12/14/09

Protecting Your Business

When you have a business, you need to be able to protect the assets you have and this is where your insurance comes into play. If you were to have a fire or other hazard that destroyed this business, would you still be able to recover? The main thing that most people worry about in the event of a catastrophe that totally wipes out their business is how long it will take to get them up and running again. Because with their loss, they will not have the market for their business, they need to get everything back together as quickly as possible.

12/6/09

Provide Personalized Services

One sure way to market your business and have repeat customers is to ensure that you make your customers feel they are important to you. This can be done in a number of ways. One of the best ways is to keep in touch with your regular customers so they will continue to be customers.

Build an Email List
How can you keep in touch and let them know they are important to you? One of the ways is from the beginning when they come into your office and the forms are filled out with addresses, telephone numbers and insurance information. Asking for their email address at this time is one way you will have of keeping in touch other than writing or calling. 

11/20/09

The Importance of a Website

When considering the outlets available for advertising, briefly mentioned was the website. This can be one of the best types of advertising you will have at your disposal. There are many people who no longer look elsewhere for whatever they are trying to find. The Internet has become such an informational outlet that this is the first stop to find whatever is being searched.

10/23/09

Mailing Lists are Often an Option

Everyone has received mail from a local business that has decided to run a mail campaign in an effort to generate more business. This sometimes is a good approach especially if you are mailing something of value. Many companies use this method to offer something free to the consumer which will help to get them into their store. Choose a Mailing List House that is TrustworthyHearing aid outlets are no different. They can offer a free cleaning or any other service they feel would be beneficial to get the customer to consider their store. The key to this type of advertising is getting a good list of potential customers.

10/9/09

Advertising is Another Key Element

What is your budget for advertising? This is another extremely important aspect of marketing your hearing aid outlet. The consumer will not know you exist if you do not let them know where you are, your business hours and what services you provide. The money you spend on advertising will be well worth it when the customers start doubling or tripling.

Using Advertising to Your Advantage

The newspaper is a great place to advertise. Circulars that go out at whatever frequency - weekly, bi-weekly or monthly - are great for allowing people to know what may be on sale. Advertisements on the radio or television are still another way of letting people know you exist.

9/2/09

Your Hearing Aid Outlet

No matter where your outlet is located, whether it is in a mall or an office building in a professional area of your city, your hearing aid outlet is going to project your business. There are a few things you can do to help market your business to the best of your ability. It is often the little things you do that make people much more comfortable shopping in your store.

Look through the Customer's Eyes

Take a good look at your store from the perspective of your clients and prospective clients. What do you see? Is the store clean? Are the floors free of litter and dirt that may be tracked in especially in the rainy or snowy season? Does the furniture or wall hangings need dusted? If you are using lamps for a cozier atmosphere, are all of the bulbs working?

8/16/09

Is Your Hearing Center GREEN?


Hearing aid specialists may not realize it but they’re in a great position to help the planet stay green. Not only is it good public relations, it’s good for the environment – good for all of us today and in the future.

So what can you do? Here are some suggestions.
1. Use mercury-free batteries. Mercury is a heavy metal that is highly toxic to humans. And many hearing aid batteries contain mercury as part of the power-generation process, converting chemical energy into electrical energy. That’s how all batteries work.
Now, a hearing aid battery is small and so, it contains a small amount of mercury. No big deal, right? But imagine millions of these tiny batteries being tossed in the trash and hauled off to the compactor.

Over time, the battery casing will erode, releasing that tiny drop of mercury. Gravity does the rest, drawing the liquid metal downward until it eventually seeps into the aquifer below the landfill, and the source of drinking water for millions of people. It may take decades. Even longer. But eventually, that mercury will work its way into the water supply.

Many battery manufacturers are now making mercury free batteries. Since you, the hearing aid professional, go through dozens of batteries, go mercury free and help save the planet for future generations.

8/4/09

Use Email to Build Your Hearing Aid Business

Stay in touch, now, okay?
The basis of any successful business venture is repeat business – business that comes back to you on its own. NO marketing required. Without repeat business, your on-line web site must be constantly marketed. As the old saying goes, “It’s much easier to keep a client than to find a new one.”


In building a successful hearing aid business, nothing is more true. But keeping in touch with your client base is expensive and time consuming, right? Well, it used to be but today, when most households have web access, staying in touch with your regulars is easy – even automated – leaving you more time to provide higher quality services to the new folks who come through the door.


Build a Database
You need email addresses to send email. So, as part of the in-take process, capture that email address along with the usual telephone number, street address and other contact information. Getting an email address should be a routine part of every in-take.

