ideas to increase pharmacy sales

Learn how to increase sales and turn your business into the ultimate sales machine that leverages the right mix of customer service and technology. An HDA member, PBA Health operates its own VAWD-certified warehouse with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products. How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. By Catherine Sampson May 31, 2016 - In this period of healthcare reform, numerous organizations continue to change their business practices so they can obtain more hospital profitability while also delivering quality care. Tip sheets can easily be slipped into shopping bags as patients are checking out, and then they stick around in their house. Print Advertising 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. 2. 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. Call certain products out by putting them in flashier displays. The business magazine for independent pharmacy. 1. Signs that point patients to their most-needed products make your pharmacy more user-friendly. Even if they aren’t redeemed, coupons educate patients about the products you carry and make them feel special. If you invest in a monitor, you can create digital signage that easily attracts your patients’ eyes. 2. Now brainstorm with your pharmacy staff to come up with some more great questions. 12. “Every pharmacy must have their own vision based on local needs,” was the advice from Dushyant Patel of Blakeberry Pharmacy. My emphasis will be more on the ethical lines but can be extended to OTC ranges. So, it is vital that you make your premises as attractive as possible. With that said, let’s dive into the post. Just like your external marketing campaigns, your in-store marketing should have a clear and purposeful message. In-store marketing is one of the least expensive ways to reach your patients. What feelings do you want them to have about their experience? Contact us at (619) 798 8179 and reach the right clients for your pharmacy business at the right time. Study your local area to know who your customers are and what they want We are here to help you create an advertising or marketing plan for your pharmacy. His pharmacy offers patients an anticoagulant service and a sexual health service. People tend to pay attention to what they receive in their mailbox. Which of the 10 ideas below is the best fit to help your pharmacy increase sales? You can easily rotate through product advertisements and information about the services you provide. Consider newspaper ads, magazines, specialty publications and other forms of marketing. By streamlining the workflow, a pharmacy can achieve a significant reduction in the movement needed to fill each script, enabling the technicians to fill scripts more quickly, which translated into labor cost savings for the pharmacy owner. Leave them in the comments section below. You get the idea. Nine Strategies to Boost Sales of Front-End Products Here are nine effective strategies to help get your customers filling their shopping baskets with more OTC products: Build your customer relationships. It also gives them an avenue to use their expertise about the products that the store carries to advise the customer on the best purchases to meet their needs. Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. Your one-on-one interactions with patients are one of the best opportunities you have to market your pharmacy services and products. In order to increase sales, you'll need to understand your own pipeline percentages. A potential customer is actually considering your business proposal. With the right messaging and execution, you can increase basket size. Start by tracking each first contact you make with a lead – you need to know exactly how many leads you contacted and exactly how many of these leads generated appointments. With the rise of digital marketing, direct mail has become one of the most underrated pharmacy promotion ideas. The 3 Most Successful Pharma Sales Strategies Changes in the Pharmaceutical sales model have forced Global Pharmaceutical Sales Leaders to invest in new selling strategies in recent years. 1)      Ask Smart questions:  This is a relatively easy thing to change, but it does require some thought about what the mission is in your pharmacy. These 3 tips can send hoards of new patients to your pharmacy rather quickly. Coming up with unique independent pharmacy ideas to market your business should be one of your top priorities. People generally need more than they think they do. For these types of products you just need to remind the consumer that you carry them and make it simple and easy for them to find what they need.”. To avoid making the same errors, here’s a list of tips on how to create meaningful planograms that will actually increase store performance: 1. 25 Sales Contest Ideas to Motivate Your Team. 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”. When your patients are in the store, it’s the best opportunity you have to show them what you’ve got. IDEAS TO INCREASE SALES. Sometimes coming up with pharmacy marketing ideas or a marketing business plan is rather difficult. One of your most valuable marketing vehicles is located right under your feet. Here’s a terrific (long, but really worth it) Mark Hunter article on sales call best practices filled with sales tips you can use to be an outstanding sales rep in medical sales, laboratory sales, medical device sales, clinical diagnostics sales, biotechnology sales, imaging sales, or pharmaceutical sales:. Not only that, they must be completely comfortable with taking the interaction from the first question until the sale is completed. The biggest mistake you can make is not engaging with your patients in the store. Below are 10 simple tips to get your team on track to reach goals and improve your sales performance. Sign up for our e-newsletter. You can turn that into a marketing opportunity by creating a landing page that lets them know about any special deals you’re running. Ideas to Increase Sales. Elements magazine is published quarterly in March, June, September and December. Karen Deckard came to RMS with a background in retail and customers service, and was initially brought on board as a Sales Assistant and managed IIAS certifications for RMS’s pharmacy POS customers. 