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The Profit Vault June 2024
FROM TIKTOK TO THE TOP SHELF
Why Every Pharmacy Owner Should Ride the Wave of Viral Trends
If you want to boost traffic and sales, I am begging you, do not skim this article, see the words “social media marketing,” and carry on business as usual. The truth is that if you’re not tapping into social media trends for your marketing, you’re missing out on countless dollars. This month, we’re diving back into the Marketing Pillar of our Pharmacy Profit Pillars. I know marketing can sound a bit daunting, especially when it comes to social media. You’re already juggling prescriptions, customer service, and all the daily surprises of running an independent pharmacy. But stick with me here because this is about making your job easier and your business more profitable. YOU DON’T NEED TO SCROLL TO BE ON TREND. Let’s start with social media trends. You might think, “I’m not one to scroll through TikTok or Instagram all day,” and that’s perfectly fine. You don’t need to be a social media guru to leverage its power. If you’re not into it, delegate it. Maybe you’ve got a tech-savvy employee or a young relative who knows the ins and outs of these social media platforms. Or, at the very least, a quick Google search for “TikTok health trends” can set you on the right track. One strategy that’s worked wonders for me is dedicating a special section in my pharmacy to trending items. Think about it: Products like castor oil, magnesium supplements, or even fun concepts like a “Hot Girl Walk” playlist for early morning wellness walks. It’s all about tapping into what’s hot, sexy, and fresh right now.
For example, mouth taping (yes, it’s a thing) has caught a lot of buzz for its supposed benefits in improving sleep by encouraging nasal breathing. By staying on top of these trends and showcasing them in a designated area, you catch the eye of the customer who’s just heard about these from their favorite influencer. KEEP PATIENTS SOCIAL MEDIA SAVVY. Communication is key here. Keep your customers informed through emails, texts, or even old-school in-store signage about what’s new and trending. This will keep your regulars coming back and possibly attract a younger crowd following these trends closely.
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Stock Up on Sun, Fun, and Wellness This Summer Maximize Summer Sales
Summer’s rolling around again, and you know what that means for us in the pharmacy world — it’s time to rethink your front-end strategies to keep up with the seasonal swing! There’s something about the summer months that brings out the shopper in everyone, especially when it comes to health and wellness products. It’s all about having the right products at the right time. Remember, your goal is to not only meet the needs of your customers but to anticipate them. No customer walks into a pharmacy in June looking to buy winter boots, right? So, this summer, make sure you’re all stocked up and ready to roll with the essentials your customers are actually looking for. SEASONAL ROTATIONS ARE REQUIRED. One thing I’ve learned over the years is the importance of keeping the front end of the store fresh. It’s vital to rotate your items to match the season. This doesn’t just apply to retail giants; independent pharmacies like yours can really benefit from this strategy. By aligning your product offerings with the season, you increase the chances of both impulse buys along with those planned purchases. WHAT’S HOT FOR SUMMER? For instance, during these hot months, your shelves should be showcasing pre-sun and post-sun care products, tanning essentials, and, of course, a variety of insect repellents. Think about it — people are planning their beach days and camping trips, and they’ll need all the help they can get to protect their
skin and stay comfortable. Here’s a quick list of what could be flying off your shelves this summer:
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Pre-sun lotions and sunscreens
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After-sun care like aloe gels
• Tanning products for those looking to bronze up safely
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Insect repellents and bug bite treatments
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Tick removal tools
• Products for hangover recovery and hydration
• Digestive enzymes and Lactaid for those summer BBQs
• Stylish sunglasses from brands like Franklin Eyewear
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Products aimed at reducing heat discomfort
IT’S ALL ABOUT LOCATION, LOCATION, LOCATION. Let’s talk placement. During a recent trip, I walked into a pharmacy and found some really interesting items. It’s too bad they were tucked away in the furthest corner of the store, though. Chances are that the average customer wouldn’t even venture that far. You need to learn from this — place your seasonal products in high-traffic areas. Make them impossible to miss! SWEETEN THE DEAL. Why not spice things up with some special deals? Offer promotions like “Buy two, get 10% off” or “Pick three for a 15% discount.” These kinds of deals can encourage customers to stock up and try new products they might not have considered otherwise. Seasonal marketing isn’t just a tactic; it’s essential for staying relevant and competitive. You know your patients and customers need these items, so reel them in with smart placement and enticing deals. Keep your offerings visible and appealing, and you’ll boost your sales and strengthen your relationships with your customers by being their go-to spot for seasonal needs. So, as we dive into summer, let’s gear up to meet our customers’ needs with the right products at the right time. After all, a happy customer is a repeat customer, and in our business, that’s what it’s all about.
