"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Failure to understand and appreciate the dynamics of the marketplace is costing you money. One of the things that, I as The Pharmacy Sage, find that is interfering with your accomplishment of your dreams is that the marketplace is not the same as it was 10 years ago.
Neither is it static. It is constantly changing and constantly moving.
If your beliefs about the marketplace are erroneous, then you will never be able to deal with the problems you currently face...read my full article in The Pharmacy Times Online.
How to Create More Profits in Pharmacy Today
Efficiency is good. You want to be efficient at doing things you should be doing. The right things. One of the biggest problems in the independent pharmacy industry is that people become all too efficient at doing the wrong things. Efficiency means doing things right, while effectiveness means doing the right things.
Efficiency vs. Effectiveness: Which One Creates the Truly Successful Pharmacy...? Read my full article in The Pharmacy Times Online here.
Can Turn Your Struggling Pharmacy into a Financial Powerhouse in 2 Short Years
First, discover how to add an additional cash flow stream one product at a time. The Pharmacy Sage has recorded instances where an ad for a particular product caused people to drive distances as great as 35 miles. No discounting. No couponing. And those results were repeated in several other parts of the country.
Then, turn your attention inward. Concentrate on where you devote your time. If you want to build your brand bigger, become worth $250/hr. and leave a legacy, then you need to understand that you do not earn your money by doing everything right. You earn it by doing one thing right: building your brand. Yes, branding is no longer for cattle. Branding is how you build your Wellness Pharmacy and leave a legacy.
Those two quick strategies can make a distinct difference in your future and in your family’s ability to gather wealth.
3 Powerful Tools That Can Create Resounding Success
This Marketing Has Been Proven to be The Only One That Can Get You Big, Bold Results
Consider this: if you did nothing at all, how would you get new patients through your door, or get your current patients to visit you more often and spend more money? Give them reasons to do so.
The only patient’s worth pulling through your doors are those with plenty of income. Leave the traditional scripts and Medicaid patients to the chain stores. You can go broke by pursuing them.
The only people to address in your marketing are the affluent—the ones with the desire to enhance their family’s health. They have the pocketbooks to back it up.
The only marketing to use is strategic marketing, that is, marketing that is sufficiently bold and outrageous to capture their attention, inform and educate them about solutions to their chronic diseases, and give them multitude of reasons to come to your pharmacy. Then they will part with their monies in exchange for the right products, compounded scripts, and expertise to back all that up. Benefits to your bank account will accrue as a result.
Without this marketing, nothing good happens. Whatever word of mouth you create is good, but very slow though part of marketing. It needs to be accelerated. Your time and attention to these details determines its success.
Yes, a good marketing plan with outstanding marketing messages that get significant results are the only thing that can make a true difference for you as long as you have a business model that says to them “we have solutions to your chronic aches, pains and other discomforts,” and delivers them with meaningful messages.
How to Create The Wellness Pharmacy of Your Dreams
You don’t have to commit large sums of money for you to commence the journey to becoming a wellness pharmacy.
Just start with one product. Then you can proceed to embrace others.
The All New Financial Freedom Playbook for Independent Pharmacy Owners
For more information, send for my free report “The Very Savvy Pharmacy Owners Marketing Handbook.”
Back in 1995, Peter Drucker asked, in his book Managing in a Time of Great Change, a very insightful question “what is your business?” For pharmacy owners today, that question is even more appropriate.
If you answer that you’re in the business of filling prescriptions, The Pharmacy Sage suggests that you think again. Yes, filling prescriptions is very important. However, is one-size-fits-all the best medicine for your patients? Isn’t customizing each medication to the patient’s own body a better idea?
If you have a passion for helping your patients to achieve a higher level of health, then you will answer “no.” Customized prescriptions, which you know as compounds, is a far better way to help people fight whatever afflicts them...read my full article in The Pharmacy Times Online.
3/19/2019 0 Comments
Not according to Richard Koch in his highly acclaimed book “The 80/20 Principle.” In fact, his subhead is “The Secret to Success by Achieving More with Less.” The book is based on Pareto’s Law, which was discovered by Vilfredo Pareto, an 18th century Italian economist. Through extensive studies, he proved that 80% of wealth is created by 20% of the activities.
Pareto’s Law has but one theme: to generate the most money and wealth with the least expenditure of time, effort, and resources.
In the independent pharmacy world...click here to read my full article in Pharmacy Times Online.
How Wellness Pharmacies Attract More Wealth in Good Times and Bad
In the major recession commencing in 2009, most businesses took a hit. And that included many an independent pharmacy.
Not so for those pharmacy owners who embraced the right business model. They continued to thrive, although their increase in profits did slow down a bit.