7/20/09

Hearing Aid Specialists: Insuring Against Risk

Protect What You've Got
As a dispensing audiologist or hearing aid practitioner, you most likely have a standard commercial policy that covers the risks associated with running a health services business. But, have you considered all of your risk exposure? What about a catastrophic loss? Loss of business and income?

There are numerous commercial policies sold by a variety of insurers – some a better value than others. And the person who knows best what insurance lines are best-suited to your particular business? Your insurance agent.

7/10/09

Public Speaking: Short, Sweet and Funny

Introducing Our Speaker This Evening,
John M. Adams III
I’m often asked to speak to groups about hearing loss. Now, I know speakers who go in with slide shows, frequency charts and other visual aids that, frankly, confuse the audience.

I use a different approach. When asked to speak, I keep it short, sweet and, if I can add a little humor, so much the better. After all, hearing health is not the most compelling topic to a 16-year old.

I urge all owners of hearing aid retail outlets to get out in to the community, not to sell hearing aids, but to teach audiences of all ages, the basics of hearing health. Now, I know, the thought of speaking in front of a group of people is a little, well, terrifying, so to help you get started, here’s the basic speech I use for speaking events.

6/22/09

Are Your Customers Welcomed?

WELCOME EACH PROSPECT PERSONALLY, AND MAKE THEM FEEL COMFORTABLE IN YOUR HEARING CENTER
How do you attract customers to your hearing aid center? Newspaper advertisements? The yellow pages? TV and radio spots? A website? The fact is, you should be using all of these marketing tools everyday. A day shouldn’t go by that you don’t advertise somewhere, using a variety of media.

It takes a lot of money to get a customer to walk through your front doors, so once you have a customer on site, how do you make them feel welcome at your hearing aid practice?

No One Likes a Cold Fish

6/1/09

Hearing Aid Retailers and the World Wide Web


PROSEPCTS FIND YOU THROUGH
LOCALIZED WEB SITES

Most of my friends who sell hearing aids – either as a one or two store independent or the owner of 12 franchises across a large geographic service area – employ a web site as part of their overall marketing campaign.

Unfortunately, for many, these websites were built years ago and have the look and features of 2004. Ancient in search engine years. Today, more and more search engine users are entering geo-specific keywords into search engine query boxes. More than half of those who find my site organically employ local search to find me.

That’s why I keep an up-to-date web site optimized for local search. How about you?

5/27/09

Hearing Aid Marketing 101 Presents Success Coach, Larry Wilson


 Hearing Aid Marketing 101
Presents

World Renowned Success Coach Larry Wilson


Helping Leaders Learn to 

Coach Themselves and Others To

“Choose Well to Live Well”


5/26/09

Post-Sale Marketing: Building a Business Family


Stay In Touch With Customers AFTER The Sale

Many dispensing audiologists and hearing aid practitioners figure that once the patient has been connected to the right device, properly tuned to test specs, their jobs are finished. And, in a sense they are finished – they have a happy customer.
However, once that customer leaves the store, pruned and tuned, the smart hearing aid professional should use collected data to stay in touch with customers wearing their hearing aids.

Why? Well, for one thing, you can. An email to a client or customer is legitimate and NOT spam. A direct mailer piece is going to your “Golden List,” those buyers who are happy with the services you provided and the concern you showed – and continue to show.

More often than not, hearing aid wearers buy up once their first pair starts to lose its appeal and functionality. Through post sale advertising, those buyers will return to your retail outlet and require more of your professional services.

Staying in touch is an on-going part of building a stable client base, the foundation of any successful business. It is always easier to maintain a client than it is to find a new one, so once you’ve established a relationship with a satisfied customer, maintain a relationship.

But don’t be a pest.

5/18/09

Is Your Hearing Aid Outlet Comfortable?


"Please get comfortable."


You do it every day so entering your store is no big deal. It’s like walking in to your second home – the place you spend most of your time. And, because your office or retail store is the place you spend so much time, you might not even notice the things that would make a first-time visitor comfortable – or much worse, uncomfortable.

A comfortable visitor stays in the store longer, providing you and your salespeople more opportunity to educate the visitors on the latest in hearing technology. And, yes, when it comes to putting your office visitors at ease, little things do mean a lot.

Hot, Cold or Just Right

Something as obvious as air temperature can determine whether  a prospect stays around or leaves shivering. While you may prefer a cool environment – especially in summer with the doors opening and closing all day, most people are most comfortable in the 66-68 degree range, again, depending on season.

