Diversifying your lens portfolio

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Diversifying your lens portfolio

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March 27, 2015Dora Plisic

Running a successful business requires making every effort to meet that demands of your customers. With optometry in particular, patients will have varying needs when it comes to their eyewear. Variables between patients might include:

  • Clarity
  • Durability
  • Aesthetics
  • Weight
  • Budget

With all of these priorities, which will likely differ from patient to patient, it can be helpful to keep in mind the marketing principle of diversification.

Diversification refers to a business’s ability to cater to differing customer needs by adding new products to their selection. This can help a business grow by increasing sales to existing customers and attracting new ones by breaking into new markets. And for opticians in particular, offering a diverse range of lens options can be an extremely impactful marketing and sales strategy.

The Three-Tier Approach As an optician, it's common for one lens material, such as low index 1.5 lenses, to comprise the over half of your sales. (Standard 1.5 lenses are around 75% of total lens market). However, solely marketing just one lens type can severely limit the versatility of your business and risks losing customers with differing budgets, needs, and aesthetic preferences.

Of course, this philosophy doesn’t just apply to eyewear. Take car dealerships, for example: If you run a car dealership, your potential customers might vary wildly.

In a single day, you might meet with a teenager and her father as they seek a used vehicle with minimal features as a “starter car.”

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You might meet a 29-year-old professional who just landed her first full-time job with full benefits, as she seeks a mid-range vehicle that offers a lifestyle improvement without breaking the bank.

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You also might talk to a corporate executive looking for a brand new, luxury vehicle perfect for commuting to the office (and the occasional business lunch).

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If a dealership were to focus solely on one of these markets, it could be missing out on substantial sales. But by offering a wide, diverse selection, the business owner ensures that all customer types are catered to. And even if the customer prefers the low-end model, simply having a diverse selection can engender great brand loyalty, making them more likely to return for a higher-end model when they can afford it.

Do opticians encounter a similarly diverse range of customers in their day-to-day operations? Share your thoughts with us :-)

This entry was posted in Practice Management, Business Strategy

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