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GET AHEAD OF THE GAME Why Your Pharmacy Should Start Planning for Fall Now!
With the sun beating down on us these days, it might seem a tad early to think about autumn. However, for those of us in the pharmacy business, now is the perfect time to gear up for one of our busiest seasons. Planning ahead is crucial, whether it’s for vaccines, flu shots, or back-to-school preparations. We highly recommend you start thinking at least three months ahead for your pharmacy. For instance, Lisa’s pharmacy capitalizes on the back-to-school season in unique ways every year to resonate with her community. Here’s a peek at how you can get fall-ready during the summer season. BACK-TO-SCHOOL CAMPAIGNS One of the most successful initiatives you can practice is the back-to-school backpack giveaway. Lisa started this program a few years ago by distributing 200 backpacks filled with school supplies. Thanks to the overwhelming community support and positive impact, the numbers grew exponentially. The following year, the pharmacy handed out 500 backpacks; and in the third year, they gave away a
whopping 1,000! Each backpack helps a child in need and carries the pharmacy’s branding and info from its sponsors, turning a giveaway into a potent marketing tool.
Don’t just stop at backpacks. Team up with local hairdressers and offer free haircut days right before school starts. It’s a
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TAKE A BREAK
ALIEN BALLPARK CHERRY FIRECRACKER FLAG INDEPENDENCE
ORCHID PADDLEBOARD PATRIOTIC SUNDAE SUNSCREEN TRAMPOLINE
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MASTER THE ART OF FREE Leverage Complimentary Services to Grow Your Pharmacy
We want to share a concept that might initially seem counterintuitive — getting rich by giving things away for free. Yes, you heard that right, and no, it’s not just a catchy phrase. It’s a strategy that, when executed correctly, can significantly boost your pharmacy’s growth and customer loyalty. Let’s explore the idea of free but done right. Consider the Super Bowl halftime performers. They don’t get paid for their performances, and often, they cover their own production costs. Crazy, right? But here’s the kicker: They make a fortune afterward through increased album sales,
community boards. Highlight the benefits and value of what you’re providing for free and ensure it resonates with your community’s needs. MEASURE SUCCESS AND ADAPT. It’s crucial to track the effectiveness of your free campaigns. Keep an eye on how many and who benefited from your free services or products return for a paid service or product. Are you seeing an increase in new prescriptions or sales of recommended supplements and over-the-counter products? This data will help you tweak your approach and focus on offers that convert the highest.
streaming, and concert tickets. That’s because they understand the value of back-end opportunities — leveraging the exposure for future gains. So, how can we apply this to our independent pharmacies? It’s all about finding the right back-end opportunities that can benefit from giving something away for free.
LEARN FROM THE EXPERTS. For a deeper dive into how you can maximize the benefits of giving things away for free, we highly recommend watching Dr. Lisa Faast’s presentation from the recent Pharmacy
STRATEGICALLY OFFER FREE SERVICES.
The first step is to identify what you can offer for free that won’t deplete your resources, but will pave the way
for profitable opportunities. This could be anything from a free health screening day to complimentary consultations or educational seminars on health management. The key is to target these free services toward potential high-value customers who will likely return and use more services. THE DEVIL IS IN THE DETAILS. Offering something for free can attract a crowd, but the real challenge lies in converting that crowd into loyal paying customers. This is where follow-up and follow-through come into play. After someone takes advantage of your free offering, have a system in place to keep them engaged. This could be through follow-up appointments, personalized emails, or special offers on services and products they showed interest in. CREATE A BUZZ. Just like halftime performers use their free platform to create buzz and draw attention, you can do the same. Advertise your free offerings on social media, local press, and
Profit Summit. She provides actionable insights and real-life examples demonstrating how independent pharmacies can implement these strategies effectively. You can find her presentation by scanning the QR code! When done thoughtfully, offering free services can be a powerful tool to grow your independent pharmacy. It’s about creating meaningful interactions that convert first-time visitors into loyal customers. So, go ahead, give a little for free, and watch how it can pay back in dividends.
Scan the QR code to check out Lisa’s recent presentation from Pharmacy Profit Summit!
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Become The Pharmacy CEO You Need To Be Your New Pharmacy Profit Roadmap Is Here!
Track your progress towards a fully optimized, profit- producing pharmacy
Here is a summary of the updates:
No content is locked. Easier to find what you are looking for. Work on what’s most important for you. Have a full to-do list to maximize your pharmacy’s performance. The Roadmap now works for all members: new, seasoned, struggling, successful, single, or multi-location. We still have more work to do... While we have much of the work completed, you will notice some items still need finishing. We are working as fast as we can while still providing the highest quality. If there is a resource you want ASAP, please email info@diversifyrx.com so we can bump its priority!
