5 More Strategies to Expand Your Pharmacy Business

In last week’s article, we gave you five strategies to grow your pharmacy business. This week, we’ve added five more ways you can draw in new customers. You can never have too many patients walking through your doors, right? The more you add on new services, the more people will see your pharmacy as the place to go for their healthcare needs.

Here are the five additional approaches to consider adding to your storefront:

Display high-margin products

As you’re busy cross-selling and selling bundled items, be sure you’re making your margins. Are you selling the right products? Products like CBD, wound care, high-end vitamins and supplements, and items to manage diabetes are the highest-margin products. Be sure to stock up on products from your wholesaler or third parties.

When the products arrive, position them strategically in your pharmacy. High-traffic areas that are easily accessible to customers are the best spots. Create displays and signs that “pop.” In other words, they should draw attention to the products and highlight their benefits.

You’ll also want to share the exciting news about your new products on social media, such as Facebook, Instagram, and TikTok. By using engaging content and educational information about your products, you can increase awareness, bring in new customers, and boost sales.

Set up a storefront online

Feeling ambitious? Start your own online storefront by selling niche products like vitamin and supplement bundles. You’ll earn revenue, stay on top of digital trends, and reach a new customer base.

Be aware that setting up a storefront involves a lot of regulations and compliance requirements. This means you’ll need legal help and regulatory agencies that can help meet the requirements. Once that’s done, there are platforms you can use, such as Shopify, WooCommerce, or Adobe Commerce to set up your e-commerce website. As you add product listings to your site, be sure to highlight the value offered. Then, develop an expansive digital marketing strategy to raise awareness and drive customers to your pharmacy.

It takes a lot of time and effort to open an online store, not to mention having to meet many compliance requirements. However, with confidence and hard work, you can expand your pharmacy well outside of your community.

Set up a pharmacy blog

You have a lot of advice to share with your patients on medications, natural remedies, OTCs, immunizations, and much more. While a blog may sound like a lot of work, it really isn’t. Especially when you’re knowledgeable in your profession, and patients yearn to learn from you.

Having a blog is a critical tool when you have an online storefront. In your posts, you can link to relevant products or services. That way, your readers can click on over to your website to shop. This is a great way to boost online sales and keep your customers engaged.

Build a referral network

There are many ways customers can find out about your pharmacy, such as flyers, advertisements, billboards, social media, and so on. However, sometimes all they need is word of mouth by their doctor.

If you haven’t thought about a referral network, now is the time! It’s a great way to work with providers in your community and partner up on patient care. By tapping into a new network, your pharmacy can become an extension of the healthcare team. By doing so, your pharmacy will likely be recommended by providers for counseling, medication management, and specialty services.

Start a pharmacy loyalty program

While you working hard to attract new customers to your pharmacy, don’t forget to maintain the patients you already have. A good way to do this is by starting a loyalty program.

Every pharmacy is different in how they run their loyalty program, so you’ll want to think through what will work best in your pharmacy. You can make special offers, offer rewards your patients can use later on, and/or gift your loyal customers with freebie items. Whatever you decide, by making them feel appreciated for using your pharmacy, you’ll encourage them to keep returning.

A Member-Owned Company Serving Independent Pharmacies

PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and run by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.

An HDA member, PBA Health operates its own NABP-accredited warehouse with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.

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