Three Discount Strategies to Increase Patient Orders
We hear this question a lot: how much of a product discount am I supposed to give patients? The answer is simpler than you might think: what works best for you practice is your optimal discount rate. Whether that’s 5%, 35% or somewhere in between, discounting is an effective way to incent patients to order from your practice instead of other retailers.
Your patients are also consumers who will shop for the best deal, even if they don’t understand that the best price doesn’t necessarily mean the best sourced, stored or handled product.
The 30% discount gives patients a retail price that holds up to online and other retailers. Wellevate also stocks a multitude of products that, at 30% off, are difficult to find for online or in a brick-and-mortar store. While a 5% profit margin for you may be less than what you’re used to, you’re likely to see an overall increase in order volume and refills. Over time, 5% of higher volume can generate more profit than 35% of stagnant sales.
Expert Tip: Start small (and smart) by offering the 30% discount to friends and family and then a handful of active and engaged patients. They’ll appreciate the cost savings and most likely thank you with their loyalty.
The 20% discount is popular with many practitioners because it brings prices in line with other retail outlets. This discount offers patients competitive pricing and still provides you with a healthy profit margin—it’s a nice way to balance patient and practice.
Expert Tip: Consider packaging your 20% discount as an online dispensary membership to get patients excited about joining your “club”.
If you want to keep your profit margins higher, the 15% discount might be right for your practice. Patients still realize a cost savings, thus increasing the chances they’ll purchase and refill with you and you’ll enjoy a robust 20% margin while making it easier for patients to purchase the quality products you recommend.
Expert Tip: Take the time to talk to patients about the potential risks that come with purchasing supplements online. You may not keep every patient purchase, but the 15% discount might be reason you keep the volume that you.
Bonus Tip: Not interested in running a for-profit dispensary? You can always give patients a full 35% discount. With Wellevate, discounting is always up to you.