BEST BETS

By Amy Spiezio
Photography by Peter Baker

Adding value eyewear to your dispensary doesn't have to be a gamble, if you play your cards right. The straight deal about adding this bottom-line booster to your practice

There are lots of ways to find value in the retail world. Price is just a part of the equation. Today, value eyewear isn't restricted to a must-have for insurance patients. Instead, it is an additional sales opportunity allowing for what Stella Brentani, vice president of product at Luxottica, refers to as "multiple tiers of purchasing." Young consumers may be seeking several trendy models or working professionals may be seeking eyewear for work and play. Having a price assortment allows for greater purchase potential. A successful value program doesn't have to be a huge gamble. But to cash in, you have to understand the game.

CASHING IN

Eyewear is only a small part of the value proposition. Beyond the lowest price in the market, the product must offer something more. "Value is a combination of quality, service, and design," says Arthur Jankolovits, president of New York Eye.

QUALITY: People may be paying less, but they expect a durable product. Thanks to the big box stores' economies of scale pricing policies and plenty of e-retailers dealing online, consumers expect good product at a good price.

SERVICE: Consider warranties for peace of mind. Avoid lines that will end up with your staff repairing eyewear and client relationships. High breakage turns value into a liability.

DESIGN: Today's value eyewear offers better design elements that make these styles tempting for their looks as much as their pricetags. "Value eyewear is where we experiment a little. It's high end translated in fun ways," notes Luxottica's Brentani.

LOADING THE DECK

Once you understand the values behind the value market, it's time to get solid inventory in place.

"The smart companies don't limit themselves to one value vendor," says Jankolovits. At least two good vendors gives you comparison points and bargaining power.

If a practice is just entering the value side of the market, pick three brands for good options in genders and styles with 15 styles in each for a total of 45 skus, Brentani suggests.

"It's important to address as many markets as you can. Go with three pretty strong collections, then you are sure to offer variety in value price points," she adds.

Another option is going the lab route, where lenses and value eyewear are pre-packaged. Ordering value eyewear from the lab along with lenses means quicker turnaround. "It's here and we can fill the orders quickly, and it's a value to their patient," says Peggy Conway, director of marketing for Homer Optical in Maryland.

Finally, for those whose volume allows it and whose buying team is up for the challenge, there are the do-it-yourself options.

Private label: In this case, select something in factory stock and put it under your own brand. The downside is: you aren't guaranteed exclusivity.

Factory direct: Hopping on a plane and heading east to Asia means fewer middle men, lower prices, and more choice. It also means dealing with all of the importation and factory relationship headaches.

To make either D.I.Y. bet pay off, be sure that you're playing in the right game. If you have just a few offices, getting into this may cost more cash and bother than it's worth.

However, if you think you can buy 150 to 200 pieces in a specific style at one time—and then sell them all—maybe it's time to ante up and give it a go.

PLAYING THE ANGLES

Are your clients walking out of the dispensary without sunwear because they're not willing to make two large eyewear investments on the same day? If so, overRx sunwear and clips may tap a potential revenue stream that is being ignored.

Approximately seven percent of consumers purchase prescription sunglasses. This leaves 93 percent as potential oveRx and clip consumers, reports Karen Zappia, Live Eyewear's vice president of sales.

"No patient should leave without some type of sun protection," she says. "Although the retail price is a lower ticket item than Rx sunglasses, we make up for the difference in sheer volume." EB