Take greater advantage of the power of impulse buys with these tips for displays and meeting patient needs with products they are already likely purchasing elsewhere
Chiropractic Economics’ 2020 Salary and Expense Survey revealed that nine in 10 chiropractors sell products to their patients. On average, these sales make up roughly 8% of their gross annual earnings. Are you happy with the number of products you currently sell, or would you like to sell more? One way to achieve this goal is to take greater advantage of the power of impulse buys.
Have you ever gone into a store only to find yourself walking out with way more than you intended? Most of us have.
The power of impulse buys
A Slickdeals survey of 2,000 Americans found that, pre-pandemic, an average of $155.03 was spent monthly on impulse buys. Now it’s closer to $182.98 a month. A majority of the time, the reason is that stores and online retailers are incredibly good at making this type of buying all too easy.
The Economic Times explains that impulse buying is nothing more than “the tendency of a customer to buy goods and services without planning in advance.” At the grocery store, an impulse buy might involve grabbing an item from a display while waiting in the checkout line, even though it isn’t on your list.
An impulse buy at a department store could include picking up a new shirt or pair of pants solely because it was on a rack with a huge red sale sign on it. Or if you’ve heard the term “end cap,” those are the tantalizing impulse buy items that stores put at the end of each aisle as you want down the main thoroughfare.
Think about what your patients experience when they walk into your office. Do you have your CBD products, topicals, supplements, and other products displayed in a way that is compelling enough to make your patients want to buy them — even if they had no intention of doing so when they came in?
Identifying the impulse buyer
The first step to increasing impulse buys in your practice is understanding who is most likely to make this type of purchase. Invesp, a company that helps businesses improve their conversion rates, set out to find out who this person is. Their research revealed that:
- A single person impulse buys more than a married person.
- Millennials tend to impulse buy more than other generations.
- The more excited people are, the more likely it is they will impulse buy.
Their research also found that impulse buys happen fairly regularly. Specifically, these unintended purchases are made in four out of 10 store visits. And when an impulse buy occurs, it isn’t just one item that is purchased but three.
Choosing the right products
Think about your patients and who may fall into one or more of these categories. What type of products are they most likely to use or benefit from?
For instance, a 2019 Gallup poll reported that people between the ages of 18-29 use cannabidiol (CBD) products the most. Since a millennial is someone born between 1981-94, they fall squarely in this range. That makes these products worth promoting for impulse purchases if you have a number of patients in this group.
According to the 2019 Consumer Survey on Dietary Supplements, older adults are more inclined to take other types of dietary supplements. The most common is vitamins and minerals at 76%. This is followed by specialty supplements (40%), herbs and botanicals (39%), sports nutrition supplements (28%), and supplements for weight management (17%).
The next step is to position products so they are ripe for impulse buys. One way to do this is to make your products accessible. If they can’t see whatever it is you’re selling, they’re not going to feel compelled to buy it.
Place product displays in the waiting room, where patients will be likely to go up to them while waiting for their appointment. Set one next to the receptionist area, so they can look over the items you offer when taking care of their portion of the charges and scheduling their next session.
Also, draw attention to your products with bright signs or lights. The Slickdeals survey also found impulse buys are 64% more likely if there’s a deal. So, if you offer a discount on any of these items, make it known. Anticipate your patients’ needs, and from your conversations draw them to your products that can be beneficial to their ailments or needs.