PPS 2025
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Medical Billing, Direct Contracting, Legal Cases, Custom Vitamins, Food Testing, Compounding, Automated Marketing, AI
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FOOD, DRINKS, LOTS OF NETWORKING There will be ninjas!
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The Power of Persuasion MASTERFUL TACTICS AND COSTLY MISTAKES FOR DEAL CLOSERS
MISTAKES Avoid cliches and problematic phrases. Salespeople toss around common phrases and pitches all the time, both in the office and in movies, commercials, and TV shows. Despite their prevalence, many are counterproductive when used in meetings and can actually undermine trust between a salesperson and their client. One example is introducing a new topic by saying “to be honest” or “to be frank”; these phrases may unintentionally signal that your preceding information was less than genuine. Likewise, saying “trust me” will only make them do the opposite. Speak clearly, and avoid overplayed phrases and cliches to improve your odds of success. No one likes homework. While giving your client a meeting agenda can be a kind and professional gesture, handing them documents equivalent in length and complexity to a college dissertation will only confuse and bore them. If they are interested in additional information, they will ask, or you can steer the conversation in a way that introduces it organically. Closing a deal is more of an art form than a science, but that does not mean we cannot prepare ourselves and act appropriately to maximize our chances of success. We can increase our profits and convert more leads into sales by employing the appropriate methods.
As a sales associate or sales manager, it is a great feeling when a client agrees to a face-to-face meeting to discuss your product or service. While this initial success is exciting, it is not the end of the road. Don’t celebrate prematurely — your real challenge has just begun. Familiarize yourself with these tactics and common mistakes to ensure your meeting goes smoothly and concludes with a positive outcome. TACTICS Establish the client’s goals and priorities. Your client is meeting with you for a reason: They are interested in your services. Rather than diving right into your pitch, try to understand your client’s point of view and desired outcome. Developing a rapport and speaking to them as equals can win their respect and improve your chances of closing.
Respect their time and prepare accordingly.
Start and end your meeting on time. Your client will have planned their time around the meeting, and you should do the same. If you notice you are over your scheduled time, consider cutting your pitch short and ending the meeting on a respectful note. Additionally, start your meeting with strategic engagement and introduce your most important and persuasive points first. Soften contract language. Reviewing a contract, and especially signing one, can be intimidating. Instead of introducing the paperwork as a “contract,” pose it as an “agreement” or simply as “paperwork.” It is less intimidating for a client to sign “paperwork” rather than a “contract,” although they are effectively the same thing.
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Now, you might be thinking, “How do I even start with this?” Well, here’s a tip: Watch our past mastermind session for a deep dive into effectively leveraging social media trends. It’s not just about knowing what’s trending; it’s about strategically stocking and presenting these items in a way that resonates with the folks walking through your door. LEVERAGE INFLUENCERS’ IMPACT! Here’s the kicker: While you can recommend a product like magnesium 10 times over the counter, a single viral video might just be what convinces someone to try it. When a trend catches on, it spreads like wildfire, and you want to make sure your pharmacy is the go-to spot to find these products. If a customer sees it on Instagram and then sees it on your shelves, you’re creating a powerful connection. It’s about bridging the digital buzz and the local solution.
So, fellow pharmacy warriors, let’s not just sit back and let these opportunities slide by. By tapping into social media trends, we’re not just selling products; we’re staying relevant and top of mind in our communities. It’s all about being proactive rather than reactive, and honestly, it can be pretty fun to see what catches on next. Here’s to making our pharmacies not just a place to get medicine but a hotspot for the latest wellness and health trends. Let’s capture those dollars and keep our businesses thriving!
ALL members can access Heather’s recent OTC Trends training. Scan the QR code!
