"The Successful Pharmacy Owner is The One Who Discovers New Solutions Before Big Pharma & The Insurance Companies Destroy it." -- The Pharmacy Sage
A massive amount of research has gone into determining what sets successful leaders apart, as published in the March 2017 issue of the Harvard Business Review. I have distilled major components and identify how they can be used for the benefit of independent pharmacy owners.
In essence, there are seven behaviors:
Thus, they innovate and they create innovation strategies.
For additional information download the FREE report, “The Ten Commandments of Wealth for Pharmacy Owners”.
8/28/2017 0 Comments
For over two decades I have helped almost 400 pharmacies achieve higher and loftier goals by providing them with marketing—especially advertising—that gets immediate and measurable results. And it all happens without deep discounting or heavy couponing.
It all starts with a headline.
These types of headlines are far better than “The XYZ Pharmacy has been in business for 23 years” or “We deliver Free.” And especially they are far better than using your name at the top, because your name does not provide any serious benefits for those who seek solutions to their aches, pains or other maladies. On the other hand, the two samples above certainly do.
The more benefits in the headline, and the more it intrigues the reader, the more apt it is to be read.
Your advertising should be informative and provide solutions to people’s aches, pains and other maladies in ways that your competitors absolutely do not. The more they look like editorials, and are information and education laden, the more they are read, because that is the basis on which people read their newspapers.
And so, you see that the headline is vitally important. Research clearly discloses that the headline can account for 90% of the reason that a person will read your ad at all.
No benefit—no readers.
When your marketing is of the caliber that gets read and causes action, it has a fourfold mission:
It also has a twofold series of objectives:
As you can see, good marketing gets significant results. Poor marketing gets you results everyone else is getting.
For this and other related topics attend my teleseminar on August 29, 2017. It may very well be the most important hour that you can devote to anything this month. You’ll be happy you did.
Online may be increasing as a way for consumers to make their purchases, but it’s not taking over the entire market place. In fact, nearly 90% of retail all sales are still handled by brick-and-mortar stores.
Witness the advent of Amazon establishing its own retail stores. And, the entrance of other online marketers into the brick-and-mortar world, including Athleta, Birchbox, JustFab, and Baublebar.
As David Sax, author of “The Revenge of Analogue,” so aptly put it when he was interviewed for the March 27, 2017 edition of the No B.S. newsletter, “we are the consumerist society, pretty much wherever we live in the world. And I think extensively Communist China is probably one of the most consumerist societies at this point.” He went on to compare the logic of the computer with the illogic of human beings, saying that “we are highly illogical creatures, as recent events have shown, and continue to show. Part of that is the sort of the emotional relationship we have to the things that matter to us.”
Food matters. And, there is a surge in online ordering. However it is an extremely tiny percentage of the total amount of money expended for food. The rest we buy because we’re in grocery stores, food stores, even restaurants.
We want to try it out, such as tennis rackets. Even footwear, because we want to test how it feels.
And the list goes on and on.
The Shopping Experience
In your particular case, you have an even higher level of something to sell to these people who want the experience. Yes, they want it. However, when its presented from the standpoint of the benefits they will receive for the maladies that plague them, then they will become ecstatic. Whether it’s a topical analgesic for arthritis or a combination of 5 all natural antihistamines encapsulated in one, they want to discover it from their favorite pharmacist.
Pharmacists in chain stores don’t have the time, and therefore don’t have a clue. And since the individuals in health food stores do not understand which particular natural med can be taken with their prescription drugs, and which one’s should not be taken, that is your world and you own it.
Yes, there is a niche and you can own it. In fact, you can have your patients crown you “king of that niche,” if only you make the small amount of additional effort.
As Sax said toward the end of his interview, “people will pay for things they can hold in their hands. Or things they can see and touch. And that has not gone away. If anything, that has only gotten greater as the opportunities for that have increased.”
