When approaching the concept of retail sales for the HME industry, think of yourself as a customer walking into your showroom. Think of what you like to see when you are shopping. Customers enjoy seeing a well-arranged, well-lit showroom. They will buy products they need or might require in the future. They want to look at the retail prices on every item on display. I know that most people do not ask “how much?” When an item is not properly price marked, they invariably will walk away.
Retail cash sales make a big difference at the end of each day. Your daily deposit at the bank will show how big an impact those cash sales have made.
To help develop new retail cash sales, I suggest that you work with the reps from your preferred vendors. They can advise you about the products they have and the success other providers have experienced. In a previous blog I showed you how important they are for your company.
Remember what your market is before you make any commitment. This is best accomplished by reviewing the demographics of your community once again. Then when you, your sales team and the sales rep work together, you can choose those items that will move well. Think about this and recognize what a new retail sales opportunity will bring you into new niche markets.
By the same token, developing your strengths and working to build new volume from existing bases of business, respiratory therapy services and rehab, in particular, are very rewarding. HME providers who have really solicited their market again for these niches have been very successful.
Can a you do both, build cash sales and develop existing sales? Yes, but that depends on the strength of your staff and the ability of the principal to be a juggler and monitor several activities at the same time. Work to build your retail cash sales opportunities and develop your niche markets! Use your strength as a specialty distributor (rehab and respiratory being the major two) and expand retail cash sales. Can you do this? I think so.
Get started now, do not wait, build retail cash sales. Work with your employees, your accountant and manufacturer sales reps. Do not allow the onerous legislations affect your business. Replace what you may lose.