Check out our August newsletter!
The Profit Vault August 2023
Flu Season Bundles No One Can Resist
Low-Cost Kits Can Boost Your Cash Revenue Summer is coming to a close, and while this may be bad news for many, it’s actually the beginning of a profitable season for pharmacies: cold and flu season. This edition will cover the third pillar of our Six Pharmacy Profit Pillars: cash-based revenue. Every pharmacy should pay attention to the importance of cash-based products and services, no matter how small. Don’t stress about increasing the sales of individual products with their own unique advertising when you can make your life easier with bundled seasonal packages. Save customers’ time. As the fall season approaches, you can offer a package of multiple products people will likely need to buy during the cold and flu season. Pharmacies often have their products separated into different sections, be it flu medications, vitamins, or pain relievers. Well, how nice would it be for customers to have all they need in a single bundle? In my pharmacy, I started making little bundles of products for new moms, and customers loved it! They appreciate that you’re helping them find everything they need in a single bundle. Instead of searching through the aisles or even multiple stores, they can buy the carefully curated package from your pharmacy. Make an offer they can’t refuse! Now, imagine how irresistible this bundle purchase becomes when it’s at a discounted price . I’m not asking you to make significant markdowns because that will do more harm than good. All you need is a simple 5%–10% discount to sweeten the deal, and suddenly, who can pass up the offer? Now, not only is the bundle convenient, but it’s also financially in their best interest to buy it! Avoid decision fatigue. Never heard of decision fatigue? Well, it’s how we lose focus and interest after being asked to make a series of decisions. Take this concept, and apply it when introducing product after product to your patients. People will naturally be less interested in making decisions (such as whether to purchase or not) when you continue to offer one product after another. As a result, they are simply more likely just to say “no.” Now, when you instead offer a bundle of products at a single price point, you’re not only helping them avoid decision fatigue, but you’re scientifically increasing their chances of purchasing these products. Simple science!
Show them you care. All marketing tactics aside, these curated bundles show you care about your patients and have taken the time to create different packaged kits for the upcoming season. You can even make uniquely themed kits for different patients, such as diabetic cold medicine bundles with low-sugar products or a kid-friendly flu kit. Many pharmacy owners say they are concerned about forcing too many products. In reality, I’ve only received positive responses from customers about these seasonal bundles. They understand that we took time to package these kits and save them from shopping all day. It’s time-saving and a bargain!
Continued on Page 6 ...
DiversifyRx.com 1
Spice Up Your Bundles With These Niche Products UNIQUE ITEMS WILL GIVE YOUR KITS AN EXTRA ‘WOW’ FACTOR
Vinco Liposomal Line
Now that we know why bundles are an effective way to elevate your cash-based revenue, we need to dive into what makes a compelling seasonal kit. While you can have various bundles, you must follow a fantastic formula to ensure patients add it to their purchase. For these kits, we want to include a standard multi-symptom cough and cold medicine, a preferred brand flu product, pain relievers, and niche products patients can’t find anywhere else (aka Walmart). While the other well-known products will be medicines everyone knows, these niche products will be a new find for most patients. They’ll be curious to try them, especially at a discounted price with their other tried-and-true medicines. If you need some direction, try some of our go-to niche medicines we can’t stop recommending.
Vinco offers numerous supplements, but their liposomal line stands out the most. Only sold through independently owned pharmacies, Vinco’s liposomal line includes highly absorbable vitamins that can boost immunity during the cold and flu season. Vinco’s liposomal line includes:
•
Vitamin B12
•
Vitamin C
•
Vitamin D3
•
Glutathione
CofixRx Nasal Solution
•
Iodine
This nasal spray is a team favorite here and for good reason. CofixRx targets the bacteria inside your nasal cavities, which most people don’t realize is what usually causes us to get sick. Explain to patients how the mouth isn’t the central hotbed for viruses; our noses are, and this doctor-crafted nasal solution can provide added protection. CofixRx uses a triple protection formula of povidone-iodine, vitamin D3, and xylitol.
