Consider these four strategies from the specialty grocery store

The optical can be an area of enormous expense if not managed properly. As inflation increases and insurance reimbursements decrease, maximizing optical profits is more important than ever.

This was on my mind when I recently watched a Wall Street Journal video on the economics of specialty grocery store Trader Joe’s (viewable at on.wsj.com/46RzDTy ). In 2020, according to the video, it was ranked the No. 1 grocery store for customer satisfaction and had gross average sales of $2,130 per square foot, more than double that of other grocery store chains.

This left me thinking that this store’s strategies could be used for optical success. Below are four elements from the “Trader Joe’s approach” to business that I believe are transferable to the optical.

1 Business identity Customers can become attracted to any business if it has a good reputation. In this case, Trader Joe’s is known as being fun, unique, and high quality. Do not overlook the chance to establish a positive reputation in your own optical. Define your brand and then create a plan to utilize it in every aspect of the optical.

2 In-store experience Successful businesses have visitors who feel valued, respected and well-cared for. The optical in-store experience for patients should be no different. Taking a step back to ensure the patient experience is positive will often translate to greater business revenue. At my own practice, my staff makes sure to practice active listening – this not only helps foster a personal connection with the patient, but can offer individualized solutions to their vision problems.

3 “Less is more” Offer a curated selection of products, as opposed to supplying multiple options. The reason: While an overly stocked optical may seem enticing, too many choices can leave shoppers/patients in a state of choice paralysis. In psychology, this is deemed the “Paradox of Choice” (as explained in the book of the same name by Barry Schwartz) and means that when consumers have too many choices, they often do not end up making a decision (i.e., walk out on the sale). Having fewer frame or lens choices in the optical may be what is needed to make a sale happen. Tying up business cash in inventory is also expensive, and offering fewer products lessens this inventory cost burden. At my practice, we cut down on our frames a few years ago, going from 900 to 760. Our optical sales increased and our opticians reported they felt transactions were more efficient as we cut down on similar-looking frames, while still offering a great selection to patients. Additionally, carrying fewer products at higher volumes gives bargaining power when negotiating with frame and lens suppliers. When an optical does more volume, the supplier also does more volume, creating a win-win for everyone. Utilizing this approach creates a cost advantage to a business and could potentially give independent opticals an opportunity to compete with the product price point of large optical chains.

4 Private labels Private labels help create a brand, while keeping business’ costs down. Any optical also has this option to sell frames or lenses under their own private label. It might not have the immediate brand recognition of competitors, but being able to offer a privately-labeled frame or lens for a discounted cost could create a competitive advantage.

Learning from others

All businesses can learn from each other’s success and failures. Perhaps these four elements from Trader Joe’s will inspire a business strategy to maximize optical success. OM

DR. QUINT is a co-owner of Smart Eye Care in Maine. She is passionate about entrepreneurship and optometric practice management. She was the 2019 Theia Young O.D. Award winner and consults for Allergan.