Practice Advantage

Recession-Proof Your Profitability with Private Label with Doug Martin

Episode Summary

Every day, consumers purchase private label products and goods. These private label offerings provide the business significant levels of profitability. The same can be said for eye care.

Episode Notes

In today's episode, I sit down with Doug Martin, founder of InD Eyewear, a private label frame line exclusive to PECAA members. Every day consumers purchase private label products and goods. Offering these types of products to your patients dramatically impacts your practices profitability while delivering a product your patients will love. 

Key Takeaways:

1. 4/10 consumers embrace private label AND 9/10 consumers will purchase private label products and goods.
2. Private label reduces cost by lowering the amount companies need to invest in marketing, merchandising, and branding. This means lower costs and higher margins to your patients.
3. Private label no longer means low cost and low quality. Most patients are not brand conscious especially when it comes to eyewear.
4. Private label is a proven success in other industries, it will work in optometry. It dramatically works to improve margins with managed vision care.
5. The primary avenues for private label:
   1. Patients only want what their insurance covers
   2. Long margin play
   3. Saving walking Rx's by creating packages

What Doug is Reading:

• The First Major by John Feinstein

Learn more about InD Eyewear and how to leverage the power of Private Label in your own practice!