Cash Products? What’s the Buzz?

Posted on: July 25th, 2017 by Rob Baumhover

Introducing Cash Products to an “Insurance Driven” DME.

You’re probably asking yourself why would I add more inventory or a new element to my current business model, and I propose the question back to you WHY NOT? To answer this why, I will be doing a mini blog series with information geared towards introducing cash products into an “Insurance Driven” DME. To start we have to talk about the basics, this first blog will highlight the benefits you and your business will be rewarded if you make the choice to carry cash products in an insurance driven HME.

The Benefits

  1. The 1st benefit to your business is how cash products increase your revenue and bottom line. Now, who doesn’t need or want to increase their bottom line, especially after some of the cuts the industry and you have received? These cash products bring high margins and immediate dollars to the business.

 

  1. The 2nd benefit; by adding incremental products you now offer your customers everything they would need to make their new experience with that product they came in for easier, safer, and convenient. This is achieved by having all their options in one place vs. making them go elsewhere (most likely your competition) to find these same items that your store should be initially carrying. Consumers like options, it’s why we typically don’t buy the basic model when purchasing a vehicle, educate and show customers their options. Cash products promote experience, adds to consumer trust and gives a reason for customers to be lifelong shoppers.

 

  1. The 3rd benefit ties back into benefit 2, by adding and offering additional incremental products to your business, you are providing top-notch customer service. Service that most customers rarely see anymore, especially in the big box world who now carry many of these products. When your customer receives this exceptional service, they will appreciate it and typically pay it forward, either by, making additional purchases or recommending you to a friend or family member.

Now that you know why you should be caring incremental products, be on the lookout for additional blogs on the “How-to Tips” of introducing Incremental Products into an insurance driven HME. We will be looking at everything from, where you should start when choosing the right incremental products, to training the staff on the new products, to product placement, to even how you market them.

In closing, your customers and I believe every HME should be carrying a select number of CASH products in their buildings, stay tuned for my upcoming blogs explaining how to do it successfully.

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