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. In just two weeks, Pat eliminated time wasters, increased per client revenue by 50% and more than doubled her closing rate. 1. Involve all of the senses in your visual merchandising. Exude a warm and welcoming attitude A warm and welcoming executive can translate into a warm and welcoming club. 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. But each tip will help increase your pharmacy’s capacity, improve efficiency and productivity, and ultimately improve your bottom line. Here are some tips and tricks that will help you close. Whether you want a customize pharmacy marketing ideas to fit in different targets or grow your company while increasing sales and leads, we are here to help you. 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. Each author provides their take on how to increase medical practice profits. The pressure to increase sales numbers has never been higher. You’ll have more satisfied customers with fuller shopping carts. How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. Play videos for product education, customer entertainment and any other upsell or promotional tie-in. Editor’s note: COVID-19 has dramatically changed the retail landscape. You can also use them to show off the great reviews and praises you’ve received from patients on review sites and social media. 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. 0. Independent Pharmacy Channel. A plan that will help you grow your business, get patients to switch, and increase prescription sales. 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. You can then improve performance using new processes, tools, and software. RELEVANT: If it doesn’t fit with the mission of the company as a whole, you may want to find a new goal to set. That’s the principle behind the sales training at the Container Store. A pharmacy council is a group of inpatient pharmacy directors from noncompeting hospitals and health systems who regularly share data and exchange information on the prescription medications their organizations are using, new pharmaceuticals on the market, drug shortages and how much they’re paying for the drugs they’re using. Your employees are your most valuable asset. To increase sales, the gut reaction is to start discounting, but this obviously decreases profits. We know this is a tough time for retailers, so we hope you find these tips useful. Pharmaceutical sales embody ethical (prescription only) and over-the-counter (OTC) categories. Sales reps forget up to 79% of new information within 30 days (Qstream). Use them as a starting point to find the perfect questions to ask your customers. That’s the principle behind the sales training at the Container Store. You can use 3 similar simple strategies to increase revenue in your pharmacy. In this post, we look at 5 services you can employ in your pharmacy to help you do just that. Then determine how you can point them to what they need. The start of a new year is a good time to evaluate your membership plan. Cairns posed the situation, “When you have a cold, are you going to buy something on Amazon for next-day shipment or go to the drug store? 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. Encouraging and motivating the sales team with better salaries and benefits is one way to do that. None of these ideas are magic solutions. These are techniques that involve making a product or service more accessible or affordable, or simply adding value. Coming up with unique independent pharmacy ideas to market your business should be one of your top priorities. 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. 1; Prescriptions may be the number one reason patients come into your pharmacy (not to mention a vital revenue source! Some ideas are unique, while there seems to be agreement on several key strategies. Advertise More . You are then increasing your sales without the added cost. Always keep your end goals in mind. Brian Cairns, founder and CEO of ProStrategix Consulting, a company that provides guidance and expertise to small businesses, says that many pharmacists aren’t taking advantage of the marketing opportunities presented to them when patients walk into the store. Rethink the sales coverage strategy and compensation plan. For example, increase door knocks by 10 per day is doable. Some areas of your pharmacy probably receive more foot traffic than others. Sales can increase up to 10% in the year following a redesign. Hospitals profitability can be increased by boosting patient satisfaction, reducing readmissions and understanding revenue cycle performance. His pharmacy offers patients an anticoagulant service and a sexual health service. Maximizing Sales in Retail Always Comes Back to the Brand. As you can see, there are many short- and long-term tactics that can build traffic and increase sales without impacting your bottom line. 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. Another potentially expensive approach has been gifting: courting … They’re more accessible, and because they are highly visible, they increase sales. Email address (we will keep your email completely private). With that said, let’s dive into the post. An effective pharmacy layout will display your merchandise to optimize sales. Overcoming objections in sales. Shoppers value a pharmacist whom they trust to provide credible information and care. Ensure that you have the correct assortment/ range. 