Over the past month, the general sentiment within pharmacy has been positive thanks to the 8CPA policy introduced by the Guild and the government. This policy is top of mind for many pharmacy owners right now. Recently, the 8CPA calculator was released, adding a new layer of excitement to the industry. I encourage everyone to access this calculator and input their data. If you need help with deciphering the data, I know a few pharmacy accountants who can help 😊
Whilst this is all very exciting, I’m sure you are all wondering ‘What’s next?’ This article aims to move beyond the calculator and the announcement and focus on what’s next for pharmacy now that we have the long-awaited agreement.
For Peak, the timing of the announcement for both our accounting and marketing departments, couldn't be more perfect. We’ve just entered a new financial year, which is always a time for reflection and planning. Last week, Victoria highlighted budgeting from an accounting perspective, so now I’m going to share some insights from a marketing standpoint. I want to plant the seed now so you can start brainstorming internally with your team.
So, below are some of the areas/items I would be looking at to set up my new FY on the right foot from a revenue growth perspective:
Understand your numbers.
This is both a marketing and accounting tip! Understand your numbers to ensure your efforts are making an impact. Review the previous financial year thoroughly. While our accounting team has many articles on this, from a marketing perspective, focus on customer numbers, script numbers, customer frequency, health service bookings, loyalty program size, and social media engagement scores.
By analysing these metrics, you can track trends, such as increased Facebook click-throughs in May due to a flu campaign, which should correspond to a surge in flu bookings. It's crucial to track your loyalty program size—this should be non-negotiable. Your database is vital and should be measured effectively.
Now is the time to review your database. With more funding in DDA's with 8CPA, ensure your database is up to date so you can market to patients who would benefit from these services.
Create a marketing system.
I guarantee that every successful department within your pharmacy has a strong workflow system in place. Apply this philosophy to your marketing efforts. Be selective in your strategies but also consistent. For instance, at Peak, we prioritise email as our primary channel for brand awareness. We're consistent and focused on growing our email list to reach as many pharmacies as possible.
I encourage you to do the same for your pharmacy. Choose the best channel to reach your patients, whether it's email or social media, and develop a system around it. You'll see growth and be glad you did.
Leverage Tools
Just as you would leverage the 8CPA to drive remuneration, I recommend exploring other tools at your disposal. For instance, StrongRoom offers a highly sophisticated communication tool that allows you to reach out to patients via SMS or email based on their medication history. This targeted approach ensures you can engage individuals with services and products that directly address their needs, significantly enhancing your communication with patients.
Another valuable resource that is often overlooked is your banner group. They have extensive marketing departments and the advantage of trialing various tools across multiple pharmacies.
Utilise your member resources to find what will best serve you and your patients.
Now it’s time for our elevator pitch
At Peak Strategies, we specialise in one key area: local marketing consulting. We don't create logos, set up Google ads, or design websites. Instead, we focus on helping pharmacies connect with their communities, whether targeting demographic groups or niche audiences like baby health. Using the tools, you already have, such as resources from your banner group or your Mailchimp mailing list, we develop a tailored plan aimed at increasing customer and patient visits to your store. Ready to enhance your local marketing? Click the button below to book a free discovery session and see how we can support your marketing efforts.