As an independent eye care professional, pursuing innovative strategies to increase revenue while maintaining quality patient care can be challenging. One approach gaining popularity is integrating private label frames into your optical, because they generate significantly more profit than traditional frame lines. By embracing private label frames, eye care practices can harness many benefits, from increased profit margins to elevated patient loyalty. This article features the intriguing role of private label frames and offers insight into leveraging them effectively.
Customization
Private label frames offer a unique opportunity for a practice to curate a collection tailored to its specific patient demographics, at price points that align with any gaps within the existing optical assortment. Understanding what your patients are purchasing and the price points you are catering to can help you develop a customized selling strategy. Private label frames give a practice more control over profits, allowing you more pricing flexibility.
High-Margin Products
High-margin products are goods with a significant difference between their wholesale cost and retail sales price. A practice can optimize its expenses and vision care reimbursements by setting retail price points based on the frame list price or implementing a minimum retail price, regardless of the wholesale cost, thereby maximizing profits.
One compelling way to incorporate high-margin frames into an optical is to create ‘whole-pair’ packages, with the frame and lenses offered at a bundled price. This has proven to be an effective strategy for keeping patients in-house by providing quality eyeglasses with a framework that is comfortable for budget-minded patients. In addition, by purchasing the frames at a significant discount on the wholesale cost, the optical realizes maximum profit on vision plan reimbursement.
Save The Sale
I’m sure you’ve been in a situation where a patient takes pictures and searches for products online while in your optical. One of the most attractive aspects of private label frames is that the patient is unable to find those products online. This can motivate a patient to purchase from your optical, allowing you to compete directly with online retailers. This competitive advantage can solidify the patient’s relationship with your optical, increasing the likelihood of them coming back each year.
Utilizing private label frames gives an independent eye care professional more opportunities to bring control back to the practice, meet patient needs, provide quality care and increase managed vision care reimbursements. Look at your current demographics and purchasing habits — are there any gaps in your assortment? If so, consider implementing a private label strategy. Reach out to Kayla to discuss how to incorporate a private label frame line that best fits your practice — if you’re a PECAA Max member, consulting with Member Business Advisors is no additional cost! Book a meeting with Kayla here to get started. Not a PECAA Member? Contact us to learn how PECAA can help your practice thrive.
Kayla Groves, Optical Business Advisor
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Kayla is an accomplished professional with 17 years of experience in the optical field. Throughout her career, she has successfully managed and operated multiple optometry practices, including her own. With her extensive expertise, she has worked closely with hundreds of optometry practices, providing valuable guidance and support. In addition to her practical experience, Kayla holds a Ph.D. in counseling, further enhancing her ability to understand and address the needs of patients and professionals in the field. Combining her optical knowledge with her counseling expertise, she has developed several educational programs that greatly benefit the profession. Kayla’s dedication to the optical field, extensive experience, and commitment to education make her a valuable resource to our members.