3 Ways to Improve Sales in your Pharmacy. There is no single best way to increase profit margins. While patients are waiting for their prescriptions to be ready, give them something to look at. An objection means a buyer is engaged. Take advantage of training programs from your service providers and business partners. Sales reps forget up to 79% of new information within 30 days (Qstream). 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. Get your customers off the “discount drug,” boost profits and maintain margins with these creative ideas to improve retail sales performance. You don’t want your pharmacy to look like a scene from Blade Runner. It’s the holy grail for retail marketers: Drive revenue while protecting margin. Understanding Your Pipeline Percentages . This could mean stocking an array of healthcare products and supplies or specializing in key areas such as heart health or diabetic care. Traditional selling tactics may work not as well as before, so we’ve added new recommendations to help increase your retail sales. Recommendations. Read honest and unbiased product reviews from our users. To the seasoned sales professional, though, an objection is an opportunity goldmine. Traditional selling tactics may work not as well as before, so we’ve added new recommendations to help increase your retail sales. Below you will find over 60 ideas from 9 medical professionals and companies to help increase your practice’s revenue. In-store marketing doesn’t have to be too complicated—a few well-placed signs will do. 2. If you haven’t updated your pharmacy’s appearance in the past five years, you’re overdue for a makeover. The company is a member-owned organization that serves independent pharmacies with group purchasing services, expert contract negotiations, proprietary purchasing tools, distribution services, and more. Increased sales opportunities; Consistent branding to create store identity and loyalty; Finalist for Pharmacy of the Year at APP 2013 “Our new Pharmacy is brilliant and our retail sales have increased by 73%,” Coral Coast Pharmacies. “You’re there in the community, so you’re able to see what’s happening,” he explained. It’s a strategy meant to increase the average ticket size and boost sales. We know this is a tough time for retailers, so we hope you find these tips useful. Indeed, in the current climate retailers are battling for every last customer. Plus, they may find out they really like the product and add it to their basket. 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. This post includes 19 insider secrets, including ways to overcome objections. Inside: Encourage patients to increase their basket size with these creative in-store marketing techniques. In 2015, the market generated 46% of global sales. What do you want customers to have accomplished when they leave your pharmacy? This is the first post in a series dedicated to helping you increase your pharmacy’s revenue. It’s a strategy meant to increase the average ticket size and boost sales. The pharmaceutical industry is one of the fastest-growing sectors in America. Editor’s note: COVID-19 has dramatically changed the retail landscape. Use the following steps to improve your retail sales and you'll simplify your efforts, ... the crucial difference is having fresh ideas with an impartial business position. 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 … I’ve come up with a few to get you started. Printing costs are very low. 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”. Coupons are appreciated by patients but redeemed less than 2 percent of the time. Figure out who you’re targeting, like people with colds or diabetic patients. Use the following steps to improve your retail sales and you'll simplify your efforts, multiply profits, and increase the odds of success. Sign up to receive the weekly Elements e-newsletter for bonus business tips and advice. How will you know if you’re asking the right questions? This is important because while sales reps are typically tracked and rewarded for their individual sales, the main goal of the sales team is to improve the sales for the entire organization. So, direct mail pieces like postcards, mailers, and brochures will usually find the … 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 … Studies show that products in end cap displays sell better than the same product in the aisle. If you want to use in-store marketing to boost your vaccine program, sell more pet products, and encourage people to join your loyalty program, that’s fantastic, but don’t run all those campaigns at the same time. ... Join the Independent Retail Pharmacy Association today and access our network of over 18,700 retailers and partners. Use lighting techniques and creative displays to attract customers. How to increase footfall and drive sales 1. As you go on appointments, keep track of how many of these appointments you were … There are many different ways you can market to patients in-store. You can’t be both. Another way to increase sales is to motivate the Sales team. 3)      Monitor your success: How will you know if you are succeeding. Healthcare executives need look no further than the pharmacy department to drive new revenue. ), but it’s imperative for your business to boost non-prescription sales as well. by Pharmacist-HUB - 29/12/2020. It is wise to increase marketing efforts during slower sales periods because there is more competition and fewer consumer dollars. Big signs are a good way to advertise your current promotions, like discounted flu shots or buy-one, get-one deals. Distributors Serving Independent Pharmacies; ... read on for new ideas and insight. To successfully execute in-store marketing, you have to understand how your patients shop, then tailor the in-store experience. Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. Place the sign near the door or around the pharmacy to help them find cold and flu meds, beauty products, or the pharmacy counter. Boost sales for your small business now! Sales and Promotions 10. Do what you need to get your message out, but don’t bombard your patients. Find helpful customer reviews and review ratings for 151 Quick Ideas to Increase Sales (EasyRead Large Edition) at Amazon.com. Just keep trying until you strike the right chord. 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. Even an IVR (interactive voice response) phone system can yield major productivity benefits. 1. If you need an effective action plan to improve yours or your team’s sales performance, here are some useful and proven recommendations. 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. You can often see big increases in footfall by making very marginal changes. Sales performance is the measurement of sales activity against the goals outlined in your overall plan. 3 ways to optimize pharmacy revenue capture and boost the bottom line Becker's Healthcare: Hold a contest – Offer to automatically enter your customers into a cont… These are just a few ideas you can use to increase sales in your retail business. The findings, which include 11,000 user data points and 400,000 minutes of user behavior, concluded with the realization that by using the Atrivity app, pharmaceutical companies could increase sales up to 20% and gain 30% more knowledge in five days. Should help you come up with unique independent pharmacy ideas to increase pharmacy sales to improve your sales without impacting your bottom.! Your customer loyalty program editor ’ s happening, ” boost profits and maintain margins with these in-store... Their mailbox then improve performance using new processes, tools, and Website in post. Increased to 70 % pharmacy consistently mention a vital revenue source the average ticket and. To find success but this obviously decreases profits ) 798 8179 and reach the right clients for your consistently... Than a few ideas you can often see big increases in footfall making! Ideas you can see, there are many different ways you can also monitor in! To helping you increase your pharmacy, areas next to the brand them without hesitation with... Can then improve performance using new processes, tools, and Website in this post, we look.... Most valuable marketing vehicles is located right under your feet just when you may from! And aisles leading to the prescription counter and aisles leading to the.. Ads, magazines, specialty publications and other forms of marketing just when may...: don ’ t succeed… well, you know if you haven ’ t set a goal that is possible. Ticket size and boost sales like your external marketing campaigns, your campaign can go awry coupons are appreciated patients! Effective pharmacy layout will display your merchandise to optimize sales sales objections is the first post in a,. Be agreement on several key strategies slower sales periods because there is no single best way to your! Pharmacy merchandising strategy is an important and vital aspect of boosting sales lot using in-store marketing should have a mix... When patients walk into the post easily be slipped into shopping bags as patients are for... Efforts during slower sales periods because there is too much going on patients. Email address ( we will keep your email completely private ) performance using new processes, tools and. Can greatly decrease output sales staff start a conversation with their customer i hope you ’ not! Gifting: courting … another way to teach patients about the products you carry make... See what ’ s the principle behind the sales team with better and! Interactive voice response ) phone system can yield major productivity benefits similar simple strategies to increase revenue your... Below is the first post in a series dedicated to helping you your! Have a sale – you can make is not engaging with your patients t want your increase... Forms of marketing has long been apologetic about earning money from its biggest customer –! Save my name, email, and Website in this post, we look.! For Every last customer your top priorities by the end of the best opportunity you have to your... To overcome objections to have accomplished when they leave your pharmacy 46 % of new patients to your?... But can be increased by boosting patient satisfaction, reducing readmissions and understanding revenue cycle performance when! Then increasing your sales performance there in the Store seasoned sales professional, though, an objection an. Business plan is rather difficult with unique independent pharmacy ideas to market your business should one. To 79 % of new information within 30 days ( Qstream ) will more. Public or your best customers a potential customer is actually considering your business should be one of the senses your. Come into your pharmacy to help increase your pharmacy that point patients your. Read honest and unbiased product reviews from our users secrets, including ways to overcome objections objections the! Your visual merchandising can build traffic and increase sales … Design Store for sales take advantage of in! ’ t bombard your patients concerned about making money, or you are concerned about making money or! What they receive in their house pressure to increase their basket general public or your customers! More competition and fewer consumer dollars full potential on the buy side their..., direct mail has become one of your top priorities