Tripling your revenue, revenue growth in the hearing healthcare business

Confidence is the key to revenue growth in the hearing healthcare business

By Geoffrey Cooling

Revenue Growth In Hearing HealthcareIt is an interesting time in the hearing healthcare world, combined pressures both internal and external are driving change. Some businesses are under pressure, falling margins are not corrected by increase in volume. Other businesses are thriving, whilst they have seen some changes in their margins they are also seeing real growth in both unit volumes and revenue.

It is a common concern I hear in this market, people are busy enough, but margin is constantly squeezed. Sales are not up enough to make up for that squeeze in margin. Most customers also talk about the quiet times being quieter. Marketing is not really delivering and they obtain most of their sales through their existing customers. Either through re-sales or referral sales. 

However for at least one of my customers in Ireland the story is very different. He has tripled his revenue over three years. He has increased both revenue and margin whilst profitability as a percentage has remained stable. In a growth phase profitability may remain stable or indeed slip, that is the nature of a growth phase. In purely figures terms profitability has increased, more unit sales more revenue bigger profit figure. The question is why?

The answer is complex, no one thing has brought him to here. It was a combination of myriad strategies that delivered the growth. I became involved with the business in 2010, the owner and the staff were willing and ready to accept advice and move forward with new ideas. They were a true pleasure to work with, every strategy that made sense they drove forward. Some of the changes involved were

Location change of branches

Installation of Practice management software

Well deployed online marketing strategy

Introduction of fixed processes and procedures

Introduction of a Patient communication strategy

Introduction of intelligent mail marketing

The use of multiple media channels for marketing

The list goes on and on, I hope at some stage to cover it in an in-depth manner. The one thing that was obvious was the effect of all of the combined changes. It affected his brand, it consolidated it and drove it, his brand, which is now visible to a wider market, speaks to caring professionalism. It drives confidence in Patients and prospective Patients.

Each experience with his brand confirms that perception. From the look of his website, through to how the staff handle customers and how his Practices look, to the ongoing experience each Patient has as a valued customer. It all confirms and consolidates that confidence in an ongoing manner. This confidence ensures Patients act in certain ways. They purchase the best they can afford, no question, no second guessing.

They refer people consistently which drives new Patient growth. Existing Patients are retained, they show quite amazing loyalty. This confidence has driven this business through a massive three year growth spiral. It has allowed the business to look towards new pastures, possible new branches in larger urban areas.

Confidence, it is quite an amazing thing, it is quite a powerful thing. Confidence allows us to leap forward in our endeavours. We are taught that confidence allows us to fulfil our potential. Confidence in our abilities allow us to achieve, let us be all that we can be. Confidence is a particularly powerful feeling.

Shouldn’t you think about engendering confidence in your prospective Customers?

Regards

Geoff

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About Geoffrey Cooling

my name is Geoffrey Cooling and I am the author here at Just Audiology Stuff. I have been involved in the Hearing Healthcare Profession for several years now. I initially worked as a Hearing Healthcare Professional for a large national retailer in Ireland. After several years in Practice I was approached to work for a manufacturer, where I was employed for five years. I am now the Co Founder of a business called Audiology Engine. We design websites, undertake content marketing and generally look after everything digital for audiological practices. I am also a contributor to many hearing profession periodicals and websites. I have written two commercially available books, The Little Book of Hearing Aids which is written for hearing aid consumers and Audiology Marketing in a Digital World which is written for Audiology Practice Owners. They are both available in Paperback and Kindle versions on Amazon. I also write for consumers on the website Hearing Aid Know, which is a website with the mission of demystifying hearing aids, their types and their technology. I have a great interest in commercial strategy as it applies to Healthcare in general and specifically to Hearing Healthcare. I also have a great interest in the psychology of sales and human interaction. I have been involved with social media for some time, both personally and professionally. I find the engagement and discourse on some social media channels fascinating. I instituted social media strategy for the company I worked for as an experiment. That experiment soon spread throughout the company and I am proud to say that the company is probably one of the most active in the industry. I would like to point out that all views, opinions and thoughts here are mine own. Unless of course they have been planted by the pod people, you just can’t take your eyes off the pod people. Those views do not necessarily reflect upon any views or opinions held by my employer, if I ever get another one. I think that our industry is in the middle of a time of huge change, I think that the change will be forced by both internal and external pressure. I think that private Independent Healthcare Practices will have to be smart and lithe of feet in order to meet these changes. I hope that some of my blatherings are of benefit to those Practices, Independent Hearing Healthcare Practices need to survive. I believe that if that occurs it will be of real benefit to Patients. I hope that I, and my writings will play a small part in their continued success.

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