The one thing for which there is no substitute, especially online, is the information about how alternative solutions can help solve your patients aches, pains, or other discomforting maladies. Your advice can heard loud and clear for those patients, because they are in your store talking to you one-on-one. You can further amplify that information with printed reports that each one can take home. Especially if that individual is a visual. That is, she likes to see it in writing as opposed to hearing it. That information is most influential because it is coming from you, the pharmacist. A pharmacist she has gotten to know, not some individual in a far off place and about whom she knows next to nothing.
Yes, information is the one thing you can dispense, along with natural meds and compounded scripts. And you alone, have that opportunity in your trading zone, if only you will rise to the occasion.
To discover more ways you can ensure the success of your Wellness Pharmacy, attend my FREE LIVE teleseminar on Tuesday, August 29 at 8:00 PM EST.
Multiple streams of income are better than one, especially when they can be synergistically leveraged with assets you already have. The foundation relates to products, purpose, and information that you are imminently positioned to deliver to patients, all of which they cannot get elsewhere. Not from other pharmacies. Not even from their physicians!
It all evolves around marketing they never taught you in pharmacy school—valuable marketing you can acquire and readily put to use for your immediate financial benefit.
Picture this: you acquire the knowledge, the information re: where to buy the most valuable products to offer your patients, and the marketing that very aptly spreads the word about your being the number one expert in this field. It’s all about solutions to chronic disease—information they cannot get elsewhere.
Just imagine having marketing that’s completely prepared for you (you hardly lift a finger), backed up by all the patient information you can possibly need, so that you and your team inform and educate patients— and incessantly ring the cash register day-in and day-out.
That’s why your participation in my forthcoming teleseminar is a must for you. Discover the inside secrets of how all this becomes instantly available to you in a one-hour presentation that includes a Q&A session that answers all your questions, allays your fears, and shows you how a small investment can produce a large amount of wealth year-after-year.
If you could use an extra $50,000 to $500,000 a year, and would be more secure because you have two plow horses instead of one—that’s two plow horse attached to one plow, giving it more firepower. Don’t miss this opportunity.
And definitely don’t miss my LIVE teleseminar on Tuesday, August 29 at 8:00 PM EST.
Maintaining the status quo won’t fix the problem
There’s a disconnect between the way independent pharmacy owners are trying to transform themselves and what they really need to fix in order to become sustainable businesses.
Instead of reconsidering the business model and protecting themselves against the insurance companies, big pharma and government regulations, they have decided to go on doing business as usual, with perhaps a few finite adjustments.
As a result, profits have gone in a woefully downward spiral, the owners are running harder and harder to stand still, and wealth is no longer being gathered as before.
As owners, you keep seeking small adjustments that make little difference after insurance companies take bigger and bigger bites out of your compensation.
Creating a major change may be a first for you if you have been in business around five years, perhaps even 10 years. But doing business the way you have been doing it in the past can only give you a descending level of compensation as well as a lack of satisfaction as the years go by. If we draw it on a graph and impose a trend line, eventually all of your compensation will disappear.
As Joe Kubulak, a former client and owner of Health Mart in NJ, recently commented, “What is the reason that pharmacy had gone to chains. Because community pharmacies fear to be different. To compete against the big box stores by elevating to a different playing field. Lester is someone to be listened to. And more than listening, any plan or idea is nothing without the buy in and action on your part. Believe in Lester and believe that you can raise yourself to a new level.”
And, he is right. Not because he spoke highly of me, but because major changes are required so that your future no longer remains vacuous talk, as opposed to action that gets results.
The secret sauce to success, as I have so often mentioned before, lies in a business model composed of the following:
Nothing else substitutes. Nothing else gets the job done to the degree that this model does.
When you embrace it, you see your gross profits, currently at a level of 16-20%, rise all the way to the range of 50-60%. And when you embrace the concept of a Wellness Pharmacy, then your patients are praising you to the high heavens—telling their friends and relatives how superlative you are because you recommend protocols that not only enhance their health, but get rid of their aches, pains, and other maladies that are currently plaguing them. And, as you know, people cannot say enough about you when you enable them to get rid of whatever ache, pain, or serious malady has been an unending source of anguish.