They were masters of their own fate and each was a captain of his own ship.
What is that business model? As I’ve previously mentioned in many a blog, it’s a Wellness Pharmacy based on:
Why did they continue to thrive in the recession of 2009, when others did not? Because their marketing was directed at the affluent, who continued to spend money as though little had changed. And especially did the affluent spend it on health benefits for their families.
Yes, those pharmacies not only survived, they thrived, in spite of the economic adversities.
And yes, as long as their marketing messages were on the money and directed where they would do the most good, they did not suffer.
How do you make certain those messages are done right and directed to the proper audience? That is what The Pharmacy Sage does.
How to Improve Every Patient’s Shopping Experience in Ways Other Pharmacies Do Not
Most pharmacies cut their payroll to the bone. Therefore, they cut their service to the bone, also. This is especially true in chain stores and big box stores. In fact, their service is so poor that The Pharmacy Sage estimates that, between 40% and 50% of the nutraceutical business they could possibly do, goes out the door. In the independent pharmacy, customers want and expect red carpet treatment. They want to be informed and educated by really knowledgeable staff members. They also want to receive reasons why any particular product presented to them will work in ways that products in other stores will not. Yet, they do not want to be engaged by “pushy” salespeople. Such is the essence of selling in the very apt Wellness Pharmacy.
Where it has been provided in terms of active engagement by well-trained team members, it has proved to be very effective in building cash flow and profits.
Learning Disabilities Are Tragic
Unfortunately, most independent pharmacies do not achieve that status. They are besieged by learning disabilities.
Learning disabilities are tragic in children, but they are fatal in pharmacy organizations. Because of them, most pharmacies become extinct far too early.
Perhaps your own pharmacy is subject to the following crippling learning disabilities.
Because The Pharmacy Sage has created more multi-millionaire pharmacy owners than anyone else on the planet, he teaches you how to become magnetic to wealth.
The Pharmacy Sage draws on science, wisdom, psychology, and the cutting edge of managerial thought, as well as entrepreneurial and leadership strategies and policies to create a far higher performing organization for you.
You need to be singly focused on GROWING the PROFITS of your pharmacy, not mired in meaningless minutiae.
By focusing on strategies that are not in the traditional independent pharmacy repertoire and are outside the lines of just “getting as many patients to your pharmacy as possible,” you can get the job done.
We call these tools GROWTH STRATEGIES: a proven “renegade” system, together with processes that are singularly focused on growing and scaling your pharmacy profits. They are process, data, and results-driven so that you know EXACTLY what’s working in your pharmacy, and what’s not.
This sure beats doing what the others are doing, constantly reinventing the wheel, and not knowing what works and what doesn’t.
Or focusing on stuff in your business (such as creating the perfect logo or whether your website has the perfect shade of green in your header) that does not actually GROW your business—but simply distracts you from what you should be focused on: PROFIT GROWTH.
Cash Flow and Profits
That’s why renegade owners experience exponential growth in their pharmacies—while “normal” pharmacies are happy with just getting the same amount patients each and every month.
They are using their time to develop strategies and tactics to find ingenious, marketing-based avenues for growth that sometimes push the bounds of what “everyone else” does in their industry.
We’ve had clients grow their profits by 300%-400% year by year (instead of a paltry 1-2%) because they cut out all the noise and distractions and became singularly obsessed with their cash flow and profit growth. They are using methods, tools and best practices that simply don’t exist in the traditional independent pharmacy world. That’s why I, as The Pharmacy Sage, prefer to work with only three clients at a time.
These Growth Strategies allow you to:
Much of this strategy is easier than going through the constant never-ending slog of just finding new traditional patients. This is the hardest “swimming upstream” activity you can possibly do for your pharmacy—but thankfully, due to this profit growth strategy, you and your family are better off in the long-run. More money, and a better lifestyle.
Here Are Four Simple Steps You Can Take
How do you find the time do them? That’s what The Pharmacy Sage is all about.
Get our free report “The 3 Biggest Mistakes Independent Pharmacies Make, Continue to Make— And What You Can Do About Them.”
It’s all about giving patients different solutions…
If you want to increase your patient base and your profits, then decidedly differentiate your pharmacy. The people who see your marketing should realize that you are obviously different in every way, form, and manner, especially when it comes to relieving their aches, pains, and other chronic maladies.
And that’s the key! Be noticeably different to the degree that other pharmacies cannot compete with you. When you do, you create a niche of which you will own 100%!
And when your marketing messages clearly disclose how your products and services are so superior...click here to read my full article in The Pharmacy Times.
