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How to Scale and Grow Your Pharmacy

Consumers today place a greater emphasis on health and wellbeing than ever before. As a pharmacy, prescriptions are the primary source of revenue. However, you can add extra sales to your revenue by leveraging non-prescription sales.

So, if you own a pharmacy, consider expanding your business and increasing prescription and non-prescription sales.

Here are a few fast ways to grow your pharmacy and improve sales.

1. Do Your Market Research

Don't rely on your gut instinct to increase non-prescription sales. Instead, analyze data and research to see which over-the-counter and retail medications are popular. For example, according to a Hamacher Resource Group (HRG) survey, the cold & allergy, vitamins & nutritional supplements, and pain-relieving formulary account for roughly 43% of unit sales.

Review your sales data to determine which drug categories are the most popular with your clients, and make efforts to make these medications more accessible in your pharmacy.

2. Use Your Pharmacy's Floor Plan to Your Benefit

The layout of a successful pharmacy is geared to display products that you want people to view and buy. For instance, placing items in areas around the prescription counter and aisles leading to the checkout registers can increase sales. It is so as it is an easy view for the customers and subconsciously asks them to buy.

Rotate products in and out of these spaces and end-of-aisle displays to discover which items generate more sales when placed in these places. Experiment with different floor areas; a minor change in the arrangement can significantly impact your patients' buying decisions.

3. Focus on Cross-Selling and Upselling

Upselling and cross-selling are golden guidelines for increasing revenue in any business. Teach your employees to recommend comparable goods to clients. For example, alternate cough syrup and flu medicines can be recommended to customers. You may also provide gummy vitamins along with any product to upsell.

These tactics will not only enhance the customer's buying experience but will also increase pharmacy sales.

4. Stock Smart

Structure and product placement are essential for your retail business. Start by thinking about the location of your merchandise and place similar goods adjacent to each other — the method will improve your sales to an extent.

Customers are more likely to purchase more if they can quickly locate what they're looking for.

In addition, identify what products are in demand nowadays and maintain an adequate stock of them in your pharmacy.

5. Shop Secretly

To serve the customers better and improve your sales, you have to put yourself into your customers' shoes. Even if you own a pharmacy, act as a customer and visit other pharmacy stores. Notice the aisles, decor, lightning, prescription counters, and items placed in those areas.

Once done with visiting, incorporate the changes you feel are advantageous to your pharmacy. Look for a pattern that is common in many pharmacies, delivering profits, and not leveraged by you yet. Even the slightest change, like a new coat of paint, can turn the tables in your favor.

6. Perform Detailed Marketing Research

Determine which retail and over-the-counter (OTC) drugs are gaining traction in the market. You may accomplish this by conducting market research and assessing trends based on your sales.

Use the findings from your research and advertise them on social media platforms and any other marketing medium you use for your pharmacy's advertising. You may even reach a wider audience by selling products online via a website or mobile app.

7. Be Innovative

To improve your sales as a pharmacy, you have to go beyond your competitors. You have to overdeliver so that customers don't give up on you. You can offer complementary services such as online ordering options, delivery services, refill reminders via text, and e-newsletters can attract new customers to you and improve your sales.

You can simply hire multilingual staff if your store is located in a region where different languages are being spoken.

8. Build Strong Customer Relationships

Customer service is considered the most crucial competitive advantage, according to the HRG study. Customers who have a solid, trusted connection with their pharmacist are more inclined to return to shop from your store. Train your employees to form personable relationships with customers and encourage them to be able to identify returning customers.

For instance, it is impressive when employees welcome customers by their first names and inquire about their families, jobs, and pets. A personal touch is always appreciated.

9. Exceptional Customer Service

One of the most effective strategies to increase product sales at your pharmacy is to provide outstanding service. The best way to accommodate people's needs is to ask them what they want.

In addition, getting feedback from your customers is the most efficient way to know where your pharmacy needs to improve. Therefore, you must adopt these qualities in your customer services.

10. Join a GPO

A group purchasing organization can save your pharmacy a significant amount of expenses. United Pharmacy Network has over 25 years of experience helping pharmacies grow and thrive by offering exclusive members-only services from competitively priced generic and brand medications.

Join our network and start growing your pharmacy.

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