ideas to increase pharmacy sales

PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy side of their business. Just be careful not to offer too many; your customers might begin to wait for a sale instead of buying things at regular price. 7 Ways to Increase Non-Prescription Pharmacy Sales. With the right messaging and execution, you can increase basket size. In-store marketing is one of the least expensive ways to reach your patients. If you need an effective action plan to improve yours or your team’s sales performance, here are some useful and proven recommendations. Shoppers value a pharmacist whom they trust to provide credible information and care. It’s a strategy meant to increase the average ticket size and boost sales. 3 ways to optimize pharmacy revenue capture and boost the bottom line Becker's Healthcare: 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. It is the old “either/or” fallacy rearing its head. When your patients are in the store, it’s the best opportunity you have to show them what you’ve got. 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. 3)      Monitor your success: How will you know if you are succeeding. Each author provides their take on how to increase medical practice profits. Try to avoid these stumbling blocks when creating an in-store marketing campaign. Involve all of the senses in your visual merchandising. 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. 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. IDEAS TO INCREASE SALES. Some areas of your pharmacy probably receive more foot traffic than others. 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. Sales Call Best Practices: Take advantage of training programs from your service providers and business partners. Try targeting these variations with your product campaigns – there’s a big chance that bids on these terms will be cheaper, and you’ll be a good shot at increasing your quality score while you’re at it. 10 Tips to Increase Membership Every club should have a good mix of membership strategies for retention and to increase growth. user. Make sure you value them properly and invest in them without hesitation. The business magazine for independent pharmacy. Coupons are appreciated by patients but redeemed less than 2 percent of the time. Have staff brainstorm ideas on how to reduce steps, eliminate bottlenecks and improve the order flow. The pressure to increase sales numbers has never been higher. Ideas to Increase Sales. Advertise More . 1. To successfully execute in-store marketing, you have to understand how your patients shop, then tailor the in-store experience. These tactics are rarely used in chain pharmacies and, therefore, can make your pharmacy more preferred over your competition. Editor’s note: COVID-19 has dramatically changed the retail landscape. Studies show that products in end cap displays sell better than the same product in the aisle. While patients are waiting for their prescriptions to be ready, give them something to look at. You can’t be both. Inefficient pharmacy layouts where technicians have to run halfway across the pharmacy just to pick up a vial can greatly decrease output. Inside: Encourage patients to increase their basket size with these creative in-store marketing techniques. Elements Magazine To ensure your message is read, place signs in your window and at the checkout counter. Overcoming objections in sales. This is applicable especially in case of B2B sales where the salesperson is the influencer for buying behavior. 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. Understanding Your Pipeline Percentages . What do you want customers to have accomplished when they leave your pharmacy? Want more pharmacy business tips and advice? How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. In 2015, the market generated 46% of global sales. customer loyalty, customer service, Efficiency, pharmacy. These 3 tips can send hoards of new patients to your pharmacy rather quickly. Use the following steps to improve your retail sales and you'll simplify your efforts, multiply profits, and increase the odds of success. 3 Ways to Improve Sales in your Pharmacy. 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. 0 . Traditional selling tactics may work not as well as before, so we’ve added new recommendations to help increase your retail sales. Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. Do what you need to get your message out, but don’t bombard your patients. You can also use them to show off the great reviews and praises you’ve received from patients on review sites and social media. You can turn that into a marketing opportunity by creating a landing page that lets them know about any special deals you’re running. 1; Prescriptions may be the number one reason patients come into your pharmacy (not to mention a vital revenue source! 1. 0. To the seasoned sales professional, though, an objection is an opportunity goldmine. Pharmaceutical sales embody ethical (prescription only) and over-the-counter (OTC) categories. An objection means a buyer is engaged. Distributors Serving Independent Pharmacies; ... read on for new ideas and insight. 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”. Recommendations. Shopfitting and retail design tips for Pharmacies by Creative Shop Retail Shopfitting. These tactics are rarely used in chain pharmacies and, therefore, can make your pharmacy more preferred over your competition. 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. If you invest in a monitor, you can create digital signage that easily attracts your patients’ eyes. Coming up with unique independent pharmacy ideas to market your business should be one of your top priorities. There is no single best way to increase profit margins. Increasing by 500 is just unrealistic. 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. Editor’s note: COVID-19 has dramatically changed the retail landscape. In just two weeks, Pat eliminated time wasters, increased per client revenue by 50% and more than doubled her closing rate. Place the sign near the door or around the pharmacy to help them find cold and flu meds, beauty products, or the pharmacy counter. These also work double duty, letting patients know what kind of products you offer. Plus, they may find out they really like the product and add it to their basket. A plan that will help you grow your business, get patients to switch, and increase prescription sales. 25 Sales Contest Ideas to Motivate Your Team. Increase repeat business with customers by giving them reasons to transfer prescriptions or come back to your pharmacy. A potential customer is actually considering your business proposal. We know this is a tough time for retailers, so we hope you find these tips useful. You’ll have more satisfied customers with fuller shopping carts. At the Container Store, sales reps receive over 250 hours of training in their first year of work. ), but it’s imperative for your business to boost non-prescription sales as well. Sign up for a FREE subscription to Elements magazine! 12. Just when you may think it's time to cut back the marketing dollars, you should probably be advertising more. For example, areas next to the prescription counter and aisles leading to the checkout registers tend to be higher in traffic. 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. With that said, let’s dive into the post. That’s the principle behind the sales training at the Container Store. 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. 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. I showed her how to sequence the sales call, what to say and when to say it to get the prospect to sell themselves. “Every pharmacy must have their own vision based on local needs,” was the advice from Dushyant Patel of Blakeberry Pharmacy. 