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But each tip will help increase your pharmacy’s capacity, improve efficiency and productivity, and ultimately improve your bottom line. I hope you’ll share some of the questions you come up with. The biggest mistake you can make is not engaging with your patients in the store. On-the-go patients who are contending with data limits appreciate the opportunity to log in to free Wi-Fi while they shop. You can accomplish a lot using in-store marketing, but if you’re not careful, your campaign can go awry. To ensure your message is read, place signs in your window and at the checkout counter. Your store provides you with an opportunity to reach a captive audience, and if you’re not using it to further your marketing strategy, you could be missing out on potential profits. How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. “They should use every trip as an opportunity to remind the customers of what they offer,” he said. Advertise More . Email address (we will keep your email completely private). Printing costs are very low. Exude a warm and welcoming attitude A warm and welcoming executive can translate into a warm and welcoming club. They’re more accessible, and because they are highly visible, they increase sales. 3 ways to optimize pharmacy revenue capture and boost the bottom line Becker's Healthcare: As a sales leader you need to ensure your reps have the right training and coaching available for them to meet and exceed their quotas. Your employees are your most valuable asset. To the seasoned sales professional, though, an objection is an opportunity goldmine. In the next five years, the number of businesses in the drugstore and pharmacy industry remained steady, with 1.6% growth in 2020, according to an article on IBISWorld. Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. Inside: Encourage patients to increase their basket size with these creative in-store marketing techniques. Coming up with unique independent pharmacy ideas to market your business should be one of your top priorities. Here are some tips and tricks that will help you close. They could provide a discount on an in-demand seasonal product or a buy-one, get-one deal. First, ensure you have the right variety of products for each product category. Maximizing Sales in Retail Always Comes Back to the Brand. According to this article, instead of the more traditional, “How are you today?” or “Did you find everything you need?” They instead ask “What space are you trying to organize”. Always keep your end goals in mind. ), but it’s imperative for your business to boost non-prescription sales as well. It has seen itself primarily as an NHS service but with NHS money being eroded and pharmacy increasingly being sidelined and pushed to become more self-sufficient making money from customers through OTC sales and services is the only way to survive. Hold a contest – Offer to automatically enter your customers into a cont… 6. How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. Asking this kind of directed question helps sales staff start a conversation with their customer. Encouraging and motivating the sales team with better salaries and benefits is one way to do that. These are just a few ideas you can use to increase sales in your retail business. You can turn that into a marketing opportunity by creating a landing page that lets them know about any special deals you’re running. You can also use free Wi-Fi to ask for patients’ email addresses, which means you can reach out to them with more offers after they’ve left the store. Sales reps forget up to 79% of new information within 30 days (Qstream). For example, increase door knocks by 10 per day is doable. Indeed, in the current climate retailers are battling for every last customer. If you make the coupon valid for a later date, it will encourage people to come back to the pharmacy to redeem it in the future. Placing brochures at the counter is a great way to teach patients about new services. Coupons are appreciated by patients but redeemed less than 2 percent of the time. Now brainstorm with your pharmacy staff to come up with some more great questions. To help, here are 11 independent pharmacy marketing ideas that can help grow your foothold in the community and increase your independent pharmacy profits: Independent Pharmacy Advertising 1. These tactics are rarely used in chain pharmacies and, therefore, can make your pharmacy more preferred over your competition. All pharmacies have the same primary business model, which is filling patient drug prescriptions. You can then improve performance using new processes, tools, and software. These tactics are rarely used in chain pharmacies and, therefore, can make your pharmacy more preferred over your competition. While patients are waiting for their prescriptions to be ready, give them something to look at. Save my name, email, and website in this browser for the next time I comment. Whether you are bringing in over $100 million in yearly revenue or $10,000, you can double or nearly triple that number with these tips. In 2015, the market generated 46% of global sales. People generally need more than they think they do. Read honest and unbiased product reviews from our users. PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy side of their business. In certain circles it seems like the words “profitable” and “health care” should never be used in the same paragraph, let alone the same sentence. Sign up for our e-newsletter. It’s the holy grail for retail marketers: Drive revenue while protecting margin. Set up stations where patients can try products out in the store. When you are friendly and know the store’s products like the back of your hand, you’ll be able to encourage patients to buy the things they didn’t know they needed. Ideas to Increase Pharmacy Business Learn More → A new pharmacy must quickly build relationships with patients and medical professionals and establish a reputation as a … Even if they aren’t redeemed, coupons educate patients about the products you carry and make them feel special. 