•
Iron
•
Vitamin K2
•
Zinc
Biolyte — IV in a Bottle
Darby Farms Elderberry Syrup
When fall comes around, so does the flu, and some people may show symptoms of vomiting or diarrhea. We know this can quickly lead to dehydration, so we like including Biolyte in our flu bundles. Biolyte calls itself an IV bag in a bottle, and we couldn’t agree more. According to Biolyte, one of their products provides the same amount of hydration as 6.5 bottles of the leading sports hydration drinks. Niche products your patients can’t find at major retailers can increase the wow factor of your bundles! If you need more guidance when creating your bundles, speak to our team to learn more. Scan the QR code to schedule a call today and get your products sold!
By now, most people have succumbed to the magic of elderberry to combat cold and flu symptoms, but make it clear to your patients that not all elderberry products are equal. Darby Farms is a family-owned company offering elderberry syrups, both sweetened with honey and unsweetened. Aside from elderberry (the star of the show), their syrups also contain:
• Honey: rich in antioxidants, supports a healthy digestive system, and soothes a sore throat
• Ginger: nausea aid, sustains a healthy inflammatory response, and strengthens immunity
• Cinnamon: high in antioxidants and anti-inflammatory properties, and also supports digestion and blood function
Scan the QR code to schedule a call today and get your products sold!
• Clove: natural source of eugenol essential oil, which causes a “numbing” sensation that helps sore throats as well as respiratory functioning
561-379-7750 2
Tips for Increasing Sales Every Pharmacy Needs Great Products and Service Aren’t Going to Cut It
After the key pillars we’ve covered so far, you’ve now got a fortified team and outstanding products, but how can we ensure people know this? When increasing your sales, patients need to come through the door first. Our tips for boosting your patients’ purchases all rely on one element: Signage! You can have the coolest, sexiest product on the market, but if nobody points to it, it won’t sell! Attractive signage tells people, “Hey, we’re here with these products/services at this competitive price.” Whichever way you choose to tell people, this is up to you. You can purchase premade signs or go the old-fashioned route and make them yourself! We’ve had some excellent premade signs from StoreSupply.com at a reasonable price. Yet, you’ll find plenty of signage options out there, and it simply depends on what you want for your pharmacy.
Vital factors to remember when it comes to creating signage are:
•
Bright colors
•
Easy to read
•
Not too harsh on the eyes
• All the details of your offer (product, deal, discounts, etc.)
You should place your signage in high-traffic areas so everyone who walks in will see it. The front door, register, and any other spots where patients will pass by are perfect spots to place
Continued on Page 8 ...
TAKE A BREAK
DiversifyRx.com 3
USE FLU SHOTS TO UPSELL AND IMPROVE REVENUE More Patients Walking In Means More Chances to Sell
As fall gets closer, so does flu shot season, where countless people are heading to their local pharmacy for their annual vaccination. Take advantage of this uptick in visitors by upselling and increasing your sales and returning patients. When you upsell during flu shot season, keep one element in mind: These are often healthy patients just coming in for their flu shot, so sell to them accordingly! These aren’t your frequently seen patients who suffer from chronic illnesses or pain issues. These are people making a quick stop for their yearly shot. How can you turn this short visit into a product sale?
•
Vitamin D
•
Probiotics
•
Vitamin C
•
Zinc
•
Elderberry
•
Echinacea
If every person who walks in for a flu shot walks out with just one product , your cash-based revenue will soar. So many pharmacy owners don’t realize how quickly these small purchases can add up and improve your profits. You’re also building a rapport with new visitors, which is always a win!
Introduce flu season favorites.
Amplify your signage.