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:. by Pharmacist-HUB - 29/12/2020. Have a sale – You can offer a holiday or other discount to either the general public or your best customers. So here are some ideas: 1. So, direct mail pieces like postcards, mailers, and brochures will usually find the … “They should use every trip as an opportunity to remind the customers of what they offer,” he said. RMS needs the contact information you provide to us to contact you about our products and services. During cold and flu season, you can provide advice for avoiding illness while at the same time reminding them you carry all the products patients need if they do end up getting sick. A more pointed and in depth sales process will help your pharmacy grow. 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.”. Convert Your Pharmacy Business Website into Lead Generation Engine. In this post, we look at 5 services you can employ in your pharmacy to help you do just that. Boost sales for your small business now! Your one-on-one interactions with patients are one of the best opportunities you have to market your pharmacy services and products. Find helpful customer reviews and review ratings for 151 Quick Ideas to Increase Sales (EasyRead Large Edition) at Amazon.com. Then determine how you can point them to what they need. Sign up to receive the weekly Elements e-newsletter for bonus business tips and advice. 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. 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. His pharmacy offers patients an anticoagulant service and a sexual health service. Sales reps conducting pharmacy or hospital visits have traditionally focused on free samples, with pharmaceutical companies spending billions of dollars per year on this technique. People generally need more than they think they do. As you can see, there are many short- and long-term tactics that can build traffic and increase sales without impacting your bottom line. Your employees must know what to do with the answers they get to whatever question or questions you choose to ask. 10 In-Store Pharmacy Marketing Ideas to Increase Sales February 25, 2020 Inside: Encourage patients to increase their basket size with these creative in-store marketing techniques. With the rise of digital marketing, direct mail has become one of the most underrated pharmacy promotion ideas. 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. 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. People generally need more than they think they do. Some ideas are unique, while there seems to be agreement on several key strategies. All pharmacies have the same primary business model, which is filling patient drug prescriptions. How will you know if you’re asking the right 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. Below are 10 simple tips to get your team on track to reach goals and improve your sales performance. You can often see big increases in footfall by making very marginal changes. You don’t want your pharmacy to look like a scene from Blade Runner. 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 … Figure out who you’re targeting, like people with colds or diabetic patients. When she put my system into practice, her closing rate more than doubled; it increased to 70%. 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. ... Ideas on increasing sales would be highlighted shortly. Elements magazine is published quarterly in March, June, September and December. Although stocking your pharmacy effectively can make a huge impact on the bottom line, pharmacy employees also play a big role in increasing profitability through upselling. These are techniques that involve making a product or service more accessible or affordable, or simply adding value. My emphasis will be more on the ethical lines but can be extended to OTC ranges. 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. Here are some tips and tricks that will help you close. 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. It is wise to increase marketing efforts during slower sales periods because there is more competition and fewer consumer dollars. You can easily rotate through product advertisements and information about the services you provide. For example, increase door knocks by 10 per day is doable. 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. Printing costs are very low. Healthcare executives need look no further than the pharmacy department to drive new revenue. That’s the principle behind the sales training at the Container Store. Which of the 10 ideas below is the best fit to help your pharmacy increase sales? Below you will find over 60 ideas from 9 medical professionals and companies to help increase your practice’s revenue. You get the idea. Sales reps forget up to 79% of new information within 30 days (Qstream). Sales can be increased in many ways like offering promotions and discount make a huge difference in increasing sales. Play videos for product education, customer entertainment and any other upsell or promotional tie-in. Overcoming sales objections is the key to making the sales. Hospitals profitability can be increased by boosting patient satisfaction, reducing readmissions and understanding revenue cycle performance. Just keep trying until you strike the right chord. The Pharmacy Sage can be reached at (518) 346-7021 or Lester@ThePharmacySage.com We’re always looking for ideas to increase sales … 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. Either you are concerned about making money, or you are concerned about people’s health. You may unsubscribe from these communications at any time. Even if they aren’t redeemed, coupons educate patients about the products you carry and make them feel special. So, it is vital that you make your premises as attractive as possible. Consider newspaper ads, magazines, specialty publications and other forms of marketing. You can use 3 similar simple strategies to increase revenue in your pharmacy. People tend to pay attention to what they receive in their mailbox. 6. 1. Pharmacy has long been apologetic about earning money from its biggest customer group – those coming with prescriptions. ... Join the Independent Retail Pharmacy Association today and access our network of over 18,700 retailers and partners. Signs that point patients to their most-needed products make your pharmacy more user-friendly. 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 … First, ensure you have the right variety of products for each product category. And if at first, you don’t succeed… well, you know the rest. You can also monitor participation in your customer loyalty program. If that’s already an existing customer, the chances are up tp 60% to 70%! Make your brand a must-have amongst your targeted market. Whether you mirror your sales reps or use 1:1 assignment to each target, today’s sales model is changing towards an account team focus. In order to increase sales, you'll need to understand your own pipeline percentages. I’ve come up with a few to get you started. They’re more accessible, and because they are highly visible, they increase sales. 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 … Good way to teach patients about new services place signs in your window and at the mix... Us to contact you about our products and supplies or specializing in key areas such as health... Sales take advantage of cross-merchandising strategies and impulse sale opportunities accomplished when they leave your pharmacy to help you an! 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