5/15/09

How to Build Positive Word of Mouth (WOM)




Educate Your Customers to Build Positive WOM


Each week you spend a great deal on advertising-at least you do if you own a successful hearing aid retail outlet.  There’s that half-page insert in the newspaper, there’s store signage, radio spots, marketing materials. Let’s face it; you spend a lot of money on notifying prospects about your business and the services you offer.
It’s all part of the sales process. How are prospects even going to know you exist if you don’t tell them?

Well, one way prospects find out about your hearing aid business is through word of mouth. And word of mouth, or WOM in the marketing industry, is, bar none, the best advertising you can ever get. Even better than a Superbowl Ad!

5/12/09

"The Art of War" by Sun Tzu: Ancient Lessons in Modern Marketing


Sun Tze was a Chinese military general who wrote the definitive text on military conflict in 600 BC. The book is still required reading at West Point and all other military academies.

The principles set forth by Sun Tzu can be seen in practice in military conflicts throughout history. Dwight Eisenhower employed Sun Tze’s use of deception to make D-Day a success.  

Robert E. Lee, perhaps the most skilled military tactician in American history, lost the Battle of Gettysburg because he failed to follow one of Sun Tzu’s basic principles. So what does all of this ancient history have to do with marketing?

Marketing and Warfare

There are many similarities between marketing and warfare, though marketing eliminates the guns, grapeshot and lethal war axes, thankfully.

Both marketing and warfare involve competition between two groups or entities that seek the same objective.

Both marketing and warfare involve control of space. In warfare, the space is usually land. In marketing, it’s the retailers’ service areas – areas to conquer and dominate, beating the competition and holding your position in the marketplace when a competitor moves in one town over.

That’s why I recommend every hearing aid retailer read The Art of War by Sun Tze. Just change the word “war” for “marketing” to learn to employ effective tactics that you can apply in growing your business.

Here are just a few examples of what I’ve learned reading and re-reading this tome. And by applying these tactics to marketing to marketing my hearing aid stores, I’ve built numerous successful businesses over the years using advice from a Chinese general written 2600 years ago.

The winning general knows what’s required for victory, then attacks. The losing general attacks, then seeks victory. 

The Art of War, Sun Tze

Translation? In marketing, you must know what’s required for success before launching any type of marketing strategy or campaign. You must gather information and develop a plan based on your understanding of what’s required for success within your marketing arena.

Those retail outlet owners who launch a campaign and then seek victory have no plan in place. They market without understanding what’s required for success. And so, their marketing and promotion dollars are frittered away as the business owner looks for signs of success (victory).

Learn this lesson and apply it in all of your marketing efforts. Know what it will take to succeed before you launch (attack).

Use the resources of others to your advantage.

The Art of War, Sun Tze

This is the basis of guerrilla warfare, so successful in numerous battles and conflicts during the 20th century.

There are numerous resources available to you. These resources “belong” to someone else but you can use them to benefit your hearing aid business and, of course, more people within your community.

For example, when a local community group sponsors a health fair for seniors in your community, participation will improve your business and, at the same time, the quality of life for those individuals you identify as having hearing loss. You use the health fair as a forum to present your store’s contribution to the health and welfare of the neighborhood.

If you employ on-line marketing, and you most certainly should, you employ the assets of numerous websites – Linkedin, MySpace, Facebook, Twitter, social bookmarking sites like Digg, Reddit and Stumbleupon. You can create numerous blogs. All of these on-line strategies are (1) free advertising and (2) employ the assets of others to your advantage – legally!

The fact is, these networking websites want you to take advantage of them so get on board and launch a guerrilla marketing campaign using the assets of others.

The winning general must think like a cobra.

The Art of War, Sun Tze 

When attacked, cobras are quick, nimble and agile. When the head is attacked, the tail twists around and joins in the attack. One part of the cobra protects another.

Translated into marketing terms? Your marketing must be flexible, like a cobra. It must be adaptable. You must move quickly and with agility with your marketing, changing it all the time to suit current market conditions.

Like the cobra, all of your marketing efforts should work in synch, creating a more powerful impact.

And you must never take your eyes off the competition. Follow their every move. How are they advertising? What marketing tactics do they employ? Learn from the tactics of the competition. React to it quickly.

For example, if the new hearing aid retailer in town starts running local spots on cable, call the cable company and counter those ads with a campaign of your own. Learn from the competition by staying focused on the competition.

“The Art of War” by Sun Tze should be required reading for every small hearing aid practitioner – the one making the marketing decisions. The book is made up of 13 chapters, each focusing on a particular aspect of warfare.