25 Sales Contest Ideas to Motivate Your Team. Design Store for Sales Take advantage of cross-merchandising strategies and impulse sale opportunities. Tip sheets can easily be slipped into shopping bags as patients are checking out, and then they stick around in their house. Ideas to Increase Sales. For example, areas next to the prescription counter and aisles leading to the checkout registers tend to be higher in traffic. Just when you may think it's time to cut back the marketing dollars, you should probably be advertising more. In this post, we look at 5 services you can employ in your pharmacy to help you do just that. Competition on the High Street is fierce. So here are some ideas: 1. Whether it is a fancy pen or a scented lotion, patients will be encouraged to stop for a little while and look around at everything else you have to offer. Front End, in Focus: Tips to Boost Pharmacy Front-End Sales July 21, 2014 By Articles, Independent Pharmacy Written ... “One of the things independent pharmacies can do to increase their front-end sales almost immediately is to tend to the customers already coming into the store by offering more OTC recommendations,” Wendland said. Rethink the sales coverage strategy and compensation plan. Your employees must know what to do with the answers they get to whatever question or questions you choose to ask. A plan that will help you grow your business, get patients to switch, and increase prescription sales. To increase sales force knowledge by organizing training, meeting, expert event specially for team of representatives is a good idea, however, it has its own hidden “stones”. This post includes 19 insider secrets, including ways to overcome objections. The simplest method of tracking performance is to establish sales goals for your team and for individual reps and then evaluate performance, either monthly or quarterly. It is wise to increase marketing efforts during slower sales periods because there is more competition and fewer consumer dollars. Increase repeat business with customers by giving them reasons to transfer prescriptions or come back to your pharmacy. If you haven’t updated your pharmacy’s appearance in the past five years, you’re overdue for a makeover. Tidy up your shop front. So, it is vital that you make your premises as attractive as possible. You can use 3 similar simple strategies to increase revenue in your pharmacy. For example, areas next to the prescription counter and aisles leading to the checkout registers tend to be higher in traffic. Have a sale – You can offer a holiday or other discount to either the general public or your best customers. Point of service for a more profitable and customer-centric pharmacy, Steps for Contingency Planning in Your Pharmacy Business, New Rules (and a few old ones) for Increasing Pharmacy Sales, 4 Things Every Pharmacy Should Do This Year. 1. Train Your Pharmacy Team to Cross-Sell and Upsell When you teach your staff to upsell or cross-sell, you have a 5% to 20% chance that the customer would buy. Coming up with unique independent pharmacy ideas to market your business should be one of your top priorities. Either you are concerned about making money, or you are concerned about people’s health. It’s a strategy meant to increase the average ticket size and boost sales. If you invest in a monitor, you can create digital signage that easily attracts your patients’ eyes. 2. Editor’s note: COVID-19 has dramatically changed the retail landscape. There’s always a big increase in search traffic for queries including “gifts”, “gift ideas” and “Christmas” around the last three months of the year. For example, increase sales by 17% by the end of the next quarter. The Pharmacy Sage can be reached at (518) 346-7021 or Lester@ThePharmacySage.com This got me thinking how this can apply to pharmacies. To increase sales force knowledge by organizing training, meeting, expert event specially for team of representatives is a good idea, however, it has its own hidden “stones”. These 3 tips can send hoards of new patients to your pharmacy rather quickly. It’s a strategy meant to increase the average ticket size and boost sales. Placement of the product in the store have a huge impact on its sale, if a product is placed at right position then its sale increase otherwise goes down. At the Container Store, sales reps receive over 250 hours of training in their first year of work. Even an IVR (interactive voice response) phone system can yield major productivity benefits. We are a leading resource for insight within current retail pharmacy trends and industry updates. 1. My emphasis will be more on the ethical lines but can be extended to OTC ranges. IVRs offer very good benefits for the price. In-store marketing is one of the least expensive ways to reach your patients. Sales performance is the measurement of sales activity against the goals outlined in your overall plan. With that said, let’s dive into the post. Your marketing should not only produce an immediate and very measurable response, but also brand your pharmacy consistently. Place the sign near the door or around the pharmacy to help them find cold and flu meds, beauty products, or the pharmacy counter. Call certain products out by putting them in flashier displays. Take advantage of training programs from your service providers and business partners. Which of the 10 ideas below is the best fit to help your pharmacy increase sales? “You’re there in the community, so you’re able to see what’s happening,” he explained. There’s no shelf you can direct patients to for “medication therapy management” or “immunizations,” but brochures bring tangibility and make it easier for patients to remember these programs exist. Take advantage of technology – Even if a pharmacy can’t justify the investment in robotics, there are other ways to get the benefits of technology at a lower cost. user. Plus, they may find out they really like the product and add it to their basket. Use the following steps to improve your retail sales and you'll simplify your efforts, multiply profits, and increase the odds of success. 12. Some areas of your pharmacy probably receive more foot traffic than others. With that said, let’s dive into the post. 0. Just be careful not to offer too many; your customers might begin to wait for a sale instead of buying things at regular price. You get the idea. Increasing by 500 is just unrealistic. 10 Tips to Increase Membership Every club should have a good mix of membership strategies for retention and to increase growth. Issue exclusive coupons when patients walk into the pharmacy. One of your most valuable marketing vehicles is located right under your feet. Today, Karen works as a Customer Success Manager, striving to provide independent and institutional pharmacies with the tools and resources they need to succeed in today’s competitive pharmacy market. Have staff brainstorm ideas on how to reduce steps, eliminate bottlenecks and improve the order flow. Editor’s note: COVID-19 has dramatically changed the retail landscape. Sales Success best sales practices, increase sales, sales training Finding new people to buy your product or service is an important part of the entire sales process. This is the first post in a series dedicated to helping you increase your pharmacy’s revenue. Make sure your employees are well versed in all the products you carry, what services you can offer, and how to effectively utilize your technology. It may be tough for some people, but if your goal is to increase sales then you need to figure out which sales strategy will be … Get your customers off the “discount drug,” boost profits and maintain margins with these creative ideas to improve retail sales performance. When your patients are in the store, it’s the best opportunity you have to show them what you’ve got. Study your local area to know who your customers are and what they want These also work double duty, letting patients know what kind of products you offer. Than 2 percent of the time reach the right questions in depth sales process will increase. Been gifting: courting … another way to do that to your.. 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