"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
1. Differentiate or Die
Differentiating yourself is basic to survival today. Not only is differentiation the foundation for strategizing and marketing, it also gives you focus. It helps you identify your niche. It is, quite basically, the essence of how you will succeed. When you differentiate yourself in the marketplace, you identify why people should really want to do business with you.
Most pharmacy owners—even ones who have been in business 20 years—cannot articulate what’s different about their pharmacy in 90 seconds or less. If you are one of them, consider this: if you cannot express it clearly and briefly, it’s likely your customers and your non customers do not fully well understand what differentiates you.
If that’s true, then why should anyone in your community ever bring you any business?
You need to differentiate your pharmacy from every other pharmacy in your trading zone. Natural medicines and compounding can be the major difference. And when you bring that to the marketplace, both to those people in your trading zone who have the money to spend and to your own patients, those in your data base, then you become the OBVIOUS EXPERT—one who can help people feel better, live longer, and enjoy more energy. That’s what they want and that’s what you should be delivering. And that’s what will cause them to come to you even if they have to drive past several of your competitors.
If you’ve not asked yourself all of these questions, then you have never truly thought through what your business is all about. You need to!
2. Direct Response Marketing
According to more and more research, 90% of all pharmacy marketing is wasted. Most marketing is about you and what you do. And not about the patient and what she really needs.
On the other hand, Direct Response Marketing will address the patients problems and you will give him/her the solution. This form of advertising drives many new customers to your store to buy the specific products mentioned in the ads. The customer goes away happy, health problem solved, and your cash register rings... and rings... and rings.
Direct Response Marketing is designed to generate an immediate response from where each response can be measured (purchase), and attributed to the individual. Having great direct response marketing makes all your other resources more valuable-- your space, your inventory (turns more rapidly), even your people.
Always keep in mind: Marketing is the only element of your business that creates big results. Everything else is just a cost.
3. Market to Your Customers
To begin the process, collect the name, address, phone number, and email address of everyone who makes a first-time purchase of any natural medicine product. This particular idea, and its execution, are vitally important to you:
First, you’re going to make certain that your new customers, or regular customers, who are making this new first-time purchase, are going to remain in protocol— that is, that they’re going to take or use the natural medicine as it was intended in order to get worthwhile results.
Second, by using that upcoming tactic, you are going to WOW them. And, that is going to help bond them with your pharmacy.
Third, you are going to establish a database of people who are willing to spend their own hard-earned dollars on your natural medicines. They will also appreciate how they can significantly benefit from these meds.
Please understand, it is seven times easier, and seven times less expensive, to get a customer who already knows you, and loves you, to spend a dollar with you than it is to get a new customer to do the same. Now, that’s significant.
If you’re not collecting data on every customer who buys something from you, you are missing out on something that may be the biggest opportunity available to you.
For more information download our FREE report, The Very Savvy Pharmacy Owners Marketing Handbook.
10/19/2017 1 Comment
If you work for a chain store and you find that and you’re unable to help patients the way you want because of any one of the following…
You now have the opportunity to create your own dream pharmacy so that you can…
The Right Way vs. The Wrong Way
The wrong way is not having a plan. Also, not having a timetable to keep you on schedule. That can lead to disaster because you can wind up in the wrong location, with the wrong size store, and the wrong business model. An absolute prescription for disaster.
On the other hand, you can acquire a really outstanding plan that incorporates the most successful money-making business model for independent pharmacies today. One that is supported by research. More important to you, it is backed by over two-hundred success stories. Some of them have become multi-millionaires, while others are on their way to achieving those figures
Essentially, here’s what you need to do that can make a big difference, that too many simply fail to realize:
There you have the essence of creating your dream pharmacy. Isn’t it time for you to stop using your time, effort, and talents making your bosses rich? Wouldn’t you prefer to devote those resources for your own benefit?
For more information on starting your dream pharmacy, get my FREE report, "So, You Want to Open Your Own Dream Pharmacy?"
Pharmacy owners aspiring to greatness should learn to become analytical. Start by analyzing anything and everything in your business. Then, turn those analyses into planning a bigger and better future by setting goals and developing the strategies by which you will get there.
Successful pharmacy owners develop what I call “the innovation factory.” They disrupt the marketplace with innovations to help more and more people in their community to rid themselves of their aches, pains, and other maladies, leading to better health and greater longevity.
Not all that long ago, a new pharmacy located in an average neighborhood, took only two to two in a half years to become profitable. Today, a traditional pharmacy can take several years to see a profit.
As I see it, creating a traditional pharmacy today is like “joining the walking dead”. From my viewpoint, something new is needed in pharmacy thinking. So, you need to ask yourself a very serious and outstanding business question regarding different activities-- especially if you’re filling traditional scripts. Ask yourself “If I were not doing this today, would I commence doing it?” “Is everything I’m doing now, increasing cash flow?” If the answer is a convincing NO, then I seriously suggest that you stop doing it, starting now.
In fact, that question, needs to be asked about all activities taking place in your business, at least once every year without fail.
This sort of analysis and thinking will create new energy for you and that energy, in turn, will cause you to think deeply about your future. You now can create a vision of what you want to do, what you want to become and the legacy you want to leave.
Think, create your vision, create change, develop greater strengths in your organization, then get out of the way of your team and focus on what your job truly is.
A Rational Approach to Problem Solving and Determining Opportunities
Many years ago, I discovered six steps in the process of creating truly rational decisions:
I used them in my stores with substantial results.
For more information on how exceptional pharmacy owners think, get my free report, “Entrepreneurship, Leadership and Marketing for Independent Pharmacies.”