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Yes, You can

Double Your Income

 

Your marketing budget won’t change.  You’ll continue to see the same number of patients.  The only difference will be that you’ll earn twice what you earned last year.

How?

Where You Need to Make Changes

Solutions to any problem are rarely easy and that includes trying to figure out how to solve the myriad of problems in your office.  Practice owners have goals, but across the board, no one is going to say no to making significantly more money without having to do too much more work.

To get there something has to change, change is inevitable.  What most people change first is predictable, they start with the easiest element requiring the least amount of effort and work their way up.

  • Trying to get lower unit pricing
  • sprucing up the waiting room
  • running an additional direct mail campaign

Those types of changes can only take you so far and only for so long, since they’re either out of your control, make little impact, or are designed to have only a short term impact.

“Please don’t let it be sales”

Sorry, but it’s sales (at least it isn’t marketing).  Hearing aids are the primary solution for individuals with a hearing loss.  Unfortunately, hearing aids are a product that few patients want to be seen wearing.  Couple that with cost and you have a recipe for a stressful situation in which even the most seasoned sales professional will occasionally falter.  Getting a hearing impaired person to wear hearing aids requires the ability to sell.

 

“People buy hearing aids, therefore I can sell”

The majority of professionals dispensing hearing aids have had little to no sales training.  Most would never even consider themselves “salespeople”.  And besides, patients do buy hearing aids from you so you must be doing something right.

The act of selling is to transfer goods or services in exchange for money.  

A percentage of your patients will be fulfilling a basic need.  They know they can’t hear, they’re ready before they even get to your office to buy a hearing aid, so yes, you do sell hearing aids. The other 20% of the patients are the challenge.  And it’s this 20% who can make a huge impact on your bottom line.

How do you convince this 20% of the hearing impaired population who crosses your threshold every year that it is time to do something about their problem, today?

The Impact of a 20% Increase in Closure Ratio

Is it worth learning to “sell” better? Take a look at the practice below to see the significance of improvement in closure ratio (CR).

Patients Presenting with Aidable Hearing Loss - Monthly

26

Net Per Sale

$1,350

Expenses - Monthly

$17,600

Units Sold – Monthly

  • 50% CR – 22 Units
  • 70% CR – 31 Units

Net Income Monthly

  • 50% CR – $29,700
  • 70% CR – $41,850

Net Income – Annually

  • 50% CR – $145,200
  • 70% CR – $291,000

Increases by Percentage

  • Closure Ratio 20% 20%
  • Monthly Income 41% 41%
  • Annual Income 100% 100%

Why Join Audiology Practice Builders?

It’s time to stop worrying, and start growing your business.

Double your income.

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