Read it. Then apply the principles this military genius puts forth in your marketing.

These are time-tested strategies that work whether you’re fighting a major military battle or fighting to maintain market share within your sales territory.

 

Learn from the master. Learn to achieve victory…er, I mean success at hearingtutor.com.

5/9/09

Cost-Per Acquisition (CPA): Max Your Marketing Budget


Look for spikes and

trend lines


Cost Per Acquisition

If you use a local ad agency to manage your marketing ask for a statement on current CPA – cost per acquisition. This number is a simple formula of marketing dollars spent divided by the number of store visitors converted to buyers, and your agency will have these numbers in your file.

 

If you manage your own marketing, calculate the CPA within your promotional sphere – newspaper ads, TV and radio spots and so on. DON’T factor in other operational costs like rent, salaries, benefits, HVAC and other routine retail expenses. If you’re only interested in return on promotion, then focus on your promotional expenses.

 

Use a decent time frame to evaluate CPA.

Twelve months is an easy number to use since you can examine tax records to mine the data you need.

 

First, add up all of the marketing and promotional expenses for a single year. That’s direct mail, newspaper and electronic media, web server costs, content development costs – add up all of the capital you’ve laid out in a 12-month time frame.

 

Then, add up the number of new clients acquired during that same time frame, month by month. The result of that simple math will give you your marketing CPA – how much you spent in marketing dollars on each new customer.

 

Simple and effective.

 

Analyze customer traffic

Examine your CPA for spikes and sales trend lines. For example, August is rarely a robust month for sales because folks are on vacation and have fun in the sun on their minds. Making an appointment for a hearing aid evaluation is the LAST thing they’re thinking about.

 

Look for correlations between marketing activity and CPA trend lines. If you see an increase in new customers during a one-month cable ad spot, that’s a promotional outlet that’s working. But, if your direct mail piece only led to two new clients, direct mail (especially in August) is just throwing your promotional budget down a rat hole.

 

No impact.

 

Chart Your Way To Marketing Success

Once I’ve collected this data I make a simple L-shaped chart.

 

The horizontal line lists all of my marketing activities month by month and the vertical line represents number of new clients on a month by month basis. Again, all of this information is in your client d-base or with your advertising agency so it’s not hard to develop a 12-month graph showing advertising/marketing activities and customer increases and decreases.

 

I’ll give you an example. My stores in Vermont always see a slight drop off in visitor traffic, and therefore sales, during December and January. Of course, December is a notoriously slow month for hearing aid sales. Hardly the Christmas gift you want to unwrap during the holidays.

 

And despite the excellent snow plowing we receive (snow falls so we’re always prepared in Vermont), January is slow because of holiday hang-over and the cold temperatures we experience during a typical Vermont winter.

 

My charting showed that I gained the most new clients in the months of March, April, May and June, with sales tapering off in July and August, only to pick up again in September, October and November – the months before winter really sets in up here.

 

Spikes and Trend Lines

These are the two things I look for during my regular CPA analysis – spikes and trend lines.

 

Spikes indicate a sudden jump in activity with more store visitors and increased sales, usually correlated to a special promotion, like a coupon sale, a health fair or a new outreach program.

 

It’s very simple to correlate spikes with specific promotional activities and to determine which activities deliver the biggest impact on store traffic.

 

Spikes are a sure-fire indication of a winning marketing tactic.

 

Trend lines provide a different perspective. These take place over a longer term and are, therefore, more difficult to analyze. A chart showing a series of upward spikes is positive and a chart indicating slow, steady growth also indicates that your overall marketing strategy is working.

 

Or not. If your chart shows a negative trend line, even though you have some sharp spikes to point to, it’s time to re-evaluate your marketing strategy. Downward trend lines in a CPA graph indicate that it’s costing you more for each customer.

 

Time to make some changes to your marketing strategy.

 

Example? When the new telephone books come out I see a gradual increase in store traffic, regardless of season, when sales activity is compared against year over year. That yellow pages ad is the ballast in my marketing, delivering a regular, steady stream of new store visitors.

 

Max Your Marketing

If it isn’t working, don’t try to fix it.

 

If your weekly newspaper quarter-page ad doesn’t cause a weekly spike, it’s not giving you the pop you should expect from marketing dollars. It may be time to contact the newspaper marketing manager to work out a solution – and maybe a lower price per insertion. (Newspapers will negotiate rates in this age of the world wide web and instant news 24/7 so make a call – especially if you don’t see a weekly spike the day the ad appears, or the day after.)

 

If you don’t see a spike, your expensive newspaper ad is lining the bird cage.

