One of the most important aspects of running a pharmacy in today’s world is communicating to customers that they can find precisely what they are looking for. It is a vital part of any business yet is often overlooked. Customers respond well to positive and clear communication of what’s on offer and it is important to try to exceed their expectation in this regard. It is fundamental that independent pharmacies create a unique identity and promote the products and services that they are specialized in to differentiate the business.
Discounts are the no longer the driving force. Nowadays it is a well-known fact that products sold with a retail mark-up of less 45% do not produce enough revenue. Value-for-money products are at the center of any business and this is true for customers of a modern-day pharmacy that in addition to medicines offers solutions for general health and wellbeing (preventative cures, beauty, hygiene and supplements etc).
What’s the best way to combine revenue with a promotion strategy? With a carefully thought-out promotion plan. Here are some suggestions that have come about through studies of how people interact in a pharmacy:
1. Create a 6-month promotion calendar to establish month by month which promotions to run, what products to highlight (based on seasonality and sales objectives) and where to place them inside the pharmacy
2. Promote leading brands
3. Introduce discounts of 15% and above (lower discounts are not perceived as true discounts)
4. Clear communication of the promotion: before and after price must always be clearly visible, including the discount percentage and the date the promotion ends (between 21 and 30 days maximum)
5. The colors used for discounts should be standardized: the best colors to use are red and yellow.
6. Place offers in the pharmacy hotspots housed in special displays and not on the standard pharmacy shelves.
7. Create promotional displays that attract the customer’s eye, giving the feeling that there is a large selection of products on display and inviting people to take a further look
8. Displays should always be neat and tidy (disorder is the main inhibitor for impulse purchases)
Always remember that the customer comes first. Independent pharmacies must respond to the competition posed by large chains by focusing on providing a personalized and professional experience, creating a unique identity and becoming recognized in a field of expertise.
Our task is to create an environment that shoppers want to stay in, by increasing the services offered and advocating more interaction with the products, all in a professional atmosphere that generates good energy…but that’s another chapter entirely!