Frame Board Profitability Session 2
In this installment of our step-by-step guide to better frame board management, we’ll discuss the ins and outs of frame categories, pricing strategies and price points. These are not “set-it-and-forget-it” initiatives. Your planogram and frame strategies will shift as your practice grows and / or your patient demographics change.
First we’ll take a look at frame categories, and how brands fit into them. Each practice is unique, but there are some basic formulas that you can apply to your dispensary as a solid starting point. We’ll discuss how to convert your allocation into percentages, and what ratio of each category is appropriate for your practice. We’ll also cover a few strategies for determining price point percentages in your frame collection, as well as adequate provisioning for age and/or gender demographics.
Your pricing strategy has a lot to do with the success of your frame lines. We’ll cover some basic formulas for pricing, and the advantages of each. You will learn how to use each with a few examples, and make a determination of which might be best for your dispensary.
Last but not least, we’ll talk briefly about how to organize your frames so that they are accessible to your patients, easier to manage, and positioned for success. We will look at a few sample display options as well.
Most importantly, we will discuss the concept of Return on Investment, and I’ll wrap up this session with some tips for success that you can leverage in your own dispensary.