If Apple understands they need to diversify their revenue, then the eye care industry better pay attention.
Apple’s earnings posted this past week, and they reported over $38 billion dollars in iPhone revenue in the first quarter of 2018. Many expected their earnings to dip, but that wasn’t the case. Sales are stronger than ever. But there was something to notice in the Apple earnings report. Their services division (Apple’s App Store, AppleCare, Apple Pay, and more) saw revenue jump 31% to $9.2 billion.[i] Rumor has it that this is the most profitable division in the whole company.
Amazing that a company as strong as Apple is ensuring their financial future ny making sure their alternative sources of income are growing and that they play a vital part in their overall bottom line.
If Apple were to rest on the laurels of their iPhone sells, most would understand, but they are growing a second source of income to ensure their future.
The eye care industry should take note. While frame sales are often king, many eye care providers are beefing up their services to prevent them from having a revenue moat.
Providers are offering expanded services in Corneal Refractive Therapy (CRP), vision therapy, and pre- & post-Lasik surgical care.
All too often, providers are limited to these areas: Optical Goods (including Eyeglasses, Contact Lenses, Sunglasses), Contact Lenses, & Nonprescription Eyeglasses & Sunglasses. With the online competition in these areas, providers can’t limit themselves to these revenue streams.
However, expanding service offerings can be daunting. It requires a re-orientation of the provider’s focus, training the staff in services, and training the staff in the offering of services.
Survival is what is at stake, however. Ask yourself:
What services are you able to provide?
What additional training does the provider need to better offer these services?
What staff training is necessary for them to support that training?
What procedures within the office are necessary to market these services?
Asking these questions will cause a few headaches along the way, but implementing the answers may very well put you on the path towards greater revenue.
ProSight Success would be glad to talk you through any of these questions. Just contact us.
Gordon Duncan is the CEO/Consultant of ProSight Success and has trained employees for nearly 20 years.
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Gordon Duncan is an award-winning educator, salesman, teacher, manager, and writer. He has taught in the public school system, lobbied for school's accreditation, managed eye clinics, led sales' teams, and also publishes books on theology, church, and culture.