Ask Our Experts: I would like to know how to build up our business more in these tough economic times
Question: I would like to know how to build up our business more in these tough economic times--how to go about it with marketing our products to customers, whether it be new ones or previous ones. (C.R., Hearing Aid Specialist)
Answer: There are several strategies you can pursue involving new and existing customers.
First, with both new and existing customers, you need to have a unique value position or brand that differentiates you from your competition and answers the question “Why you” for a customer’s hearing aid needs.
Second, for existing customers you should have:
1. Customer loyalty programs like:
a. Free batteries or cleaning, or other reasons the customer has to come back into the business for potential upgrade.
b. Upgrade programs or trade-in programs for new digital technology
c. Mailings to your patient base, with referral cards for family and friends
2. Internal marketing tools:
a. Brochures to educate patients to the value of the practice
b. Education material about unique features of your practice
c. Gift certificates for free screenings, etc., to give to family and friends
Third, for new customers there are several strategies depending on their budget:
1. One of the most effective is a professional referral campaign; I would recommend one for ENT practices that don’t have audiologists or HIS, but especially target directly to internists and GP’s.
2. Remembering that 2/3 of fittings come from medical practices and only one third comes from direct market place, I would still recommend an effective direct-to-market campaign like:
a. Direct mail to households with residents over 70 in a wedding invite or birthday card format.
b. External or direct ad marketing via newspaper or magazines targeted to seniors.
You may also want to consider a screening or seminar, as discussed in other articles in this newsletter. With the aging U.S. population, many boomers have need of information you can provide, either for themselves or for their parents.
Marketing expert Jonathan Vidal, Senior Director, Consulting Services, for Practice Builders, answered this question. Mr. Vidal is a former senior director of marketing for Endocare, Inc., a medical device company, and a former director of marketing for Circon-ACMI, the largest producer of medical endoscopes.