"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
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.”
I am seeking one or more persons interested in learning what I do as The Pharmacy Sage, and discovering how to do it. This is not a job recruiting post. It is simply to locate those who are interested in emulating what I do.
If interested, contact me at email@example.com, or by calling 518-382-1990.
All inquires are kept strictly confidential.