We understand the emotions in the industry currently. Many are very concerned about the future of their businesses, given the potential impact of 60 Day dispensing and what we know (so far). Whilst we must continue with our best efforts to advocate to MP’s, we also need to focus some of our attention to your pharmacy as a business.
With that in mind, your thoughts should consider the basics. How do you grow income? How do you reduce costs? How do you preserve cashflow? We advise to concentrate on those elements of your pharmacy that you are in control of.
Despite this change, the business model remains the same. Your profitability is a factor of sales less expenses. Your sales are a function of the volume of products you sell at a certain price. Your volume is a function of your patients.
So, to be direct, I don’t believe that most pharmacies spend enough time learning about their patients. As a pharmacy specialist in marketing, I cannot stress enough the importance of truly understanding your patients and their motivations for choosing your pharmacy. We're all inherently aware that the future landscape of pharmacy is vague. However, amidst this uncertainty, your patient base remains a tangible and controllable aspect of your business. It's something you can proactively research and efficiently spend time on to drive more growth. The depth of your knowledge about your patients directly correlate with your ability to attract and retain a loyal customer base, positioning your pharmacy for success in the evolving industry. By investing in understanding your patients, you can navigate the uncertain future with confidence and make strategic decisions that propel your pharmacy towards continued profitability.
In this week's blog, I will provide a concise overview of a key lesson covered in our online marketing course. This course is specifically designed to assist pharmacies in constructing a personalised marketing plan.
Before we delve into the details, it's essential to emphasise that EVERY pharmacy should develop its own marketing plan. Marketing goes beyond logos, signage, and in-store promotions. Even if you're part of a banner group, your brand provides valuable tools to establish your pharmacy, such as brand recognition, enhanced buying power with suppliers, and assistance with certain digital campaigns. However, it's crucial to create a marketing plan that specifically caters to your patients' needs. Although your banner group may feel like a family, with other stores resembling your siblings, it's important to remember that each pharmacy is unique. Drawing from my personal experience as one of four girls in my family (yes, my poor dad), we share certain characteristics, but we also possess our individuality. The same holds true for pharmacies within a banner group; while there are similarities, it's essential to tailor your marketing efforts to resonate with your specific customer base.
Now, let’s delve into a key lesson from the marketing course!
In the course we share insight into the marketing term target audience.
This meaning, who are the people that will be most receptive to your products, services, and brand. These are the people who are likely to shop at your pharmacy. Please note that with target audiences, it is ok to have more than one specified audience! In fact, I recommend having at least 2-3 audiences for your marketing strategy.
Selecting target audiences is a critical aspect of any pharmacy's marketing strategy. Rather than trying to appeal to a broad and diverse range of patients, it's often more effective to focus on two distinct target audiences. Why? Well, having two target audiences allows the pharmacy to tailor its marketing efforts and messages to address the unique needs and preferences of each group. For instance, one target audience could be seniors who require specialised medication and personalised care. The pharmacy can then create marketing campaigns that highlight its expertise in medicine management and emphasise services that cater specifically to the elderly population. Simultaneously, the pharmacy can also target busy working professionals who value convenience and quick service. By understanding the distinct pain points and motivations of each target audience, the pharmacy can deliver targeted marketing messages through appropriate channels, such as social media, local community events, or their loyalty program. This focused approach increases the likelihood of connecting with the intended audience, building stronger patient relationships, and ultimately driving revenue growth. So, rather than trying to be everything to everyone, pharmacies should consider the benefits of selecting two target audiences and tailoring their marketing efforts accordingly.
To discover the target audience that best suits your pharmacy, conducting research is key:
· Analyse local demographics: Study age groups, income levels, and population density in your pharmacy's catchment area to identify high-potential customer segments.
· Gather patient feedback: Conduct surveys and interviews with existing patients to understand their characteristics, preferences, and pain points.
· Assess the competition: Analyse rival pharmacies' target audiences and market positioning to identify gaps or opportunities for differentiation.
· Review your service offering, team experience and products: your pharmacy would have key strengths in certain areas that would appeal to certain audiences. Look at what you have in your arsenal.
· Utilise online analytics: Leverage tools and social media monitoring to gain insights into potential patients' online behaviours and interests.
By conducting thorough research on demographics, feedback, competition, industry trends, and online insights, you can identify your ideal target audiences. This knowledge enables you then to tailor marketing efforts and deliver exceptional customer experiences, which helps driving business growth.
Congratulations! You've reached the end of our blog and were just given a FREE glimpse into the written component of a lesson from our marketing module. If this were part of the actual course, you would also have access to a video where I discuss examples and provide insights on selecting your target audience. There are also many other valuable lessons in the course, such as choosing the right marketing channels and implementing effective tracking and measurement techniques. With these additional lessons, you'll gain a comprehensive understanding of how to optimise your marketing efforts and drive measurable results. After watching the video and completing the accompanying worksheets, you'll be equipped with the knowledge and tools to make informed decisions about your target audience and implement successful marketing strategies.
In the current landscape, pharmacies cannot afford to overlook the importance of marketing. As we enter both a new era of pharmacy and a new financial year, it becomes imperative to develop a customised marketing plan specifically tailored to your pharmacy's needs. To kickstart this process, we highly recommend utilising our online marketing course as a valuable starting point. This comprehensive course will provide you with the necessary templates, guidance, and support to craft a well-rounded marketing plan. With step-by-step instruction and practical insights, the module will act as your guiding hand, empowering you to effectively navigate the world of pharmacy marketing.
To be honest, I initially felt a sense of unease when I presented this blog idea to John. Why? Because I'm fully aware that pharmacies are currently experiencing pain and concern regarding future profitability, particularly considering the uncertainty surrounding 60-Day Dispensing. However, as I put on my consultant hat and reflected upon the situation, I asked myself a crucial question: If a client approached me today seeking guidance, what would be my recommendation? Without hesitation, I would direct them towards the marketing course. I believe that marketing possesses far more power than many pharmacy owners realise. It is in this realm that my expertise lies, and where I genuinely believe I can offer the greatest assistance. Despite the challenges and uncertainties, embracing effective marketing strategies can be a significant driving force in overcoming obstacles and ensuring long-term success for pharmacies.
I’m going to provide a button below for those who are interested in purchasing the module. We've designed the course in a flexible manner, allowing you to either complete one lesson per week or dive into it intensively over two working days—it's entirely up to you! However, I highly recommend completing all the worksheets included in the course. Once finished, you can choose to print and bind them together for a tangible marketing plan, or alternatively, save them to a Google Drive for a paperless approach (#paperless is cool, after all!). By working through the lessons and compiling your completed worksheets, you'll have an actionable marketing plan customised for your pharmacy.
