Top Ten Ways to Manage Profit at Your Online or Community Pharmacy

An online or community pharmacy must be carefully managed for optimum profitability; occasionally, changes to business processes and marketing strategies should be implemented in order to open up new streams of income, while also improving the success of promotional activities. If you’re looking for ways to make more money through your drugstore, you’ll appreciate these top ten tips for managing profit:

10.) Diversify- Open up your business to new customers by adding holistic herbal products to your inventory. For example, if you currently sell OTC pain relievers, prescription medications, and conventional health aids, why not begin offering your clientele herbal supplements that treat health care conditions in a more holistic way? There is a big market for alternative medicines, and herbal remedies are now more popular than ever before.

9.) Cross-Sell -Make the most of your inventory by using cross-selling techniques to bundle related products. For example, if you’re running an online pharmacy, make sure that your checkout area is programmed with sections that show complementary items. “Bundle” vitamins with delicious herbal teas, prescription medications with special pill boxes that help people to keep their tablets organized, and so on. Offering a few percent off the total price on cross-sold goods is an excellent way to add appeal to this sales technique. People often buy impulsively at the checkout, so cross-selling is an excellent way to boost your profits quickly.

8.) Use Social Media- Create a buzz by promoting your pharmacy on the hottest social networking platforms, such as Google+, Facebook, Twitter, LinkedIn, Tumblr and Pinterest. If you promote properly, the investment of time and energy that you put into reaching out to customers at these websites will definitely pay off. Add photos, blog posts, status updates, and special offers to tempt new buyers, and always respond to any feedback as soon as possible.

7.) Analyze Your Sales- Successful health care entrepreneurs never rest on their laurels; instead, they stay on top of things by analyzing their sales numbers and figuring out exactly which products are most appealing to their clients. To offer people what they really want, check all of your sales records to pinpoint buying trends. Then, consider offering different versions of the items that people buy the most.

6.) Target Your Ideal Customer- Business research doesn’t stop with sales analyses; you must also use market research to profile your ideal customer. Knowing who’s buying from your pharmacy is the key to marketing effectively and stocking your drugstore properly. Use client information to find out where your ideal customer lives and what his or her needs are. Then, market to that demographic or segment.

5.) Become an Expert- Position yourself as an expert in the pharmacy world by writing articles about pharmacy products, offering health care advice, or speaking to your local community. Becoming an expert builds your public profile and creates more trust and rapport with new and existing clientele.

4.) Create a Smart Phone-friendly Website- Today, many shoppers check out businesses online before they buy, and they often use their smartphones to browse the World Wide Web. If your pharmacy website isn’t compatible with a range of electronic devices, including smart phones, it’s time to hire a web development firm that knows how to create a smart phone-friendly environment at your url.

3.) Freshen Your Website Graphics- Nothing is more unappealing than a dated, dusty-looking website that doesn’t have any of the bells and whistles. If you don’t freshen up your graphics to stay current, your customers will soon lose interest. The best pharmacy entrepreneurs know how to adapt to change and keep things interesting; these savvy owner/managers always outsource for the hottest new web design graphics.

2.) Build More Interactivity into Your Pharmacy Web Pages- Whether you’re selling pharmacological products from a community or online pharmacy, you must still offer a business website that acts as a virtual calling card for your company. By building more interactivity into every web page on your website, you’ll create the right atmosphere for success. Hire a web design firm and ask them to add sharing buttons for social media, comment fields, and message boards to boost the appeal and interactivity of your website.

1.) Support a Charity- Your pharmacy is all about the health and wellness of your clients; with this in mind, why not support a charity that also promotes these values? By joining with a reputable and registered charity and donating money and/or time, you will create plenty of publicity and lots of goodwill towards your company. Often, donating to charity is much cheaper than paying for ads, and it’s so fulfilling. Meet prospective clients at local charity events, or donate online and enjoy a better public image that will build your brand.