Just because perfectly healthy people walk through your door doesn’t mean you have zero products to offer them! Explain how they can stay healthy by stocking up on the vitamins and supplements they need during cold and flu season. Some products that can be beneficial for everyone during this season include:
You have fancy new signage now, right? Well, make the most of these quick flu shot visits by placing signage where patients will be seated for their vaccination! They will be sitting in a chair for around 10–15 minutes, so place signage nearby highlighting specials and deals that apply best to them. This is also a great spot to advertise your new flu season bundles where they physically can’t miss it!
You won’t get a ‘Yes’ if you never ask!
We get it. You don’t want to seem pushy or overbearing by sharing offers with these new patients, but you’ll never make a sale if you never ask . Imagine the increase in sales if every person who came in for a flu shot bought a product. Clearly, it’s worth the extra effort! Prepare a product or deal in advance so your team members can easily bring it up with every new patient. Don’t be shy! Small talk can lead to upselling, so don’t let the worry of being pushy hold you back. Flu season only comes once a year. Take advantage of it!
561-379-7750 4
SHIPMENT TRACKERS FOR YOUR PHARMACY
A47 N Duke St, York PA 17401
866-742-5784 ext/112
DOMINATE THE SHIPPING GAME!
OUR SERVICES
With an unbeatable 145 combined years of experience on our team, Shipment Trackers, Inc. is the ultimate powerhouse when it comes to securing the best shipment rates for your business.
Our Service:
OUR BOTTOM LINE It's time to ship like a BOSS!
PARCEL & FREIGHT AUDITS UPS & FEDEX REFUNDS
FREIGHT COST OPTIMIZATION CARRIER INVOICE PAYMENT BUSINESS INTELLIGENCE & ANALYTICS CONTRACT CONSULTATION SPECIAL PROJECTS
Join the domination and contact Shipment Trackers, Inc. today!
MORE INFORMATION www.shipmenttrackerscom
shipmenttrackers.com
TWO AWESOME PARTNERS TO HELP YOUR CASH SALES
SAVE AS A PBU MEMBER!
diversifyrx.com/cofixrx
diversifyrx.com/sitelabs
CofixRx is a great recommendation year-round and during cough, cold, & flu time.
SiteLabs is the "easy button" for your point of care testing servies.
PLEASE REACH OUT TO THE DIVERSIFYRX TEAM WITH ANY QUESTIONS!
Make Learning a Workplace Must Ongoing Education Makes a Difference
The last thing you want is a workforce filled with people living for the weekend. The grueling “work is just a paycheck” mindset doesn’t benefit your employees or your business. So, how can you boost motivation and create a work environment where employees actually feel like they matter? Opportunities to learn and grow are vital and not only improve workplace satisfaction but also help improve your overall business.
responsibilities, and 21% more likely to feel confident and happy.” Impressive, right? So, how can you make this a reality in your business? While frequent training is crucial to encouraging education, you don’t want your employees to feel forced. The key is to be upfront and let them have a say on what they would like to learn more about, how they’d want to achieve it, and when they would want to accomplish it. You want to make education as easy as possible for your team to benefit thoroughly and even be happy while learning! Another surefire way to enhance the learning experience is by joining in as a classmate. You can lead by example and show that everyone, including you, can profit from learning something new. This can make any training feel less like a mandatory snoozefest and more like a meaningful activity. With career burnout becoming more common, you need to support your team and ensure they feel like their hard work matters. When they learn more and feel accomplished about their career, productivity advances further than you can imagine. Educated and motivated employees equate to better business results!
What Motivates Us?
Finding motivation isn’t easy, especially when trying to uplift an entire staff with varying skills and concerns. Fortunately, the results are in, and studies have shown that education is a significant factor in keeping people motivated as they search for fulfillment. Daniel H. Pink’s book “Drive: The Surprising Truth About What Motivates Us” explores how impactful education is for those who are and aren’t motivated in their daily lives. According to Pink, humans need three elements to feel fulfilled and inspired: autonomy, mastery, and purpose. The solution to all three aspects is learning, and what better way to motivate your team than to create a learning environment? Foster learning by providing ongoing training and opportunities to learn from one another.
