Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.
Issue link: https://todaysveterinarybusiness.epubxp.com/i/856474
27 August/September 2017 • TODAYSVETERINARYBUSINESS.COM understand over informational content, like that shown in sign A. Sign B's wording also invites clients to take action and pick up the product today. Finally, B's wording adds ur- gency to act: Don't miss out; this offer goes away after Aug. 30. 2 Use the "80/20 Rule" and Medical Choice to Cull Pharmacy Products Down to the Critical Few Be selective and limit your high-volume pharmacy products to only the one or two in each category that you believe are best for the pets you see. Carrying multiple products that do essentially the same thing is expensive, especially if they are "shopped" products like flea, tick and heartworm pre- ventives that everyone carries. Stocking too many products in a category makes you look more retail than medical. It also may foster the consumer perception that you can get products like these anywhere; they are nothing more than commodities to be had for the cheapest price. What products do you believe in? Meet with your doctors and chose the one product you think is best in a category, and then make a second choice. Carry only two, if possible, to reduce costs and emphasize your medical-driven selection. Use the "80/20 rule" and focus on the few products that deliver 80 percent of your revenue. 3 Go With an Online Pharmacy Ordering Option Convenience is important to busy, time- pressed, computer-savvy consumers. More and more pet owners, especially today's highly desirable millennial clients, are shop- ping online to get what they want delivered to their homes. Working with an online service can help you attract and keep market share for the growing number of clients who prefer convenient online shopping. 4 Manage Inventory for Efficiency and Profit Sound inventory cost control — invento- ry costs should be no more than 18 to 20 percent of revenue — is important lest your costs eat your profit. If you need help with inventory management, a consultant, accountant, software vendor or distributor should have resources and training to help you do it more profitably. 5 Get the Word Out Whether it's competitive pricing, online prescription availability or making the case for the products you recommend, nothing will happen unless pet owners know about it. Signs posted inside offices are a good start, but most shopping today starts online. Are you there? You need to be. It is where new clients will find out about you and it is where current clients go to buy. Try these things to get the word out: • Create a short, practical e-news- letter that's fun to read, timely and useful. Email it to clients once a month to let them know what's go- ing on at your practice. Include pet trivia, stories about the people and pets that are part of your practice, and special promotions they can take advantage of that month. • Use your practice website to spread the word. Include a "What's New" page. Repurpose the promotions and stories from your monthly newsletter. • Repost your stories and promotions on Facebook and Instagram. Make the story and pictures fit your monthly pro- motion; for example, a painful arthritic pet that is now active and playful again. • Share the stories with your team so they can share them with clients. Karyn Gavzer is a practice management con- sultant, writer and award-winning speaker. Learn more at www.karyngavzer.com.