In this economy, working faster, smarter, better is the key to riding out the storm. Here are 3 easy-to-implement tips that can lead to a leaner, meaner, more efficient laboratory operation.
Problem: I want to find a concrete way to reward customers who have remained loyal to us and haven't been lured away by lower prices in this economy.
Strategy: Consider a loyalty rewards program; many laboratories have programs that award dentist-clients cash, credit or even travel credits equal to 2-5% of their total volume. In 2009, Doug Egts, Owner of Esthetic Dental Creations in Rawson, OH, was spurred by the challenging economy to implement the loyalty program he had been considering for a few years. He awards clients 3% of their monthly volume in "Creation Credit Points." Doctors can then use each point for a dollar off future lab work or 50 cents in cash back.
"I always think it's unfair when businesses give new customers all the perks, while it's the loyal, long-term customers that keep...
According to LMT's 2013 Dentist Survey, lab owners are sometimes hesitant to raise their fees, fearful of losing the account. Yet 53% of dentists surveyed feel it’s reasonable for a laboratory to increase prices once a year by an average of 3.3%. Twenty-nine percent think an increase—an average of 4.6—every two years is more acceptable.
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LMT Communications delivers the business strategies, information, dental laboratory news and education that dental laboratory decision-makers need to succeed. Through LMT Magazine and our LAB DAY shows, LMT works to advance excellence in dental technology, enhance the products, services and communication of dental technicians, and give dental laboratory owners and managers the tools they need to flourish. Learn More »