ARE YOU CHARGING THE RIGHT PRICE FORCONTACT LENSES?
As you already know, optimizing your contact lens pricing is key to staying competitive in an industry where you’re trying to make your practice the clear choice in comparison to discount subscription services, big box stores, and online retailers.
ECPs that constantly strive to offer patients the lowest price for a given product sometimes find that their contact lens business isn’t even profitable. The same goes for ECPs that are singularly trying to increase their margins. It won’t matter how much profit you’re making per sale if you’re not pricing your products competitively.
The key to a winning pricing strategy is finding the point at which your profits are high enough without pricing yourself out of the market.
The Challenge of Setting Prices
In the past, finding a perfect price point was essentially impossible.
Finding that sweet spot requires keeping up with your own prices based on supplier negotiations and manufacturer rebates as well as continuously tracking price changes across hundreds of different contact lens modalities and competitors. That’s a lot of effort to get the information you need to ensure that you don’t get left behind.
Fortunately, the real-time data provided by the cloud-based CLX System can help:
CLX Price Check Keeps You Up-to-Date
Without CLX, you’d be doing hours of research to find the current prices and latest price changes of the leading online and big-box retailers that are competing for your patients.
With CLX Price Check, you get full access to a database that updates in real time. It’s as simple as logging into your CLX System dashboard. With this information, you can track the price points of your biggest competition and adjust accordingly.
CLX Price Check Keeps You Up-to-Date
Without CLX, you’d be doing hours of research to find the current prices and latest price changes of the leading online and big-box retailers that are competing for your patients.
With CLX Price Check, you get full access to a database that updates in real time. It’s as simple as logging into your CLX System dashboard. With this information, you can track the price points of your biggest competition and adjust accordingly.
When a competitor makes a sudden change to a popular product, you won’t have to worry about missing out, even if you’re too busy to check CLX. Another feature of CLX Price Check is our monthly report, where you’ll get updates on significant price changes across the industry.
We’re not saying that you must compete for every product offered, however. Part of what the CLX System can bring is the insights you need to decide if competing for a certain contact lens is even worth your time. Sometimes there’s a point where dropping your prices to compete means lowering your margins to an unsustainable level.
Without CLX, this would likely be done through trial and error. With CLX, you can look at industry pricing and almost immediately make a decision about the way you handle that product moving forward.
CLX Price Compare Turns Data into Action
Imagine you use CLX Price Check to set prices at a point where your margins are high enough, and you’re able to compete for sales of a specific product. How can you use this information to grow your business in a more practical sense?
CLX Price Compare allows you to sit down with a patient and show them an apples-to-apples comparison of your prices and those of your main competitors. You may only get a few minutes to give your patient a compelling reason to buy from you and a picture is worth a thousand words. Just show them the CLX Price Compare screen that breaks down what they would pay compared to your competitors.
Remember, you have a built-in advantage as the prescribing OD: because of your access to manufacturer rebates and patients’ insurance benefits, factors that are included in the numbers when you use CLX Price Compare.
CLX Gives You the Data You Need AND a Blueprint for How to Use It
In combination, CLX Price Check and CLX Price Compare are surefire ways to help grow your contact lens business. First, you get instant access to real-time industry pricing. Next, you can easily use this data to successfully increase in-office sales by showing your patient directly why buying from you is in their best interest.
Both features come built-in to CLX’s turnkey software solution and getting access to them is as simple as signing up for a free trial.