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Don’t let FOMO erode

your bottom line

Barely a week passes by without another attempt to reinvent the wheel,

be it a new washing liquid, vacuum cleaner, mobile phone or lens technology . . .

These days it seems like many new innovations are swiftly followed by competitors rushing to launch their own versions or simply re-brand an existing product in desperation to keep up with the Jones’s. Sadly, one suspects our profession may not be entirely exempt from this
“Fear Of Missing Out” mentality when it comes to new ideas.

Close on the heels of hot topics likegoing private are subscription model membership plans for patients. There’s plenty of chatter online about the subject, with discussions around what to offer, how much to charge and those questioning whether they even need one. There are some clear benefits to having a membership plan when one looks at the opportunity to stimulate loyalty, create a new income stream and boost dispensing values but then there’s the setting it all up, mundane payment reconciliation and dealing with missed payments.

 

Today, we very much live in a DIY world, where everyone is encouraged to have a go themselves, from building a website and graphic design to payment collection and even accountancy; there seems to be a tool for just about everything. But should you always try them? There’s no denying that some of these tools are easy to use and deliver relatively good results, however they can also end up looking like the kind of thing you wanted, but prove ineffective and thus fail to deliver the outcome you expected. 

Sadly, this is a trap independent practices can fall into. Because unlike the larger multiples, most independents do not have in-house designers or accountants and cannot always afford to employ a huge team of professionals, so they try to do it all themselves.

All too often we see this with practices; using an online payment service that collects the cash but leaves them to reconcile the figures, chase up missed payments and cancelled Direct Debits. Poorly designed literature coupled with an incoherent marketing strategy that leads to mediocre uptake. Then there’s the staff resources taken up trying to manage it all and, of even more concern, the monthly membership fees that often appear plucked out of thin air. How long before the accountant pops by to announce your membership plan is eroding your bottom line?

There is a different way though . . .

Over the last decade Iris Visioncare have developed and refined a modelling process that delivers sustainable monthly membership plans for our clients. This ensures the monthly fees paid by their patients fully cover the true cost of providing the benefits they receive, so there’s no drain on profits.  Our unique online membership platform provides a one-stop shop for everything from signing up members and automatically reconciling payments, to reporting and even managing contact lens and solution pricing. 

We support our clients with a team that look after all the day-to-day administration and our marketing professionals provide effective literature, digital content and point-of-sale. We also fully utilise the wealth of experience from our in-house Optometrists and Dispensing Opticians, to provide ongoing holistic support.

Perhaps the moral of this piece is . . .


Yes it’s a good idea to consider having a membership plan for your patients, but rushing into it, out of a fear of missing out, could prove costly in the long run. Perhaps it is better to use professionals who really understand the profession, appreciate the unique nature of independents and offer a proven, cost-effective product designed to deliver growth. 

Would you like to know more about how we can develop a fully costed membership plan for your practice? 

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