Maximizing Retail and Cash Products

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Are you selling cash products alongside items that are reimbursable? Is your cash business a focus for you and your team?

Retail is essentially selling of products for cash, where there's an interaction between an employee and a customer. The employee uncovers a need from the customer and she suggests a product to help the situation.

Insurance payors are becoming increasingly unreliable as a single source of revenue. Supplement revenue with cash sales that make sense for your business. Be strategic about what you're carrying. What's driving your business (what’s your bread and butter?)? What can you provide within that category that extends into a cash product? Experiment with products and make sure you look at your sales volume if not daily, then weekly to determine your success.

Many providers are concerned about how they compete with online retailers, including Amazon or big box stores. Provide a great customer experience and be knowledgeable about the products. Make sure you're the expert on the products and that's what will differentiate you from a big box store. Know what your competition is doing and what they are carrying. Figure out how you differentiate from them and what your own value proposition is with your business.

You have the customer base that trusts and respects you already. This relationship will separate you from a big box store or Amazon. Customers will trust you more if you are knowledgeable about the additional products that will help them through the reason why they are in your business.

Want to learn more? Our Industry Matters Team recently sat down with Rob Baumhover to discuss retail cash sales. Listen to Episode 34 of Industry Matters: Maximizing Retail and Cash Products in HME.

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