 

My chart shows spikes when I drop coupon-based ads in the local newspaper. So my print ads almost always include a free hearing evaluation and a discount on a hearing aid purchase. This gives my clients more buying options and me more fitting options so coupon advertising is a win-win proposition for all.

 

On the other hand, if you can’t establish a trend line and you don’t see a spike during the 30-day run of a local cable advert, put your marketing dollars to work regardless of what the cable station’s marketing rep says.

 

The Best CPA Charts

The best CPA charts show exactly what promotional activities draw more store traffic. It may also give you a picture of your best sales months – times of the year to increase marketing activity. (If you own a store in the wintry north you may want to cut back on marketing during your historically low-volume months. Use the time to plan and implement next year’s marketing strategy.)

 

It starts with collecting data: dollars spent on advertising and number of sales.

 

Next, create a simple X/Y graph divided into 12 month segments.

 

Use the horizontal axis to plot marketing expenses. Amortize annual or on-going expenses monthly.

 

Use the vertical axis to plot number of new customers, again, on a month by month basis. You now have a clear picture of your CPA at any time of the year. You also have empirical data upon which to direct future marketing based on what’s worked best over the past 12 months. (Don’t forget to include your web site as part of your marketing costs, amortized over 12 months.)

 

With this data in hand, you can more precisely pinpoint tactics that deliver the lowest CPA.

 

And that will grow the success of your hearing aid retail outlet.

 

To learn more about marketing your hearing aid business, visit us at hearingtutor.com for the latest in industry news and low-cost, license-free marketing materials to boost your store’s sales.

 

John M. Adams III

www.hearingtutor.com 

5/7/09

Conducting Productive In-Takes


Put Your Customers At Ease

The in-take process is a valuable phase in the overall sales process. It’s an opportunity to gather critical client data for database storage. It’s also your opportunity to get to know the customer, his or her preferences, lifestyle, wants and needs. In fact, learning more about the customer’s preferences is the most important part of the in-take process.

But first, how to complete a useful in-take form.

Qualify Store Visitors

The last thing people want is for someone to pounce on them when they walk through the door. Especially one who starts asking a lot of personal questions. This, of course, is based on the false assumption by the salesperson that every store visitor is a prospect. Not so.

Some visitors are simply looking for batteries. Some need a little cleaning and tweaking. And some are taking those first tentative steps toward a better quality of life through hearing technology.

So, before I ask a single personal question, I greet the store visitor and determine how I can best serve them. If they’re browsers, I let them browse and also let them know I’m available to answer any questions. Browse away.

On the other hand, if the visitor is a referral from an audiologist, or tells me that they’ve noticed hearing loss and want to address it, I take a different tact. These are visitors who are looking for hearing solutions.

Time to go to work.

Discuss Options

Again, I have yet to ask a single personal question. Instead, I educate the visitor. I talk about hearing evaluations and display the different styles, colors and options the visitor has. I want o make sure that the visitor trusts me and I work hard to build that trust. At this stage, I’m an educator so I display a number of styles, brands and price points to give the store visitor a range.

At that stage I ask the visitor if s/he’d be interested in a hearing evaluation. If the answer is no, I let them know that I’m prepared to answer questions and provide guidance as needed.

However, if the visitor expresses interest in a hearing evaluation, I begin the in-take process. Only now is it proper to start gathering information.

The In-Take Process

As I’ve mentioned in previous posts, I keep a comfortable seating area in my retail outlets – a place to sit, have a cup of tea and start gathering information. Privacy is often a concern, so I keep this seating area to one side of the store for the comfort and security of the visitor who has been converted to a new customer.

You should have a standard in-take form, but keep it short. Visitors who are grilled for 30 minutes get tired of answering question after question.

So, my in-take form includes:

Name

Full address 

Home and cell phone numbers

Email address

Referring audiologist (if applicable)

Short medical history including current medical conditions

Notes

My in-take form includes a lot of white space so I can add notes during the in-take process. Avoid self-serving questions like: How did you hear about us? Or Do you have a budget in mind? You can glean the answers to these questions once the in-take process is complete.

Using In-Take Data

All in-take data should be entered in to your store’s client d-base. This is your Golden List – people with whom you’ve conducted business and built friendships.

Direct mail pieces should be sent immediately after a store visit to thank the visitor for stopping by. This can be followed up with announcements of special events, sales and other news of interest to prospects or existing customers.

And again, collect those e-mail addresses. They’re invaluable for maintaining contact with your client base. Use e-mail auto-responders to provide information in the form of a newsletter. This keeps your business’ name in front of existing customers.

