If you are a sports fan, you have probably already read the recent ESPN article titled "Hot dog! Falcons drop prices, make more money". If you haven't, allow us to set the stage. Arthur Blank, the owner of the National Football League's Atlanta Falcons, is the co-founder of the Home Depot and is worth approximately $2.1 billion. Yeah, the man knows business. It is also safe to say that Mr. Blank believes in good infrastructure. In 2010, the buzz around Atlanta was that Mr. Blank was contemplating a deconstruction of the Georgia Dome and building a brand new playground for his teams to enjoy.
No, it didn't matter that the Georgia Dome had just opened in 1992. Thanks to Jerry Jones and the Dallas Cowboys, the standard had changed and it became clear that Mr. Blank would not sit idly by and let the stadium of the Falcons become a relic. What did he do? He opened Mercedes-Benz Stadium On August 26, 2017. Sure, the money came from various parties, but it shouldn't be lost on any of us that Mr. Blank blew up a perfectly good, although dated, Georgia Dome in favor of a $1.2 billion behemoth that received praise all throughout the 2017-2018 professional and college football season. But new stadiums open every single year. What's so special about this one? And why would we take the time to write about it? Well, because we believe there is something to be learned here. Businesses exist because customers have pain points. They have problems they can't solve and look to any number of businesses for help. But when an individual has a problem with their eyes, they come see you for help. It is a pain point and you have the solution. Yes, we understand that sports are quite a bit different, but it is still a massive business. People want to be entertained and sports, specifically football, relieve that pain point like few others. But often times there are pain points within the pain points. (That's deep. We know.) If you have ever been to a college or pro sporting event, you know that the costs of concessions will make you consider either avoiding the event altogether or taking out a second mortgage on your home. (Not to mention the merchandise!) Mr. Blank recognized this problem and wanted to do something about it. His solution? Fans could purchase bottled water, popcorn, and pretzels for $2.00 each. For the same price, they could also get unlimited Coca-Cola. For $3.00 each, fans could purchase waffle fries, nachos, or a slice of pizza. (And so that we're clear, this article has nothing to do with setting or lowering fees.) Do you want to know how brilliant Mr. Blank is? These prices included tax, so that those who still preferred cash wouldn't slow the lines down. Compared with Georgia Dome, Mercedes-Benz Stadium also has 65 percent more points of sales, which increases buying opportunities for fans. The results? Fans spent 16 percent more at Falcons games and entered the stadium earlier on game days in order to enjoy the low prices. This helped drive an 88 percent increase in merchandise sales. So what can a bunch of eye doctors learn from the Atlanta Falcons? Here are our thoughts... Know your customer's pain points People are often encouraged to take inventory of their own business in order to cut costs, increase efficiency, etc. But what about taking inventory of our patient's pain points? What are we doing that is hindering the patient experience? How can we alleviate the pain? Is the wait too long? Are our front office staff juggling patient calls while patients in the office stand in line and wait? Is our staff doing its best to serve patients well? Does it take too long to schedule an appointment or fill out new patient paperwork? We could probably ask these questions for days. Take inventory of your patient's pain points and see what you can change for the better. Mr. Blank did and he is reaping the rewards. Be willing to take the leap from good to great Was there really anything wrong with the Georgia Dome? What about the concession prices? It could easily be argued that these were standard across the NFL. In other words, they were good enough. Mr. Blank and the Atlanta Falcons dared to be great. They blew up a perfectly good stadium and turned the NFL's perception of a concession stand on its head. And why? To give the fans a better experience! It just so happens that taking the leap from good to great rewarded both the fans and Mr. Blank. What investments can we make in our own businesses that will take us from good to great? Is there a new piece of diagnostic equipment that will improve your patient care and efficiency? Yes, it is costly in the short term, but history is the greatest teacher. Making a small investment now to benefit our target audience will pay dividends down the road. Create an experience Some of you have been to Mercedes-Benz Stadium. Pretty nice, huh? What makes it stand out? The speed of the lines, the lower prices, the larger than life screens? Maybe it's the fact that the team is actually good? We aren't saying that any of us are the Atlanta Falcons, but we all have ways that we can improve the customer experience. And it doesn't have to be by lowering prices! I think we would all agree that our patients deserve the best in-office experience possible. What can we do to make it a reality? Sell the benefits Everyone knew that the Falcons had a new stadium and everyone knew that football games would be played there. The whispers before the season started weren't that Matt Ryan would be back at quarterback or that the Falcons might rebound from last season's loss and win the Super Bowl. In fact, they weren't whispers at all. The news outlets, etc. were all discussing bigger video screens and $2.00 hotdogs. Why? Because Mr. Blank addressed the pain points of his fans and then sold the benefits of his solutions. Shorter lines! A better fan experience! Unlimited Coca-Cola! You can probably guess what happened during the 2017-2018 football season. Fans came running to experience the benefits Mr. Blank and the Atlanta Falcons were offering. Think about this: Prior to last season, there were 32 teams in the NFL and they all had concessions priced similarly. It took one team lowering the concessions and maintaining the quality to reap huge rewards and likely start a trend. Why did it matter? Because it was a MASSIVE pain point. What are the pain points in your practice? We would love to hear your thoughts!
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