3. Optimize your veterinary practice inventory
Most veterinary practices carry inventory such as pet food, OTC products, medicines and other consumable materials that could be leveraged to generate more profit. By cutting inventory costs wherever possible, improving management, and optimizing sales you could boost profit, reduce waste, and increase the overall value of your business. Here are some effective ways you can do this:
- Review suppliers: The cost of veterinary consumables and other products will vary significantly between suppliers. Are you getting the best deal?
- Upsell: look for opportunities to sell directly to pet owners. They trust your opinion and will welcome any pet product recommendations.
- Monitor inventory levels: Use software to monitor inventory levels and perform a physical check at least once per year.
- Pay attention to what sells and what doesn’t: Leverage your inventory and sales information to determine popular items and should potentially be increased or augmented with complementary items – and what tends to collect dust.
- Check markups: Ensure that any product markups are properly priced on the system. Mistakes can and do happen.
- Get feedback: Provide pet owners with the opportunity to leave comments and requests to allow you to provide products that meet their needs.
4. Review overall client experience
Although customer service has long played an important part in the success of any business, these days the focus falls on overall client experience. Receiving a warm welcome at reception is no longer enough – the pet owner must feel valued in every part of the interaction, whether face-to-face or digital.
By nurturing client experience, you’ll ensure that your existing clients are satisfied with the service they receive. This means they’re more likely to return to your veterinary practice in the future, leave positive reviews online and give your practice wider exposure through word of mouth. In turn, you’ll attract new clients and expand your success and the profitability of your business.
To optimize the customer experience, look at every point along the client journey from booking an appointment and see how it can be improved, reviewing factors such as:
- How easy is your business to find online? Does your listing contain all the information needed?
- What is the client’s experience when making an appointment? Do they receive a confirmation message?
- What happens when your client arrives at your veterinary practice? Do they receive a warm welcome? How long do they have to wait to see the vet?
- How is their experience during the appointment itself? Are their concerns about their pet being heard?
- How easy is it for them to make payment?
- Does your veterinary practice stay in touch with them after the appointment? If so, how?
Summary
Veterinary practices can significantly grow their revenue increasing the focus on digital marketing, switching to an easier to navigate and paper-free approach, optimizing customer experience and growing sales of inventory items. By taking these steps over the long term, the practice will also grow their brand and lay the foundations for a more financially successful future.
