell are the ones that are needed for the future health of their pet, then your retail task is half done.
If you’d like to discuss how adding retail to your veterinary practice can help to boost your bottom line, give our friendly team a call and schedule a meeting to discuss your veterinary retail practices.