After you have picked your colors and brand, the next step to really becoming a successful pharmacy is understanding who your clients are. The first thing you need for that is a good software to track your clients. Right now most of you guys are using Computer RX, or Pioneer. With these tools you should […]
After you have picked your colors and brand, the next step to really becoming a successful pharmacy is understanding who your clients are. The first thing you need for that is a good software to track your clients. Right now most of you guys are using Computer RX, or Pioneer. With these tools you should be able to track how much each client is spending each month with you on there medication.
That’s not enough though, as some medications have a higher margin, so you want to look at how much actual profit each medication is giving your pharmacy. Come up with that number for each client. Hopefully you are not just selling medication, and I think you will find that your best clients not only pick up the medication at your store, but also do a little shopping. They may not have massive prescriptions to fill every month, but do buy high margin medical equipment, or pick up a bottle of water or granola bar while at the store, or maybe get some treats for the kids and a pack of batteries.
Hopefully you have linked your systems to track what clients are buying what items, and who is spending the most, but if not you can go back and do some data analysis by looking at credit card info. I know it’s tedious, but it can give you some valuable insight. If you are to busy with the day to day you can outsource the data collection, but if you do it yourself you will really come to appreciate and understand your clients buying behavior better.
So after you have that info, look at the top 10% of your clients, and I think you fill find that they are contributing as much as 30%-50% of your stores overall profit. Boom. That is your target market. If you could double the number of these guys buying at your store you are looking at a noticeable increase on your bottom line with almost no change in overhead.
So, now we got to find out who these people are and how to help them better and make sure that they are really enjoying shopping with you. Welcome these people kindly when they come into the store. Chat them up yourself if possible, or, if you are not good at small talk have one of your techs who is better at it engage the clients in conversation and take some notes on them for you. Look at the demographics and interest of the clients. You should be able to come up with three or four things that they most have in common, a medical condition, a certain age range, whether or not they have kids, approximate income level, interest, sport team or college affiliations, etc.
Now we need to engage these clients. One of the best things you can do as an independent is simply let the buyer know that you appreciate them shopping with you. It sounds simple, but just by telling them that you will help create some brand loyalty to your store. Next when looking at what items to stock, do it with your target clients interest in mind. It might mean having more female or male oriented items, it might mean stocking more things that are needed for toddlers if you find most your clients have small children. Maybe you stock a small amount of fishing paraphernalia if you find that retires who like to fish are your best client, or more ethnic items, or a small collection of hats and shirts. Trends will emerge from the data, and by using experimentation and catering and caring about these best clients you will come up with some tools for success.
Next focus your outbound and inbound marketing campaigns on targeting these people. On your site blog about there interest, figure out which doctors are prescribing the meds they are taking at reach out to them, letting them know that your pharmacy is a great fit for these clients and specifically caters to them. Set up email campaigns help reach your clients and letting them no about new things you are offering to help them. If this is outside of your expertise, maybe find an agency who can help you out with this.
By putting these practices into play I think you will find that you can noticeably increase your bottom line by a good amount with a fairly small amount of work, and rather than trying to attract as many clients as you can by focusing on the ones you want you get a better return on your time spent, a more profitable business, and are working with the people who you work with best so a happier staff, and a brighter day.
For more reading click here to see what we are up to at Paulsen’s, our own pharmacy we have a stake in and are doing trial runs with some marketing campaigns before bring them to you!