Rick's Business of Audiology Blog

Free advice is ............

We know there is no free lunch. As professionals we know free is never actually free.

Recently an Audiologist asked my why she should pay for my business assistance when her vendor provides it for "free". She asked it sort of apologetically. I didn't mind the question. If I cannot answer it I ought to find another line of business. But it shows me a basic lack of understanding on her part.

What’s in a name?

Product names provide many advantages for both the consumer and the business owner.

If you aren't sure if a name is important then think about bird feeders. There are a zillion and most of you probably cannot think of one brand name; until now.  I am told it uses a little battery powered motor so when the squirrel grabs on it does it's thing.....

Twirl a Squirrel

http://www.youtube.com/watch?v=NocRG3r2zBw&feature=fvw

Government Limits Care Options

If the government controls our health care dollars then politicians will control the procedures that we have available to us.  Example: Medicare hasn't been good for hearing aid funding.  

I know Sarah Palin has been criticized for her "Death Squad" comment. It probably won't have that official title. In fact I expect the politicians will manage to make it difficult to determine who is making the decisions.  But the decisions will be being made.

Perceived Value is What People Buy

Perception of Value is more important than actual value. Because perceived value is what people actually use when making their buying decisions.

You can have the most valuable product on the market. It can do great things and any hearing aid engineer, hearing scientist, or Audiologist knows it. However the customer may not; and miss out on the value.

Guerilla Marketing

There is the world of big advertisements, fancy brochures, and huge bulk mail bills. Be as public as you can be. This is big company marketing and there is always a salesperson doing their best to sell this to you. You spend big dollars so there is money for big sales commissions. Big companies have an advantage in this type of advertizing.

There is also guerilla marketing. This is targeted marketing. As a sniper picks off one opponent at a time guerilla marketing picks up one customer at a time. Guerilla marketing often occurs out of sight of competitors. Your challenge, few guerilla marketing sales reps exist. You must take the initiative as it won't be sold to you.

Small local businesses have an advantage when it comes to guerilla marketing.

This is where you need to be focused.

Play to your strengths. Become a guerilla marketer, become a sniper!

This cannot help but help all of you.

Rick

0 for 3 and Feeling Fine!

0 for 3 is not a strikeout in my life.

I had three client calls scheduled for today. All were with owners of smaller offices.

One year ago all would have been willing to talk all day. We would have talked and then they would spend some time doing things we talked about and then perhaps we would talk again. Perhaps they only would have a couple of profitable appointments all day.

Not the case today! All are so busy, with profitable business, that they cannot find time to tell me how well they are doing, except by e-mail!

One has already sold three times as many hearing aids this month as they did all of last July.

They are all helping people hear, as they intended. As I intended.

They each have my thanks for serving the needs of the hearing impared.

Thank you for helping me.

Rick

New Class Starts Aug 3

Professional Development and Personal Finance I

This has been on my list for some time and I have been seeking for a way to accomplish it.

My goal was to enable people to experience some of the aspects of team building, leadership, and finance, in some fun and entertaining way. People need to experience these before they need to know them. Just like you practiced a hearing evaluation before you performed it on a real patient.

I was recently introduced to a new tool. The introduction came from a spouse of one of my clients who sent me an invitation. I have never been a computer or online game player. I have always had "more important" things to do.

However I clicked on the invite sort of absent mindedly and VOILA! The teaching tool I had been seeking appeared before my eyes.

Over my vacation I was able to think about how to apply it and experiment with it to determine how it worked and how to use it. I am thrilled! The documentation is coming together easier than I hoped, as it often does when everything is working out.

I now have a great tool for experientially teaching important concepts in a "safe" environment.

I will start my first group on the first of August. If you want to join please e-mail me for information. The first group will be a discounted group as they will help me refine the process.

You can join, or get free info, by e-mailing me: rick@thrivingaudiology.com.

I am really looking forward to this helping you!

Rick

What is the Value of your Business?

What is your business worth?  There are days when we wish we knew; perhaps today.

Here is a very useful short article to help you start your rational thinking process.

How much is your car worth?  Hmmm... Hard to know exactly; depends.  Was it just washed?  Just in a fender bender?  Making funny sounds?  What is the make, model, and color?  Where it is located?  Etc.   Perhaps most importantly: Who is the buyer?

It all makes a difference, and your business is similar. 

Financial Advice from Vendors - Bad Idea

Here is an article about suppliers providing financial advice.  It is worth a read.

In this short article Meidar points out the "obvious" problem of taking financial advice from the sales groups you are buying from.  Madoff's scheme to separate wealthy people from their money has made this a hot topic today in the popular press.  The idea has been around for as long as there have been people with money who are willing to wish as opposed to reason.

Three Points:

1. A lot of people have been taken this way. Slick sales people offer you a carrot, while stealing your farm. There is a saying a fool and his money are soon parted. This is often a way they part.
2. The people taken are often good at something, but not the finances. Called Marks in the industry. Audiologists as a group are very smart, honest, and trusting. The supplier company management may not be honest or trusting. It makes for an uneven playing field. If you are honest and trusting you are at risk for a smooth sales persons to woo you out of your inheritance and the family wealth you have worked so hard to create.
3. Successful people use fee for service. It removes the obvious conflict of interest.

http://www.forbes.com/2009/06/05/financial-advice-health-opinions-contributors-ubs-madoff.html

When you go to pay cash for a car, do you allow the sales person to examine all of your financial portfolio, business strategies, and take a look at all of your personal financial information before you even look at the car?

Obviously not.

I hope this helps you,

Rick

AAA Friday Review

This is the first time I have ever come to AAA and collected so much information. None of the booths were busy. This was great for the attendees as the representatives had lots of time to talk, and not just pop out the expected answers. This was a treat for those in attendance.