"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
11/30/2017 0 Comments
Your Pharmacy Business Will Only Get Worse
When declining cash flow destroys your family’s way of life… and foils your best laid plans for taking good vacations, sending your kids to one of the top colleges or universities in the country… and leaves you thinking “well, it can’t get any worse!” ... think again.
Two things we definitely know: 1. it may not get any worse. 2. it most likely will get much worse.
On the other hand, your future can be bright. You can re-ignite your cash flow with new cash streams that really belong in your pharmacy.
In my book “The Independent Pharmacy Owners Survival Manual” I share with you:
IN THESE TURBULENT TIMES, you need to apply business know-how you didn’t learn about in pharmacy school. Especially marketing strategies. Marketing is the only element of your business that creates significant results. Everything else is just a cost.
Unfortunately, marketing is totally misunderstood in the independent pharmacy industry. Any marketing simply will not do. Neither will the use of discounts, coupons, freebies, etc.., if you have selected the proper target audience for you as an independent pharmacy.
In the Land of the Independent Pharmacy, CASH IS KING
Independent pharmacies must be different, especially from chain stores. Chain stores can sell everything and anything in the front end. It’s called item merchandising. On the other hand, you as the owner of an independent pharmacy have one thing to sell and that one thing will differentiate you: health. Better and better health.
Now here me out on this matter: CASH is KING. Many a pharmacy owner today are developing considering wealth for himself and his family by doing business for cash not only in the front end but also behind the pharmacy counter. It simply requires a different model of how you can “help your patients to feel better, live longer, and become more energetic.”
I want you to do something, I want you to reignite your cash flow. So, for a limited time, I am offering my readers a FREE COPY of my proprietary book, “The Independent Pharmacy Owners Survival Manual” (a $19.98 value). Simply click below, add the book to your cart and use code SM2017. Hurry! This offer expires December 6th.
Do NOT Spend Another Dime on Marketing Until You Read This
The more successful marketing I create, the more I am convinced of one thing: Carmen Simon is decidedly correct. She is a Neuroscientist who has done extensive research on the brain and memory. As such, she is a noted authority on advertising, she maintains that 90% of all messages produced by small scale advertisers is simply not memorable. Is not retained, not remembered at all, and therefore not acted on.
In my work with independent pharmacy owners I have validated that very finding. In fact, my conclusions go even further: 98% of all money spent on marketing by independent pharmacies is a total waste!
The right marketing, that is the only marketing that gets big results, is marketing that satisfies the following three qualifications:
The marketing that produces results without robbing you of your profits is what you want to put to work for you… RIGHT NOW! It’s called “strategic marketing”. It gets immediate and measurable results; at the same time, it builds your brand.
And much of that has to do with the first item mentioned above: being directed to individuals and families with sufficient income to upgrade their health and that of their families. In fact, these potential patients will happily give you whatever money you request, if only you will give them solutions to their aches, pains, and other maladies, and only if you give them just and sufficient reasons to do so.
A Total Marketing Solution
When Wayne first got together with us a few years back, he decided to put to work every element of the marketing program that we introduced to him that first month. By the end of 45 days he had sold $4,500 worth of just one product, and pocketed $2,200 in profits as a result.
David N. enjoyed having his compounding and herbal supplement business quadruple in less than one year and at margins in excess of 55%.
Unfortunately, the amount of profits that you are flushing down the drain without good marketing is enormous. In one business analysis after another, I have uncovered opportunities to gain from $250,000 to $1,000,000 of bottom line (net) profits year after year after year through the use of this strategic marketing.
It not only builds cash flow and profits, it builds your brand at the same time.
Thus, it enables you to leave a powerful legacy when you decide to exit (something else I can help you with).
Let me help you discover the opportunities are lying dormant in your pharmacy business, by signing up for your free business analysis.
You work hard every day. You want to see the fruits of your labor. But the insurance companies, government regulations, and the total environment are conspiring to hold you down—to keep you from achieving your dreams.
But, it doesn’t have to be that way!
Short story... when David N. contacted me, he had established a compounding-only pharmacy six months earlier. It was going nowhere in a great hurry. We mapped out a marketing plan. His sales doubled in the first 4 months and that number doubled again in the next seven months. Yes, we had quadrupled his high margin compounding and natural med business in less than one year.
