Optical Retailing
Retailing is defined as when a business sells a product or service to an individual consumer for his or her own use. I often hear “we are not a retailer” but, let’s agree, Optometry is in the retail business. Once the patient leaves the lane and are transitioned to the frame gallery, they become a customer. We need to run our business accordingly and think in terms of a retailer.
Let ‘s review a couple key elements of retailing.
Inventory Management
Know your demographics and plan your inventory while considering some of the nuances of your business.
Does your customer base like licensed brands or do they like to be more unique? Do they care about keeping up with the fashion or do they care that the frame is made from recycled product?
When assorted properly, you can carry less product and never miss a sale. Ideally, carry less brands with more depth in each brand so it has a presence and proper selection to be successful. For example, 20 brands with 25 pieces will feel like you have more selection than 50 brands with 10 pieces.
When adding new lines, launch them properly to give them the best opportunity to succeed. Work with sales reps and always ask to see the best sellers. Consider these models first then select product based on your demographic and trends. Ask for support with professional social media posts, graphics, staff education or incentives.
Understand and analyze your sell through sales and review monthly. Always have best sellers on hand and implement a plan to move out slow sellers. For example, changing location of the product, change how the products are displayed, 2nd pair promotions, discount and/or a spiff for staff. Clearing out a line is always a better option than switching one frame that does not sell for 3 frames you do not sell.
Store Design Tips & Tricks
Clean and clear of clutter, easy to navigate and shop.
Display brand POP with the rule of less is more.
Your office look and feel should align with your website and social posts.
Identify your best retail space and be sure it is generating top dollars; this is where your best sellers or unique product offerings should be placed. Not the fit overs that you sell to senior cataract patients. (You laugh I have seen it done).
Sales Culture & Staff Knowledge is Key
Consumers want help buying eyewear - set your team up to succeed, train them on sales skills at the very least teach them how to uncover the needs prior to recommending product. It frustrates me hearing staff selling product without ever understanding how the consumer uses their eyewear.
Sales goals are vital - break your monthly budget down by week and track progress. If you are exceeding your goals keep doing more of the same, if you are not reaching goals dig deeper to understand what should be done differently.
Promotion or sales help bring in consumers and sell through your inventory. Plan properly to get a return on your investment of time and money. How you ask, plan the offer, review inventory to support, plan advertising and graphics, educate staff, consider staff incentives or spiffs, plan execution with staff and of course set goals and track progress. For a copy of my promotional planning worksheet feel free to reach out.
"Consumers come in trusting us to take care of their eye care needs we cannot do that if we do not clearly understand the need, we must ask questions."
Story Time: What Is Your Toffee?
Recently, my niece had me make a stop to pick her up locally made toffee. The candy store was easy to find and full of options, I searched for a while before calling her to ensure I was at the right place, she let me know I had to go to the back corner of the store. This unique, and I might add, delicious product was tucked away in the back. A little bag of toffee for $9.99 made on site so I imagine very profitable.
Now if you have ever worked with me, you know I am always moving around fixtures, and changing the retail space. I ask myself; would it be inappropriate for me to start moving fixtures around in their store to put their best kept secret in the best retail space? I did not do it… (yet).
So, I ask you, what is your toffee? What brand do you sell through constantly, what is your profitability on it, what support do you get from the sales representatives to ensure you always have the best inventory, is it in your best retail space? How do you market it?
Happy retailing!
Nancy Dewald is a business development professional, workshop facilitator and optical industry veteran who founded and is CEO of Lead Up Training & Consulting, a company specializing in identifying business gaps, implementing solutions and developing leaders.
Article as seen in Safilo USA Blog.