I also find that by offering special events or sales, lifetime after-care or in-store hearing evaluations to existing clients I build a family. These people come to my store to see me to swap out a battery or re-tune if needed.

And I’m always glad to oblige. These satisfied buyers are your best salespeople. They’ll tell their friends about the quality and professionalism, the caring and interest found in your store.

And this word of mouth (WOM) advertising is the BEST advertising an independent hearing specialist can ever have.

Go for it.


To learn more about how to improve your service and increase sales, visit Hearing Tutor for the latest in marketing advice AND low-cost, license-free marketing materials.


John M. Adams III

jma3@jmadamsvt.com

5/4/09

Tips to Lower Operating Costs



ASK EMPLOYEES WHAT THEY COULD GIVE BACK

Trying to stay ahead in this difficult economy is almost impossible for the independent hearing aid dispenser.  There’s competition, business expenses, and a market more interested in saving money than spending money even in matters of health.

That means each individual hearing aid practitioner must find ways to cut business expenses without cutting the quality of services provided.  Not any easy thing to do an A contracting economy.  And when customers discover that a quality hearing aid costs at least $1000 per ear, expect sticker shock to set in.

That means you must go over the operating budget to determine where you can cut corners without cutting services and jobs.  Cutting services diminishes your business is reputation in the community, and laying off staff is like saying goodbye to family.

Where to start?

Maintenance

It’s important to keep your store clean and looking professional, even if you were on the vacuum Sunday afternoon.  This is not an option.  A dusty, messy store does not build confidence.

If you employ an office cleaning service that promised during all business hours, talk with the owner to see if you can either negotiate a better price, or use the cleaning service less often, instead of nightly have the crew, in two nights a week.

Inventory – Order As Needed

It’s nice keeping a large inventories because your customers can walk out of the store wearing their new hearing devices.  However, keeping inventories may be expensive.  Especially if a wholesaler expects payment upon delivery.

In this economy, it may not be possible to keep the inventories that you once did.  However that shouldn’t stop you from trying.  Contact your wholesalers representative to determine if they can extend your normal payment terms.

Wholesalers and manufacturers are also feeling pinched in this tight economy.  They want to work with you.  So, you may be able to maintain adequate inventories to meet customer demand without paying to carry the inventories.

In this day and age quotation mark Warner as needed is not a problem with it overnight delivery.

I keep samples of all the makes and models by cell face sell OK so that customers can see and sample each model and type of hearing it.  I keep a small inventories of my most popular models and have a wholesaler that provides supplies like batteries, carrying cases, cleaning kits and other after-purchase supplies.

This “order as needed” approach will save on the cost of maintaining inventory in the store. However, I opened a FedEx account in my company name and have all orders set to ship with a simple e-mail to the manufacturer. I have the unit the next day, ready for tuning based on the hearing evaluation results.

This enables me to deliver the precise unit in the exact color, usually within 24 hours of order placement and it saves thousands of dollars annually on carrying costs and taxes on inventory. Well worth the additional expense of a reliable delivery service that can get product in the store ASAP, as in the next day.

Tele-commuting is a benefit. Use it.

Some larger retailers and independently owned chains keep administrative staff on location – in a store office, for example. Offer these administrative employees the opportunity to work from home in exchange for a slightly lower wage or a few give-backs in benefits.

The software to conduct business from remote work stations is easy to use and will save employees and you thousands in driving expenses. You’ll be amazed at what administrative employees will give up in exchange for the work-from-home option.

Outsource

Like any small business owner I have quarterly tax filings, annual tax filings, I have to get out W-2s to staff – in other words, I have a lot of accounting and bookkeeping tasks that need to be done.

And it might make sense a few years back to hire a bookkeeper/accountant but today I outsource the work at one-half the cost. I don’t have to pay benefits, I never worry about sick days or employees who leave without giving notice.

All of my taxes are prepare by a professional firm that tracks my numbers in real time. AND they file electronically and handle the reminders and file routine paperwork on my behalf.

Same with my legal counsel. I buy and sell businesses, need to create LLC, need advice on risk exposure and other legal matters. Well, it doesn’t make a lot of sense to keep an attorney on staff so I pay be the hour, work with someone I trust and, though it costs me $40 just to say “Hello” I know I’m getting quality services on an as needed basis.

Winterize and Summe-rize

Clean and maintain your store furnace each year. Same with the air conditioning unit on the roof. Tune it each spring before the hot weather heads your way.

