Use Case- Eyes 360, Optometry

BNKD Beta user Eyes 360 explains their success implementing BNKD into their clinics.

Eyes 360 was the first business using the BNKD paid loyalty membership. This blog will go over some of their experiences with implementation, failures and successes.

“Within 7 months we saw more traction with patients than expected, we grew our recurring revenue to $7,000 per month and are just getting started.”

This case study blog was co written in first person with the owners of Eyes 360.

First 3 months

We had been contemplating ways that we could better interact and provide value to our patients on the retail side of our business. Knowing that we offer better quality products and services than some of our online competitors, we needed to be able to convey that to our patients and offer them a payment solution for the lack of health care coverage for vision needs as this was a consistent objection to purchase that our sales team encountered.

When we implemented BNKD we knew we couldn't do it without our team so we organized a training event where we ensured that everyone understood the value of the paid loyalty membership we were going to start offering.

It is important to know your market and understand what amount makes sense for a recurring revenue model. We got this wrong at first, we offered 3 tiers starting at $50, $150 and $250 for our top level and varied discounts for each level. We recognized after the first month that we were not getting the traction we had hoped, even with full team buy in. We started asking for feedback and realized that the higher amounts were scaring our customers from joining... so we pivoted. We changed our offering to a $50/ mth plan where you can add family members for an additional $25/ mth and a straight forward 15% discount across the board.

Traction & Momentum

Once we made the necessary changes we saw momentum pick up on sign ups. Within 7 months we now have almost 200 members with over $7,000 in recurring revenue. In the last few months we have seen that not only do we have recurring revenues from our members, they have also been spending more and we have seen their purchase cycle on average shorten from annually to every 8 months. This is very early data and we are excited to see what happens over the next few months and years for our business!

Member Feedback

Our patients have always been a very important aspect of our business so it was important for us to know that this was a good fit for them. We recently surveyed all members and got incredible feedback. The positives had 50% of members saying they like the discounts on products and 50% like that their payments accrued in their 'bank' for a larger purchase.

"I am very pleased with my Eye Bank membership! As my daily contact lenses are a fairly costly item, it is definitely a pleasant surprise when I order and then go to pay and am told that I have the money already in my Bank, and I owe nothing, especially as haven't even really noticed the smaller monthly contribution coming out of my bank account! Great plan, thank you so much!"

In conclusion we have increased recurring revenue by over $7,000 per month, gained 200 loyal members, and shortened the buying cycle of our members. We are excited to see what a huge difference another 7 months of offering BNKD loyalty to our patients can do!