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The Evolution of HME Retail a Great opportunity

The Evolution of HME Retail a Great opportunity. GAMES 2012 Annual Convention August 6 th 2013 By: Jim Greatorex. HME Retail Topics. Discuss the Retail Vision and Culture Discuss the opportunity and market What product catagories have the best potential and what SKU’s move

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The Evolution of HME Retail a Great opportunity

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  1. The Evolution of HME Retail a Great opportunity GAMES 2012 Annual Convention August 6th 2013 By: Jim Greatorex

  2. HME Retail Topics • Discuss the Retail Vision and Culture • Discuss the opportunity and market • What product catagories have the best potential and what SKU’s move • Marketing to all potential customers • Hiring and retaining Great retail staff

  3. When you want to sound intelligent steal some quotes! • "The mighty oak is just a nut that held its ground." • "To accomplish great things, we must not only act, but also dream, but also believe.“ • "Every vision is a joke until the first man accomplished it; once realized, it becomes commonplace."

  4. Opportunity is all around you • If you don’t like change, you will like irrelevance less • Think about turning yourself into a marketing company who happens to sell HME

  5. HME Retail - what is it • Retail- the sale of goods to the public in relatively small quantities for use or consumption (Oxford Dictionary) • HME Retailer- A company who sells and markets Health and Wellness aids to the general public in their store at a price in which consumers will buy.

  6. The Myths to HME Retail • You are limited in what you can sell by Medicare rates and rules • Nobody will buy the bigger ticket items • You must bill insurance for everything possible • The product offering is limited and therefore so is the market

  7. HME Retail is evolving • Where competitive bidding is stifling innovation in HME, retail is where the new technology is at • We are where people go to get products, advice, training, a trait that embraces the local company • For success we must be great marketers, product experts, and have great execution

  8. Seize the opportunity • We must bring new technology to new prospective customers • Retail Marketing is different and evolving • Seek out new technology • We must have great retail sales people • We must be marketing 24/7

  9. The Retail Culture • You can’t be afraid to ask people to pay for things • The philosophy should be gauged around bringing people into the store. STOP DELIVERING EVERYTHING! • LIVE, EAT & BREATHE ABN’S • Incorporate what you already do well into retail opportunities.

  10. KNOW YOUR MARKET • ROBUST SENIOR POPULATION? • HOW MANY ASSISTED LIVING PLACES • AVAILABLE REASONABLE COMMERCIAL REAL ESTATE • MAKE YOUR EXPECTATIONS MATCH YOUR MARKET

  11. WHO’S REALLY BUYING • 35-55 YEAR OLD WOMEN!! • SOME OF MY FAVORITE PEOPLE!

  12. ACTIVE SENIORS

  13. AND….. • YOUR EXISTING CLIENTS

  14. STAIRGLIDES SEAT LIFT CHAIRS ROLLATORS SCOOTERS ORTHOPEDIC SOFT GOODS SUPPORT HOSE PRIVATE RENTALS SAD LIGHTS TUB SEATS BP SETS & STEHESCOPES TRANSPORTWHEELCHAIRS BEDS ALL TYPES POWER WHEELCHAIRS FOOTCARE MANUAL WHEELCHAIRS CANES PILLOWS HOT/ COLD PRODUCTS 20% OF DME PRODUCTS AIR PURIFIERS HELP ME I CAN’T GET UP POP DISPLAYS Traditional SKU’s you move

  15. New Markets to consider • Wellness and Pain Relief Products • Incontinence • Diabetic’s • Accessibility • Patient Handling • Recurring Cash Sales

  16. The Pain Market • 30% of all US Adults greater then 18 years old report having Joint pain or stiffness • 17% report the pain in the knees • 9% report the pain in the shoulder • A recent report stated that 116 million Americans have on-going pain issues

  17. Back Pain is everywhere! • In the United States, back pain is reported to occur at least once in 85% of adults below the age of 50. Nearly all of them will have at least one recurrence. It is the second most common illness-related reason given for a missed workday and the most common cause of disability. Work-related back injury is the number one occupational hazard.

  18. Customers Pay for Pain Relief! • Find Products that are proven helpful in helping people relieve pain • Everybody Sleeps! • Compliment this line with back, neck, knee, and cervical pillows

  19. Look for New Technology

  20. New Products New Referrals • Find niche products that require sales expertise • Inside- Out Approach • Must develop an outside promotion program • Doctors do not like to prescribe non-covered items • Do we truly know how to prospect? • Inside sales people need to be product experts

  21. Best Marketing Opportunities • Home Shows • Sales people calling on referrals for retail products! • In store promotions • Web Site Promotion • Infomercials

  22. Incontinence and Diabetes • 8640 Baby Boomers turn 65 every day • Retail Incontinence is a 3 Billion dollar market per year • Figure out how to capitalize • 23.6 Million People have Diabetes-8% • Be the resource for their cash needs

  23. Accessibility Products • People will pay for these products in order to stay in their home • Sell, rent, and buy back these products • Promote in Senior Publications, print, web site, and with Contractors • Know your competition

  24. Patient Handling Products • This product line has a corporate and in home market • Hospitals and Nursing homes have Capitol budgets for these products. • Stimulus Money was made available specifically for this • Market to health facilities and online

  25. Keep the Senior Home • Help me I’ve fallen and can’t get up products • All the staples, Bath Safety, Seat Lift Chairs, Transport chairs, etc.. • Many sales of these products are the introduction to the future products • Would you like some steamed mushrooms with that • FOOD???

  26. The Internet and HME Retail • Internet hits for HME retail products are on the rise. • Internet sales are slowly rising • Baby Boomers are a common web buyer • Get on staff person to be your companies web master

  27. Demands on Manufactures • Demand some market exclusivity • Demand protected web pricing. • Demand Sales Training • In turn, we must give them a planned detailed marketing plan and follow through. • Our best chance for continued success is promoting products that require a trained sales person

  28. HME Sales Employees tips • Don’t make it the bottom rung of the ladder • Train them to be product experts • Great hires are Big Box Store workers • Average pay between $28-35K • Build in spiffs and bonus programs • Give them ownership on in-store marketing • $30-35k per mo. Retail sales volume is a goal

  29. Questions? • Visit us in Portland Maine • Contact info: jim@blackbearmedical.com • Tel# 207-400-8023 • Happy retailing

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