Something as simple as a furnace tune-up can save 20% on your heating bills. You do the math. Oh, and if your furnace is more than 15 years old, consider replacing it. the technology has come a long way and will save you money over time.

Same with the AC unit. If it isn’t efficient, you’re spending more on keeping customers cool than you have too. Again, talk to an HVAC specialist to see just how long it takes for your to break even on a new furnace and/or AC unit. Anything under three years is worth very consideration.

The Lease

Many hearing aid retailers forget that they have a lease – usually a five- or 10-year lease on their store space – that can be renegotiated, especially in difficult times.

Your landlord would rather have your business stay put than to put out a vacancy sign. A vacant store is losing money for the landlord. Consider talking to your landlord, discussing your evolving operations model and see if you can (1) lower the monthly rent and/or (2) pick up a few free services like snow plowing, landscaping, etc.

This is an especially good tactic if you’ve been in your location for a few years and demonstrated that you’re a good tenant. A smart landlord will work with you during difficult economic times to keep your business in place, even if it means losing a little money each month.

A vacancy sign in a small strip mall or professional building does NOT look goo so you do have some leverage here, but don’t abuse it. Work out a deal that both you and landlord see as beneficial. You share common goals and interests and should work as partners, not adversaries.

There are lots of ways to cut a few hundred here and there if you do a line item analysis of expenses. If you have a head for figures, a business tax prep software cane cave you thousands. Of course, you have to do the work your self BUT THOUSANDS!

The Little Things

Even if it’s little things – ask employees to pay for coffee and lock the supply closet to stop the mysterious paper clip caper. Talk to your staff to determine what concessions they could make to help the business and increase job security.

Look for innovation. Often, your staff will have the exact solution you need. After all, they do the work every day. Example? Warm leads delivered to the sales staffs’ inboxes each morning. You pay for the service but, in time, that SaaS will more than pay for itself.

Each is a small step – a cost of $1,200 with a savings of $1,800. Or maybe a 15 % decrease in heating costs. That can keep a staff member within your family – the one you’ve worked so hard to create.

Finally, let attrition follow its course. As employees retire or move on, think of ways to replace that service level without adding the expense of a new salesperson.

Now’s the time to think outside the ear canal and get create in saving on operational costs.

Start with an analysis of your line-by-line budget – outgo. Where does the money go and is that an expense that can be eliminated or at least lowered. (Order as needed!)

Then, talk to your partner – your landlord to see if there’s any wriggle room. Keep it civil but it sure doesn’t hurt to have a lunch to negotiate better terms. Believe me, your landlord WANTS you.

It comes down to this:

 

Perform a line-by-line analysis of where the money goes

 

DIY – ask staff to dust and empty wastebaskets before leaving.

 

Tele-commute – let your employees work in their PJs if they want to. They save drive time, have more flex time to care for kids (no day care expenses) – they save money, even if you ask for some givebacks like higher deductibles on insurance. Most employees will jump at this chance.

 

Outsource – buy the service as needed and only pay for what you get

 

Go on an “Order as needed” inventory systems. Keep a small supply of your most popular models but open an account with UPS, FedEx or some other delivery service so you can handle ordering and shipping by computer. And you and the customer have the hearing aids the next day.

 

Clean the HVAC systems.

 

Winterize. For example, build a small entryway at your front door to keep out the cold, wintery breezes or the stifling humidity. Something like this will coast a few thousand to build but save on fuel costs for years to come.

 

Think. Then save on the cost of business operation.

5/1/09

10 Tips to Engage Your Customers In Just Five Minutes


Listen to your customers.

When a prospect walks through the door of your hearing aid outlet, it’s important to take a pro-active approach and begin delivery of services immediately through client engagement.

Here are some tips to create an instant rapport with your store visitors.

1. Greet the visitor. That person came in for a reason, most likely a solution – one you’ll provide, so don’t stand behind the counter or stuck in the back room. Don’t keep prospects waiting.

2. Smile and introduce yourself and your position. Shake hands with all parties and welcome them to your store.

Don’t overwhelm the customer with exuberance but be pro-active.

3. Get and remember names. This is a key to success in any aspect of sales. People like to feel special and your store visitors are special.  Then, use the prospects name as it was given. If the customer introduces himself as Bob Smith, I use “Mr. Smith” as a sign of respect and professionalism.

4. Maintain eye contact. If there’s more than one visitor ( a family, for example) make eye contact with all parties to keep them involved in the process and to learn more about the needs of the client.

Just casually turn your head to catch the eye of each member of the party. Be inclusive.

