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How to Differentiate Your Pharmacy Like a Marketing Pro

How to Differentiate Your Pharmacy Like a Marketing Pro by Elements magazine | pbahealth.com


September 6, 2017


Inside: If you don’t use marketing to differentiate your pharmacy from your competitors, you could lose business. Show patients what makes your pharmacy different.

As the owner or manager of your independent community pharmacy, you know why patients should choose your business over the competition.

But do patients know what makes your pharmacy different?

If you don’t use marketing to differentiate your pharmacy from your competitors, you could lose business.

Why highlighting what makes your pharmacy different matters:

 

Discover how to use marketing to position your pharmacy to compete in five easy steps.

Step 1: Gather market research

The more you know about your prospective patients, the easier you can market to them.

Use market research to target your best prospective patients. And, learn what unique needs your pharmacy can meet.

Strategies to collect market data:

 

Step 2: Segment your market

After you understand your market better, break it down into smaller, key groups.

Market segmentation helps you narrow your target market. So, you can better understand key patients’ wants and needs—and cater to them.

Segment your market by:

 

Other areas to look into:

 

Step 3: Perform a SWOT analysis

Before marketing your pharmacy, you need to take a critical look at your business.

Use a SWOT analysis to determine your pharmacy’s position in the marketplace.

SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis looks at the internal and external factors that affect your business. And it helps you find the value your pharmacy provides compared to your competition.

Strengths
What does your pharmacy do to meet patients’ needs better than your competitors?

For example, does your pharmacy offer the only drive-thru in town? Or, is your pharmacy the only place to receive travel vaccines within 50 miles?

Weaknesses
What patient needs do your competitors meet that you don’t? Or, what do they do better than you?

For example, do your competitors stay open 24 hours? Or, does your competition have a better front-end selection?

Opportunities and Threats
Your pharmacy faces external opportunities and threats within the complicated health care industry.

But you also face other opportunities and threats including:

 

And, opportunities can become threats and vice versa. For example, technological developments could be an opportunity or a threat.

Here’s an overview of opportunities and threats your pharmacy likely faces.

Opportunities your pharmacy faces include:

 

Threats your pharmacy faces include:

 

Step 4: Define your marketing strategy to differentiate your pharmacy

After you complete a SWOT analysis, you can plan a marketing strategy.

Armed with the information from the previous steps you should:

 

Capitalize on the unique features of your pharmacy. For example, if millennials make up a big part of your market, focus your marketing strategy on them. Market services they enjoy using digital refills, health e-newsletters and text message prescription reminders.

Step 5: Use your marketing strategy

Your business can’t be everything to everyone.

So don’t try to be.

You’ve already done the hard work to create a marketing strategy to differentiate your pharmacy.

Stick to your strategy and trust that it’ll work.

RELATED: Are You Making These Pharmacy Marketing Mistakes?


 

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