As 2015 comes to a close, you’ll likely start to take stock of your year, reflect on your successes and failures, and look for ways to improve in the coming year.
As you review your business, don’t forget to evaluate the health of your pharmacy’s identity: Your brand.
A weak, inconsistent or outdated brand can harm your business. But a brand can be repaired, refreshed and renewed. Going through the rebranding process can help solidify your pharmacy’s brand identity, and update it to reflect where your business is today.
If you’re wondering if it might be time to rebrand your pharmacy, here are five questions to ask yourself to determine if you need a brand refresh.
1. Have you focused your business on a specific area?
If you’ve established a niche, such as compounding, front end or diabetes, you need to readjust your brand to reflect the development.
For example, if you have decided to focus on diabetes education and products, your brand needs to be updated to reflect that, so you can attract patients who could benefit from those services, education and products.
If your pharmacy’s brand and communications don’t highlight your new focus, you’ll miss out on business from patients who might benefit from your expanded service and product offerings.
2. Is your current branding outdated?
You might think of your pharmacy’s brand as “vintage,” “old school,” or “retro,” but often, those really mean that your brand it “out-of-date,” “behind-the-times” or “out-of-fashion.”
An outdated brand needs to be redone to remain current and relevant. Plus, you don’t want patients to think of your pharmacy’s products and services as “outdated.”
It’s important to rebrand your pharmacy to reflect the times.
3. Have you acquired or merged with another business? Or, has your pharmacy changed ownership?
Merging with another independent or regional chain, purchasing another pharmacy or opening a new location are all events that should prompt you to update your pharmacy’s branding.
Redo your branding to reflect your new expanded offerings and locations. Be sure to also establish brand consistency among your locations, so you can maintain a strong brand identity in your community.
4. Is your current brand indistinguishable from competitors’ brands?
If patients have trouble distinguishing your pharmacy from another, or if they have difficulty identifying differences between your business and other independent community pharmacies, you might need to rebrand to make your pharmacy more distinguishable.
The rebranding process can help you identity unique features of your pharmacy that your competitors can’t match. Once you find the characteristics that make you stand out, you can incorporate them into your pharmacy’s brand, and look for ways to promote them.
5. Is your current brand failing to attract new patients?
If your pharmacy has stopped getting new patients, you might consider rebranding.
Without new patients, you can’t grow your business, and without growth, your business isn’t sustainable.
A branding makeover articulates the benefits and selling points your pharmacy offers patients, and you can use those to attract new patients.
If you answered “yes” to any of these questions and think it is time to rebrand your pharmacy, contact PBA Health, a pharmacy services organization dedicated to independent community pharmacies. PBA Health offers professional marketing services for pharmacies.