Your key to doing this lies in becoming a master of chronic diseases, an area in which doctors are not sufficiently well trained. And the medicine that you recommend not only replaces the drugs the patients may currently be using as prescriptions, but also supplement them.
When you can actually show one person after another that some dietary changes, together with four or five supplements, can redirect their future from becoming an Alzheimer’s sufferer to being able to focus mentally and avoid—even postpone—Alzheimer’s all together, you’re a hero. And when you help people control their allergies without the side-effects of over-the-counter or prescription meds, and then help them send those allergies totally into remission, you become a savior to so many other people.
The list goes on and on. Asthma, osteoporosis—even cancer. All of them can be your realm of expertise. And you will differentiate yourself in the marketplace extremely well. Then you matter in ways no other pharmacy can, to your patients and to your community.
To discover more ways you can matter to your community, attend my LIVE teleseminar on Tuesday, August 29 at 8:00 PM EST.
Let’s See How You’re Doing
At the end of the year, you get your hands on a very important document. Your profit and loss statement.
That profit and loss statement is the result of all the pluses and minuses that affect your bottom line.
Let’s take a closer look at what they are.
Obviously, you know that the income from filling prescriptions is a plus. Your minuses commence with the cost of the product when filling each prescription. Those numbers can be serious!
However, the minuses do not stop there. So, let’s take a look at what all those other minuses can be:
A word about your bookkeeping/accounting system.
Primarily, in your prescription department, you “convert” something most often found in a big bottle into the proper quantity in a new bottle. And you/or a tech are required to participate in this process. Hence, for greatest accuracy, the profitability in your prescription department should be tracked using something called “manufacturing accounting.” In other words, the cost of labor should be included on a monthly and annual basis.
This approach will help you keep better track of just how profitable (or not) your prescription department really is.
And now I ask you a very serious question: “If you are not already engaged in filling traditional scripts, and you were entering the business now, would you immediately commence this activity?”
If the answer is no, then you need to take a hard look at it-- and answer this question “What are you going to do about it?”
Find out what you can do about it by attending my free live teleseminar on Tuesday, August 29 at 8:00PM EST
Imagine: you're ringing up sale after sale of high margin products, even when your doors are not open.
That’s the goal.
I’ve said it before: “marketing is the only element of your business that creates significant results.” Obviously, any marketing won’t do. It needs to be marketing that enchants, fascinates, and captivates your target audience.
And, when properly balanced with online marketing, it produces maximum results. Here’s what works… and works really well.
Your website. This is the lynchpin of your online marketing. Each page should turn blank space into selling space and should provide captivating selling messages. Beyond that, you should be engaged in e-commerce, so that you’re selling products day and night.
Facebook. You should have a presence here, as well. Creating Facebook posts with a variety of information and educational pieces, week-in and week-out, can produce significant results.
Newspaper advertising. When done weekly in your daily paper, you will without question, gain traction. Ads should look like editorials, or something written by a reporter. These are the ones that can be intriguing and fascinating, but most of all, informative and educational. See my blog on creating captivating ads here.
Direct mail. This is where your marketing can really shine. Obviously, it should be directed to the upper-middle to upper-income strata of the population that surrounds your store. And it, if necessity, should convey messages that differentiate you and show how you can matter to the family that is receiving such information.
Having the correct model, should serve one purpose: to make you money.
Not Something They Taught You in Pharmacy School
Most certainly, you weren’t taught how to run your own pharmacy, nonetheless how to market it. Marketing that creates results takes many years of study and application to perfect it. But, when done correctly, it produces a significant amount of return on the investment.
Before you run out to hire somebody, I suggest you make sure that the individual possesses 2 outstanding characteristics:
For more information, on how you can take your marketing efforts to the next level, sign up for my upcoming teleseminar on Tuesday, August 29th at 8:00 PM EST.