Is it possible to increase your revenue by 5% by June 30? Linda Miller explains how
Most community pharmacies are fighting competition and dropping profitability in the dispensary, even for those of you in growth mode, there’s a keen awareness of the importance of improving retail sales and overall profitability….and pharmacy owners are always on the lookout for the ‘silver bullet’ that’s either going to fix the business, if it’s languishing and/ or take it to another level.
And you can probably guess what I’m going to say next.
There is no ‘silver bullet’….or is there?
Today, you’re going to receive the loaded gun (metaphorically speaking) as I reveal to you, some of the tried and true ‘silver bullets’ that my clients are using with great accuracy and success to increase their turnover by 5% or more in a matter of 2-3 months, in some cases..
Motivate Your Team To Add Value.
It is so important to get your frontline staff on board, keen to add value to your customers and accountable for their performance. It increases customer loyalty as well as sales. If they don’t, your bottom line will either stagnate or, worse still, continue to be eroded by price disclosures and discounters.
It’s worth spending some time working out what motivates each team member so you can give them an incentive to get excited about selling. Very often it’s not money. Maybe you can nominate ‘champions’ for a product range. Play to their interests or their strengths.
Improve Customer Engagement
This is a key element. The more your customers engage with your pharmacy and your staff, the more they trust you, the more they will purchase based on your advice and the less price sensitive they’ll be. Strong customer relationships based on your better understanding of them and their needs than your competitor and commitment to meeting and exceeding them with respect and care will safeguard and grow your revenue exponentially. Revenue growth is in direct proportion to customer trust and loyalty, which is based on excellent customer engagement.
Make It Easy For Your Customer To Buy
Your staff ‘champions’ can help you streamline your retail offering so the high margin products in demand with your loyal customers are at the forefront (literally and figuratively!) making it easier for your customers to buy what they want and need and adding to your sales and, most importantly, your profitability. What added value can you provide, which extra benefits or loyalty rewards?
Couple them with optimal merchandising so products are easy to find, appealing and a no-brainer purchase because of the benefits of buying them from your pharmacy. Effective layout alone increases sales by 20% according to a research study done by the Healthcare Distribution and Management Association, so it’s worth your attention.
Do bear in mind that a loaded gun full of silver bullets is useless at best and dangerous at worst if you aren’t taught how to use it properly and don’t understand how it works.
The context in which you shoot your loaded gun of silver bullets can make the difference between you hitting your target or hitting something else and causing collateral damage to your peace of mind, your staff or your customer base.
If you want have the correct context so you set yourself up to hit the bullseye, then download your free report on the “The 7 Strategies PROVEN To Increase Revenue In Your Pharmacy Now”
Linda Miller is a Pharmacy Business mentor and organisational psychologist with 30 years’ experience in pharmacy. Linda reinvigorates and increases pharmacy profitability by transforming front of shop sales performance, productivity and profits through proven sales & marketing strategies and by motivating and teaching pharmacy staff how to sell with integrity and maximise their efficiency. She uses proven systems to ethically increase customer base, customer loyalty and basket size.