As a practising optometrist, you’re a member of an exciting profession. Canada’s optometry industry has grown in recent years, driven in part by our country’s aging population and increasing demand for eye care services.1 However, despite the overall health of the industry, optometrists today face increasing competition from online services and other retailers. It’s time to consider clever ways to compete.
Here are some strategies that can help you stay competitive in today’s market:
Provide your employees with customer service training
While staff training may not come to mind first when you think of marketing, nothing is more important. Your employees are the face of your clinic. The customer service, or overall client experience, can help you to acquire patients for life. From that first appointment reminder they send out to your patients to that welcoming smile they provide when a patient walks in the door, their support is an essential part of your business.
“Along with providing eye exams, what makes optometry different from many other health services professions is that it has a retail component,” says Eric Laidlaw, Senior Healthcare Professional Specialist at Scotiabank. A study of optometrists’ revenue found that while 39 percent of an optometrist’s revenue typically comes from professional fees, 24 percent most often comes from spectacle lenses and 16 percent from contact lenses.2 Training staff to provide helpful, consultative advice to patients on selecting the right eyewear or contacts is therefore something Laidlaw says can be one of the most effective marketing strategies.
Choose the right location
In today’s marketplace, optometrists are actively competing with online eyewear retailers but one of the advantages you have as an optometrist is that an eye exam requires an in-person visit. This means you have an opportunity to help your patients choose the right product for their needs as soon as you hand them their new prescription.
However, location matters. More people will be aware of your service – and likely to walk in – if they pass by occasionally. “To increase the likelihood of people finding you, it can work well to locate your practice in a busy mall or partner with a big-box retailer,” says Lily Lu, Professional Banker at Scotiabank. “You can also increase referrals by locating in the same building as other healthcare providers, especially one where patients go to receive eye treatment from an ophthalmologist,” says Lu.
Offer unique products and services
One of the most effective ways you can stand out from your competitors is by offering unique, differentiated products and services. For example, it is estimated that around 30% of Canadians experience dry eye, a condition where the eye doesn’t produce sufficient tears.3 “Offering dry eye diagnosis and treatment can therefore help you attract new patients,” says Lu.
If you sell eyewear, the inventory you stock and how you display it also matters. Make sure frames can be easily accessed and available for patients to try on while they are waiting to be served. Also make sure your inventory is kept current and includes a variety of unique styles. There are some large companies in the eyewear market that cover manufacturing to retail, making it harder to differentiate your product and services. However, some boutiques have managed to carry unique brands over the years to differentiate themselves from the masses. Finding a way to stand out to differentiate yourself is important and can be achieved by offering a combination of products or providing customized services.
Invest in new technology
Investing in the right technology can help you stay competitive and ensure your patients receive the most up-to-date standard of care. New computer software can help you to better manage your patients’ medical records, as well as help you stay on top of your finances. Plus, customer relationship management (CRM) software can also enable patients to book appointments directly through your website and send out automatic email or text reminders and follow-up appointment notifications.
New cutting-edge optical technology can also enable you to offer superior treatment and diagnosis. This includes digital retinal imaging technology that can allow you to better assess the health of the back of the eye and computer-assisted corneal topography that can enable you to create three-dimensional maps to better detect abnormalities in the of the surface of the cornea.4
“One of the advantages of Scotiabank’s financing when setting up an optometry clinic is purchasing and investing in new technology,” says Lu. “We provide equipment financing for up to 100%5 of the cost. It’s one way Scotiabank helps to provide optometrists with a competitive edge.”
For additional information and customized advice and support to help you grow your optometry practice, contact us today.
1. IBIS World, Optometrists in Canada - Market Size, Industry Analysis, Trends and Forecasts (2023-2028).
2. Review of Optometric Business, What Percentage of Your Revenues Stem from Frame Sales?
3. CNIB, Dry Eye
4. iTrust, What is the latest technology in optometry?
5. Subject to credit approval and the Bank’s requirements with respect to any security provided. This is not a commitment to lend. Proof of professional certification and membership may be required. Other terms and conditions are applicable.