HAVE A LAUGH
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From Generic to Genius TAILOR YOUR PHARMACY’S MARKETING TO FIT SPECIFIC DEMOGRAPHICS
Standing out isn’t easy, especially for independent pharmacy owners competing against the big chains. What’s the secret to surviving and thriving in such a competitive market? Targeted marketing . I recently stumbled upon a story beautifully illustrating the power of understanding and catering to a niche market. HOW TO FIND THE RIGHT TARGET Last year, I met an accountant during a networking event. As we chatted about health and wellness (and I talked his ear off about supplements), he said he was interested in getting his own nutritional supplements. Eager to support our community, I recommended he connect with a local independent pharmacy and fellow member! This accountant, accustomed to the impersonal service of large chain pharmacies, experienced something remarkable with our independent pharmacy. After discussing his needs over text, he hesitated to pick up his order, citing the overwhelming chaos of tax season. The pharmacy’s response? “Don’t worry, we’ll deliver it to you for free!” This simple act of understanding and accommodating his hectic schedule not only won him over but also left him utterly astounded by the level of service. This interaction got me thinking about the potential of targeted marketing for independent pharmacies. I told our members to imagine the impact of social media posts tailored
benefit from your services. This could be busy professionals, elderly patients, young mothers, or those looking to lose weight — anyone with specific health needs. 2. Understand Their Needs: Dive deep into understanding your targeted demographic’s challenges and pain points. What are their common complaints or needs when it comes to pharmacy services? 3. Tailor Your Services: Once you know whom you’re targeting and what they need, tailor your services to meet those needs. Whether it’s offering delivery services, custom packaging, or specialized health consultations, make sure your services address the specific problems of your target audience. 4. Communicate Effectively: Use the right channels to communicate your tailored services. This might be through social media, local advertising, community events, or even direct mail. The key is to ensure your message reaches your target audience where they are most likely to see it! 5. Measure and Adjust: Like any marketing strategy, measuring your campaigns’ effectiveness is essential. Track sales, customer feedback, and any other metrics that can help you gauge success. Use this data to refine and improve your targeted marketing efforts.
In the world of independent
specifically for overworked accountants during tax season, offering convenient delivery services. This approach addresses a specific problem — lack of time — and introduces potential customers to the unique benefits of choosing an independent pharmacy.
pharmacies, where personal touch and community trust are paramount, targeted marketing is a necessity. By focusing on your customers’ specific needs, you can transform your pharmacy from just another store into a vital part of your community’s daily life. For more insights into harnessing the power of targeted marketing for your pharmacy, scan the QR code to
WHY TARGETED MARKETING WORKS Targeted marketing is about more than just advertising; it’s about identifying and solving the specific problems of a particular group. It helps build a connection with your customers by showing you understand and care about their unique challenges. For independent pharmacies, this can translate into increased loyalty and preference over more generic competitors.
read my blog post!
Scan the QR code to check out my blog on targeted marketing!
Here are a few steps to effectively implement targeted marketing in your pharmacy:
1. Identify Your Audience: Start by identifying a demographic that frequents your pharmacy or one you believe would
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417 Ravenaux Dr. Southlake, TX 76092
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INSIDE THIS ISSUE
1
Transform TikTok Trends Into Sales for Your Pharmacy Why You Need the Right Products at the Right Time Why Summer Is the Perfect Time to Plan Your Fall Campaigns
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How Freebies Can Boost Your Pharmacy’s Profitability
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Marketing Secrets to Stay Ahead of the Curve
Strategies for Finalizing Sales With Finesse
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fantastic way to draw families into your pharmacy and show you care about more than just their health care needs.
items (you can reach out to Jessica@promosuns.com for some fantastic deals).
VACCINATION DRIVES Fall is also a critical time for health, with flu season in full swing and kids returning to school. Setting up a flu shot campaign during this period can make your pharmacy a key player in community health. We recommend using a vaccine buying group like Vaccine Connect to get your vaccines at the best prices. You can join by heading to VacConnect.com . PROMOTE HEALTH BEYOND VACCINATIONS Another crowd-puller is a free vitamin program for kids aged 0-12. By offering essential vitamins free of cost, you boost children’s nutrition for the upcoming cold and flu season and encourage parents to visit your store. Often, they end up purchasing additional products or transferring their prescriptions to us. For your essential vitamins, connect with Vinco or your primary wholesaler. PLANNING AND EXECUTION All these initiatives require significant planning. For example, ordering customized promotional items like branded backpacks or supplies should be done well in advance. We recommend working with Promosuns for your promotional
Moreover, organizing events and coordinating with other businesses for sponsorships or collaborations needs to start now. It’s not just about having the supplies ready but also marketing these events to get the maximum community involvement. WHY PLAN NOW? When you start planning in the summer, you ensure everything is in place when fall arrives. It’s not just about being prepared — it’s about creating a buzz, reinforcing your presence in the community, and ultimately, driving more foot traffic to your store. So, while you’re enjoying the summer, don’t let fall preparations take a backseat. A little planning now can lead to a season filled with great community engagement and substantial business growth. If you have more ideas or need tips on getting started, feel free to contact our team or schedule a call with our coaches via your member dashboard. Let’s make this fall season one for the books!
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