Your compensation is getting butchered by the insurance companies. Yes, your problem lies with the third-party payers; however, the solution lies with your business model.
It’s a fact: in one trading zone after another, where an independent pharmacy with the right business model, the right strategies, and the right marketing plan, that pharmacy has differentiated itself and risen above all others, so that it totally dominates the landscape. It totally DISRUPTS the marketplace. Meaning it can change patients’ buying habits in its favor. The longevity of such a pharmacy becomes markedly increased.
If you’re still filling traditional scripts, you’re probably experiencing what The Pharmacy Sage has been hearing from ever-so-many pharmacy owners day-in and day-out: “I’m having more and more problems paying the bills based on the monies the insurance companies are sending me!”
5 Key Questions
Finding answers to the following questions may be a very good starting point.
Those are tough questions. And I believe that, at the end of your workday, you can be pretty tired. Nevertheless, in order to change your future, you need to change your thinking— and actions. Perhaps setting aside a couple of hours on a Saturday or Sunday will give you the quietude and peace of mind to tackle this very important subject. More relaxation produces better results.
The Value of Marketing
If your pharmacy school taught you anything about business subjects, you would have learned that marketing is the only element of your pharmacy business that creates significant results.
The Pharmacy Sage has discovered that 99% of all independent pharmacies waste most of their marketing dollars for lack of this specific expertise. The other 1% brought in expertise from the outside. On average, $15,000 a year is wasted by each of some 14,000 independent pharmacy owners today. That’s $210,000,000 gone. Down the drain. Each and every year. Talk about a train wreck!
What they didn’t teach it you in pharmacy school about business, and especially marketing, is costing you a bundle.
Playing the same old game makes you a dinosaur. In fact, to be more profitable and capable of administering to patients the way you want, some changes need to be made, especially to your business model.
The short version is you need to offer more of what those with money are seeking: customized scripts (compounds) and higher quality nutraceuticals. With the right marketing, your messages will resonate and penetrate. And your cash register will ring.
In each and every trading zone, other pharmacies, both chains and independents, have struggled to compete with the one and only Wellness Pharmacy that understands this proposition and gets it right.
To find out more about how you can achieve this exalted status, you may want to get my new marketing report “The 3 Biggest Mistakes Independent Pharmacies Make, Continue to Make— And What You Can Do About Them.”
There are 3 very apparent trends that could affect the destiny of your pharmacy in 2019. They are:
The Tragedy of Learning Disabilities
Learning disabilities are tragic in children, but they are fatal in pharmacy organizations. Because of them, few independent pharmacies live even half as long as a person does. Most die before they pass the age of 35.
Perhaps your own pharmacy is subject to the following crippling learning disabilities.
The Pharmacy Sage draws on science, wisdom, psychology, and the cutting edge of managerial thought, as well as entrepreneurial and leadership strategies and policies to create a far higher performing organization for you, with you as the supreme leader of the pack as the integral health builder in your community.
Four New Year’s Resolutions You Should Make & Keep Guaranteeing That 2019 Will Be Your Best Year Ever
Then, adopt the following four resolutions to help ensure that 2019 will be your best year ever.
Take Advantage of These Opportunities
To take advantage of the above trends and put them to best use for your pharmacy, I suggest that you seriously consider embracing the following:
For more information, send for my new book “How to Create a Profit Explosion in Your Own Pharmacy.” It’s free for a short time now. Later, it will cost $197.
12/7/2018 0 Comments
I created this checklist because I wanted to share some ideas that would-be-owners could clearly read and understand. It’s designed to make a difference to you as you consider creating your dream pharmacy.
To help you go further, faster and be more satisfied as the owner of that pharmacy, here are 11 strategies that virtually guarantee success.
Discover the tools to avoid chaos, ones that will take you safely down the pathway to creating the kind of pharmacy you want. This superior package is available from The Pharmacy Sage and nowhere else.
How to Rise Above the Rest
The Pharmacy Sage has discovered that highly successful pharmacy owners seem to get there by breaking through limitations, going beyond how their existing places of employment are defined—by conceiving and doing more for their patients and providing extra value above and beyond what anybody else is doing.
The most successful owners also have some other things in common:
Leave it to The Pharmacy Sage to turn the secrets of your passion into an effective and practical Action Plan.
For more information, send for my free report “Start Your Own Dream Pharmacy.”
You Make a Ton of Money, Too
Advice from The Pharmacy Sage: don’t be a commodity.
A commodity is something that is interchangeable regardless of where you find it, i.e. nutraceuticals such as Nature’s Bounty, Windmill, etc. These products are found in chain stores, big box stores, even supermarkets. In other words, they can be found here, there, and everywhere.
