Introduction
As 2024 draws to a close, the timeframe for patients to use their Flexible Spending Accounts (FSA) benefits is quickly getting shorter. The end of the year can be a great opportunity to educate patients about how to use FSA benefits and encourage them to take advantage of them before the end of the year.
By promoting the use of FSA benefits, you’re not only helping patients save money, but you’re also creating an opportunity to increase your end-of-year sales. Here’s why you should consider integrating FSA usage into your sales strategy:
Increase in Year-End Sales
According to pymnts.com, over $4 billion dollars are forfeited by consumers each year due to the “use-it-or-lose-it” nature of FSA benefits, meaning that any funds left over at the end of the FSA period are kept by the employer and are not able to be used at a future date.
By reminding patients of this deadline, you’re encouraging them to make the most of their benefits and make their purchases before the end of the year. This can lead to a surge in sales, especially during the final quarter, as people rush to use their funds on things like prescription eyeglasses, contact lenses, eye exams, and other medical expenses.
Enhanced Customer Loyalty
Fostering trust is an integral part of running a successful optical practice. By educating and reminding customers about the benefits of using their FSA, you’re showing that you care about their financial well-being while building a loyal customer base in the process. They’ll appreciate the reminder about the savings that come with FSA funds, and will likely visit your office again in the future.
Showcase New Collections
The end of the year is a great opportunity to introduce new eyewear collections or promote specific frame designs. With hundreds of designs from brands like Aéropostale, XXL, and RACHEL Rachel Roy, A&A Optical frames are the perfect way for patients to utilize their FSA benefits.
Minimize Slow Inventory Movement
Older stock or less popular styles not selling like you’d hoped? Consider highlighting these frames as special FSA promotions or bundling them with more popular choices as a way to move them off the shelves and make room for new inventory.
Still having trouble moving old stock? With A&A Optical’s buyback program, you can sell your dead merchandise back to us and refresh your display with new styles. For every frame returned, you’ll receive a $50 credit toward new A&A inventory at the list price. To qualify, just commit to one year with us and a minimum of 36 board spaces.
Digital Marketing Opportunities
FSA benefits are the perfect excuse to harness the power of digital marketing techniques by creating FSA-focused ads. Various platforms, such as Google Ads, Instagram, and Facebook enable you to create specific campaigns to target patients that are more likely to have FSA eligibility. These digital ads are a great way to increase awareness around your optical shop while also driving sales both in-store and online.
Conclusion
Promoting the use of FSA benefits at your optical shop, you’re doing more than just boosting sales. You’re fostering patient loyalty and encouraging your patients to make the best use of their pre-tax dollars. Using FSA benefits as a promotional strategy is a perfect way to end the sales year strong and get set for a successful new year.
