August 19, 2016
As an independent community pharmacy, you strive to build strong relationships with patients to ensure their loyalty to your business.
And, what better way to maintain those relationships and increase loyalty than to offer a loyalty rewards program to your patients?
Members of customer loyalty programs generate 12 to 18 percent more revenue for businesses than those who aren’t members of a program, according to a 2016 study by Accenture Interactive, a digital and interactive marketing services agency.
A good loyalty rewards program will make patients feel valued, and increase the likelihood they’ll become repeat visitors and refer your pharmacy to their friends and family.
But in order for your pharmacy’s loyalty program to be successful, you have to focus on the right aspects. Here are three key points to make sure your patient loyalty program adds value, adapted from this list by Small Business Trends.
It may seem obvious, but measuring ROI is often overlooked when businesses evaluate their customer loyalty programs.
While it’s important to measure factors like membership growth, retention rate and transaction numbers, you can’t forget about the importance of your loyalty program’s ROI.
Loyalty rewards programs can’t be successful if they’re hurting your pharmacy’s bottom line.
Assess all of the costs associated with your pharmacy’s loyalty program, and determine if the resulting sales are really paying off. If you’re not getting a good ROI, you need to reevaluate the program.
Many businesses’ loyalty programs end up being very similar to those of competing loyalty programs.
If your pharmacy’s loyalty rewards program doesn’t stand out from the competition, it most likely won’t be successful. It’s important to give patients a reason to choose your independent pharmacy over another—make your loyalty program one of them.
Do your research, and figure out what you can offer to patients that your competitors don’t.
Focus on your marketing efforts to make patients aware of the added value your pharmacy’s loyalty program provides. You can promote the program via print ads, social media and email campaigns, as well as simply mentioning the program and its benefits to patients at the checkout counter.
It’s no secret that lacking technology is a huge disadvantage for businesses, including your independent community pharmacy.
If your loyalty program doesn’t include digital or mobile features, your patients may be less inclined to join—and may look to a competitor.
Think about your current patients as well as those in your target audience, and determine which features of a digital loyalty program they would most appreciate. For example, if you know many of your patients use smartphones, it may be helpful to create an app for your loyalty program for added convenience.
Even if many of your current patients are older or not as smartphone-savvy, it’s important to start transitioning into a mobile-friendly rewards program to ensure your pharmacy stays competitive in the future.
Check out these five tips for selecting a loyalty rewards program.