5. Have a comfortable seating area. I use a couch and a comfortable chair. It puts the client at ease immediately.

6. Gather in-take data and complete the forms for the prospect. You’ll do it faster, add notes and save the visitor from having to fill out a bunch of forms.

7. Offer coffee, tea and even a nice pastry. Your objective is to (1) gather as much information as you can and (2) put the prospect at ease with your service and professionalism.

8. Never sell. Educate. This one is a must-have, no-brainer.

9. Listen. The best hearing aids dispensers connect client with the right technology to suit a number of needs – hearing, financial, preferential and so on. Learn what’s important to the client.

10. Offer your services, offer lifetime after care, a guarantee and other trust-building features. These after care services keep you in touch with your buyers on a face-to-face basis, so offering free battery swaps for life is actually a great sales tool.

 

The objective is to get to know the client quickly so you can then provide services, options and, of course, education in the care and use of a hearing aid.

 

But first, you have to capture their eyes, their brains and finally their loyalty. 


John M. Adams III

jma3@jmadamsvt.com

4/29/09

Boost Hearing Aid Sales With Special Promotions


SHOW THE TOWNSFOLK THE LATEST IN HEARING SOLUTIONS


Hearing aid dispensers should take the vanguard role in leading the campaign to improve quality of life through better hearing. And, simultaneously, increase their business’ bottom line.

 

Through special events and promotions, you attract the attention of people interested in learning more about hearing loss solutions. You also deliver services to the community that (1) help those in need and (2) establish your business as a good citizen of the community.

 

So, here are some suggestions for creating increased interest in hearing health and wellness.

 

In-Store Seminars

Put up an urn of coffee, buy some pastries and advertise your free in-store seminar on the latest in hearing technology. Contact the marketing departments of your product line reps and ask for speakers, product literature, video presentations and other useful, informational tools.

 

Schedule the seminar for early evening so that more people can attend. Offer hearing evaluations, information on hearing loss and, of course, provide information on the latest in hearing technology.

 

Take frequent breaks and have enough staff on hand to answer all attendees questions.

 

Promote the seminar through the local newspapers well in advance of the actual presentation date. People need time to plan ahead. If you have the marketing capital in the budget, grab some radio and local cable time, too. These outlets will actually create a professional looking or sounding promo as part of the package.

 

Location Seminars

I’ve discussed local service organizations previously but they’re always worth a mention. The Elks, Knights of Columbus, Chamber of Commerce and similar organizations are always looking for public speakers for their monthly luncheons.

 

In this case, create a PowerPoint presentation (very easy to do) that describes the hearing process, the causes of hearing loss and hearing loss solutions available today. DON’T make it one long sales pitch. If you provide good, understandable information, listeners will get the picture without you driving home your upcoming sale.

 

Health Fairs

If your community already has an annual or bi-annual health fair sign up for some booth space and offer minimal testing (even a written hearing exam). Be sure to have plenty of different product samples and take-aways provided by manufacturers and from other sources like hearingtutor.com where you can download sell sheets, a consumers’ guide and other marketing materials license free, meaning you can print up as many as you’d like. These kind of take-aways keep your business’ name in front of the prospect.

 

If your community doesn’t have a health fair (or even if it does) organize one. Most communities will provide the space in a school gym, for example. Contact local health care providers and hospitals, most of whom will be eager to participate. Again, if you produce a PowerPoint presentation, it can run in a loop on your laptop, drawing in the curious prospect.

 

Coupons

Very effective, especially when used in print advertising.

 

A FREE hearing evaluation is standard. But, with the economy in trouble and people concerned about keeping their homes and losing their jobs, hearing aids have become a “discretionary” purchase – at least for the time being.

 

Talk to your manufacturers to see if you can find a way to lower the price on certain models or brands.

 

Direct Mail

Very expensive but it can be effective.

 

First, you’ll need to buy the mailing list. This can be sorted by zip code, age, household income and so on. But expect to pay for those names – and you pay the data provider each time you do a mailing.

 

Track direct mail results carefully and start building a database of warm leads – individuals who responded to the mailer but didn’t make a purchase. A follow-up letter may be the push the recipient needs. But don’t be a pest.

 

Have a professional design the mailer, make sure it conforms to postal regulations and purchase a bulk mail indicia so you don’t have to lick 5,000 stamps.

 

Integrate Promotions

Just as you drop a 55K mailing within your service area, up your space and frequency in the local paper and add some local radio spots, which are practically free. This creates a bigger impact.

 

Using special events requires a pro-active approach to business citizenship so get out there and spread the word that hearing solutions are available for almost everyone.

 

These new customers will thank you many times over.