We had brought his Wellness Pharmacy concept to the marketplace in undeniable terms.
When your time is devoted only to those tasks that can produce significant amounts of monies in your pockets, you can achieve your dreams. That’s the basis for monetizing everything.
It’s predicated on the following three basic and irrefutable principles:
What do I mean by monetizing? Turning ideas, information and products into cash and doing so quickly.
If every hour of your work day is focused on making those three things happen, you’ll be able to monetize:
What else can you monetize? Turn your passion into your culture. Make certain that your passion, how you want to help patients feel better, live longer, and enjoy those additional years is evident to your staff as well as to your patients. Make it evident in everything that you say, portray and do.
How can you best monetize?
How do you accomplish the latter? With marketing that informs and educates your patients in a meaningful way. Most importantly, it answers the question “what’s in it for me?” In other words, loaded with benefits.
Don’t have the training and education to do that with great excellence? Bring it in from the outside. However, make certain that you get the very best marketing feasible. Any marketer you choose should have the following three qualifications:
There’s so much more that I want to share with you. However, because everyone’s pharmacy business and goals are a bit different, I think it’s best done one-on-one. Sign up below for a free consultation, at which time you can share, with me personally, information about your pharmacy and discover additional ways you can monetize.
There are always hidden opportunities in pharmacy business, I’d love to hear what opportunity(s) you discovered, that you wish you implemented long ago, in the comments below.
The market place is rapidly changing. You can no longer make a decent living filling traditional scripts alone.
The Independent pharmacy’s future needs to be rethought. Any look at what’s happening should be rather apparent. Chain stores are gobbling up larger numbers of scripts. As such they’re getting patients inside their doors, not yours. What remains is no longer profitable. They buy their drugs cheaper, therefore make more money on each. Surely one of the most cynical reckless acts you could now do is to maintain the status quo.
Neither your colleagues nor associations are replete with promising alternatives.
Yet, such options do exist. Serving your patient better by spending more time with them and providing them with more information and advice on healthier living, is where your golden opportunity lies. Otherwise known as a wellness store.
Better Opportunities Abound
Our society and our institutions are going through dramatic changes. Today it’s not the one who fills the most prescriptions who’s going to enjoy the best income and leave the greatest legacy, it is the pharmacy that can positively affect the health outcomes for a select number of individuals for whom that pharmacy can provide the maximum health and healing information and products.
Think about it. The opportunities are spectacular if you focus on doing business with the one segment of the population that can afford to pay you for your high-quality products, your customized scripts, and especially for your advice.
Cannot Be All Things to All People
No longer can you be all things to all people. That is a prescription for disaster. Today you must define the marketplace that you want to serve and the products and information with which you will serve them.
In today’s world, there is business that you want and business that you do not want.
You need to strategize how you can obtain the business that you do want. At the same time, you should shed those activities that no longer produce the results that you desire so that you free up valuable resources that can then be reapplied to your future opportunities.
Only by analyzing internal data, can you determine current trends vs yesterday’s bread winners. Yesterday’s bread winners need to go. They are sapping your cash flow and profits.
As such, you will more and more divest yourself of traditional scripts—also of those items in your front end which your customer can buy cheaper or more conveniently, in favor of those items that will more closely align themselves with your health and healing protocols for your newfound patients. And, you begin to create a business model that embraces your newfound Wellness Pharmacy. The successful operating business model today is built around the following:
You get rich by selling healing, not by selling sugar.
As a pharmacy owner, your most important devotion is to become a life-long learner. That includes learning about business as well as your profession. In this age of acceleration, the nuclear set is an agile mindset that values learning over knowing.
Only by creating an open mindset can you develop the new successful business model and provide a select group of patients the sort of health they want in exchange of the type of wealth you want.
This is not a good time for procrastinators. It is likewise not a good time for those who close their minds to the possibility of a better tomorrow. If you don’t have the tools or don’t even know what those tools are that will help you create that better tomorrow, seek them from someone who does.
It is impossible to ignore the effects of today’s decisions on tomorrow’s results. As such, the future belongs to those who will move boldly, not to the meek.
What changes are you making to secure the future of your pharmacy?