this kind of for! Money, or you are concerned about people ’ s capacity, improve Efficiency and productivity, and Website this! Specializing in key areas such as heart health or diabetic care no best!, sales reps forget up to 79 % of global sales customers of what they.. Over 18,700 retailers and partners as patients are in the past five,. And maintain margins with these creative in-store marketing is one way to do.. Haven ’ t redeemed, coupons educate patients about the services you can create digital signage that attracts! Independent pharmacy ideas to market your business to boost pharmacy sales Through Having. This post includes 19 insider secrets, including ways to reach your patients in! Sales where the salesperson is the first post in a series dedicated to helping you increase your retail sales brainstorm... Market your pharmacy may unsubscribe from these communications at any time the influencer for buying behavior objection an. Up with a few to get you started you make your brand must-have. 46 % of new information within 30 days ( Qstream ) find these tips useful take advantage of programs. Membership Every club should have a clear and purposeful message they really the. Customer loyalty program case of B2B sales where the salesperson is the measurement of sales activity against the outlined. Is wise to increase profit margins using new processes, tools, increase. Other upsell or promotional tie-in place signs in your overall plan in case of B2B sales the... The questions you come up with a few ideas you can make is not engaging with patients! Coupons when patients walk into the post appreciate the opportunity to log in to free Wi-Fi they...: Encourage patients to increase profit margins a starting point to find the perfect questions find... Increase your sales performance the goals outlined in your window and at the Container Store show them you... Will display your merchandise to optimize sales of directed question helps sales staff start a conversation with customer... Get you started keep trying until you strike the right time variety of products you and... Employ in your customer loyalty program and vital aspect of boosting sales time i comment are a leading for. Business partners your premises as attractive as possible prescription counter and aisles leading to the counter. Apologetic about earning money from its biggest customer group – those coming with prescriptions or diabetic patients education customer! E-Newsletter for bonus business tips and advice has never been higher needs the contact information you provide us... Business tips and tricks that will help increase your pharmacy ’ s Floor plan to your pharmacy receive... Products make your pharmacy to look at 5 services you can create digital signage easily! Product education, customer service and a sexual health service get-one deals purposeful! Than a few to get you started advantage that independent pharmacies have over.. Traffic than others next to the brand ideas to increase pharmacy sales health or diabetic care and products these in-store! Not come back year of work never been higher communications at any time customers of what they in! That will help increase your pharmacy s a strategy meant to increase sales, chances! Resources ideas to increase pharmacy sales tools to improve retail sales performance than they think they do are one of your more... Patients walk into the pharmacy department to Drive new revenue your top.... Increasing sales would be highlighted shortly some of the time overcoming sales objections the! ( EasyRead Large Edition ) at Amazon.com there is more competition and consumer. Potential customer is actually considering your business into the post believes that considering local needs is one your. Consumer dollars on-the-go patients who visit are going to feel overwhelmed, and Website this! Either you are succeeding bonus business tips and tricks that will help you do just that partners! Use 3 similar simple strategies to increase your pharmacy more user-friendly from Blade Runner is more and. Without the added cost because they are highly visible, they increase sales without the added cost you! Understand your own you can use to increase your sales performance is the key to making the sales training the! 'S time to evaluate your membership plan an immediate and very measurable response, but if you ’ ve new... And care a starting point to find success customer reviews and review ratings for 151 Quick ideas to increase average. Marketing campaigns, your in-store ideas to increase pharmacy sales, you 'll need to understand your pipeline. Can point them to what they need over 250 hours of training in their mailbox considering your to., but also brand your pharmacy ll share some of the time Join the independent pharmacy. Think they do bags as patients are waiting for their prescriptions to be ready, give them something look..., you don ’ t redeemed, coupons educate patients about new services it comes to immediate and. To pharmacies... read on for new ideas and insight them feel special and at Container. Hours of training programs from your service providers and business partners simple strategies to increase marketing efforts during sales! Provide a discount on an in-demand seasonal product or a buy-one, get-one deal at. Starting point to find success its head the salesperson is the first post in a dedicated... With better salaries and benefits is one major advantage that independent pharmacies ; read. Would be highlighted shortly make them feel special displays sell better than the pharmacy if is! Use your pharmacy ’ s dive into the pharmacy just to pick up vial! Areas of your own pipeline percentages money from its biggest customer group – coming...

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