As such, when you sell one of them to your customer, you’re helping your competition, because…your patient may find it a few pennies cheaper or just simply at a more local and convenient location.
Not the best idea for your business.
Hence, today’s maxim “innovate or die” should sound an alarm. At the same time, it should be a rallying cry.
It is imperative to understand the principles behind this concept in order to differentiate your pharmacy.
You need different supplements—ones that are recognizably different by brand name and can also achieve higher levels of health for your patients.
If the third-party payment fiasco doesn’t kill your business, it probably will send you to the “funny farm.”
The following outlines a simple set of procedures for you so that you can get from where you are to where you would like to go, in about two years.
It actually takes only 90 days. I also have to make one big assumption: achieving massive amounts of new cash flow is not something you can do by yourself or you would already have done it. Not because you lack the brains, but rather that you lack the background in business education.
As such, you should engage a firm with rock solid experience to help you.
The 5 Secrets of Innovation
How to Simply and Easily Change Your Strategies for More Cash Flow, More Profits, and Ease of Operation
Change your strategies and you change your results. Sounds easy. But you view it as difficult as climbing Mount Everest. So now let’s simplify, because I believe you avoid thinking about innovation due to your fear of change. In fact, you may be adverse because:
So, whether you want to create your own new pharmacy or reinvent your current one, these 5 steps can create the format for establishing a much more profitable independent pharmacy business in the future.
Here briefly are the 5 secrets.
When you follow these 5 steps, you eliminate the fears mentioned above, as well as other aggravations.
How to Simply Use and Implement Changes That Create More Cash Flow, More Profits, and Better Ease of Operations
The most important concept is that you need to initiate the idea of change. Then bring aboard a firm that has the expertise to mastermind the details. I have done it for over 300 of your colleagues.
For a better understanding of what it’s all about and how it can be exemplified, as well as implemented, send for our very private and proprietary “The General Theory of Entrepreneurship, Leadership, and Marketing for Community Pharmacies.” It’s free.
I know your time is extremely valuable. Probably so valuable you’re not analyzing what works and what doesn't. That is why I have put together this very special newsletter, where you will discover information on key elements to building your business bigger and better, with leadership, entrepreneurship, business building, marketing— even all-natural nutraceutical remedies you can market to your patients.
I want to provide you with all the pieces of the puzzle, not just some of them. In fact, my mission is:
“To take independent pharmacies, turn them around, and reinvent them so that their profits soar and the owners will have a more enjoyable time leading their pharmacies to ever increasing goals and objectives.”
That is the purpose of the Pharmacy Sage community. To help you become the best pharmacy entrepreneur that you can be by helping you to change the way you think and innovate.
Nothing happens until a sale is consummated. And filling traditional prescriptions is not a sale. It’s rendering a service and getting poorly reimbursed for it. And isn’t it getting less and less satisfying to get rewarded for your valuable know-how and the hard work that you do?
Pivoting so that you can at least start to head in a different direction may be very appropriate. However, whatever that you do that can differentiate you in some way, form, or manner is what you want to focus on. And marketing it is the way to get more patients to realize your uniqueness and spend a few extra dollars in your pharmacy, not somewhere else.
And so, here are the 5 compelling reasons for you to organize around your marketing.
Reason #1: when you do something to differentiate your pharmacy, but enough people are not running to you to take advantage of it, you need marketing. Marketing is the only element of your business that can produce significant results because everything else is just a cost.
Reason #2: if you’re not doing enough marketing, how will enough people get to know you and make a difference in your bank account?
Reason #3: if you don’t “toot your own horn,” who will?
Reason #4: marketing is the only way to show all of your potential patients how to achieve better health with alternative therapies not available at other pharmacies, especially chains
Reason #5: marketing is the only element of your business that creates significant results. Yes, word-of-mouth marketing makes all the difference in the world. But you need to activate it and make it work faster and more efficiently. And that’s what the rest of your marketing is all about.
Once you have repetitive offline advertising in whatever local media can best carry your messages that describe your uniqueness, then the rest fall within the following two no-cost to low-cost categories.
Building a marketing machine is the only way to build sales and profits in these turbulent times. Doing what most of your colleagues do by heavily discounting and couponing is a prescription for disaster. So is abstaining from marketing entirely.
Studies show that 90% of all pharmacy marketing is wasted. How do you avoid that prospect? By bringing in knowledgeable help from the outside.
Integrating all of your pharmacy’s activities, including selling, into your marketing machine will produce far superior results compared to what you’re doing now.
For more information, send for my free report “The Very Savvy Pharmacy Owners Marketing Handbook.”