Benefits of Educated and Fulfilled Employees
How your employees view their work, and their lives in general, directly impacts your company’s success. When they’re inspired, they work harder, which means increased productivity and greater profits for your business. LinkedIn conducted a study on the relationship between workplace learning and contentment to discover how much education truly impacts employee satisfaction. They found that those given learning opportunities were “47% less likely to be stressed, 39% more likely to feel
productive and successful, 23% more ready to take on additional
DiversifyRx.com 5
... continued from Cover
Let them know about the bundles. Before you watch your cash-based revenue increase, all that’s left for you to do is ensure your patients know these bundles exist! This is an enticing offer, and you need to guarantee everyone knows these bundles include everything they need at a discounted price. First, use clear packaging so all the products are visible, and tie them up however you like. I would use colorful ribbon, which is both incredibly affordable and eye-catching. Next, place these bundles where anyone can see them. A perfect high-visibility spot is right by the register! It’s time to create in-store signage that can’t be missed! The signage should be bright, easy to read, and show the regular price of the combined products and your discounted deal. Be proud of these bundles, and don’t be afraid to have every team member aware of them and share them with customers.
Fall and winter are when more people will be heading into your pharmacy, and you need to take advantage of this with effective marketing. I’ll be sharing what exactly I like to include in these bundles, signage tips, and more flu-season selling points to cash in on, so stay tuned!
HAVE A LAUGH
561-379-7750 6
Promote Point-of-Care Testing at Your Pharmacy Show Patients Every Step of the Process!
Point-of-care testing has become a prevalent pharmacy staple since the pandemic started, yet you can offer patients many other tests this coming fall! Without a doubt, COVID-19 tests are the most sought-after type of point-of-care testing. Yet, you should ensure all your patients know you offer numerous tests such as strep throat, flu, or RSV tests. As the colder seasons begin, you should focus on offering these tests and making your pharmacy patients’ go-to point-of-care testing pharmacy. How? Here are a few things to keep in mind. DiversifyRx has an entire course for members on point-of-care testing, which includes starting the process or marketing, but we’ll give you a peek at a few tips here! Keep patients in the know! People might be apprehensive about testing, whether because they’ve never had that test done before or experienced it at your pharmacy. Point-of-care testing can be scary for the average person. So, lessen their apprehensions by directly
answering any questions the community might have in your marketing.
Marketing for point-of-care testing should share precisely what patients can expect when they come in for a test. Some questions or concerns you should address include:
•
Should they make an appointment?
•
Are walk-ins welcome?
•
How is the procedure done?
•
Do they need to prepare anything beforehand?
•
How long does testing take?
•
How much does the test cost?
Whatever questions a person may have should be addressed in your marketing, be it signage or social media. Set crystal clear expectations so people feel comfortable! Show the process step-by-step. What better way to display the point-of-care testing process than making a video? No, it doesn’t need to be Oscar-worthy! You can have your employees act out how different testing processes occur and everything people can expect when they stop by. This is an incredible and simple way to market these tests because they show you offer them, and the process isn’t stressful or a mystery! Practice complete pricing transparency. One element you can’t forget to share is your pricing. Including the entire process and the transparent pricing will encourage people to choose you over other pharmacies that keep it all under wraps. If you’re not proud of your pricing, it’s time to change it! You want a competitive price and another reason for people to choose you! If you’d like more detailed information and resources to start your pharmacy’s point-of-care testing, take our course: A-Z Point-of- Care Testing. With a compelling point-of-care testing campaign, you’ll find everything you need to get your pharmacy fall season ready. Head over to Pharmacy Badass University to get started!
DiversifyRx.com 7
417 Ravenaux Dr. Southlake, TX 76092 561-379-7750 DiversifyRx.com
INSIDE THIS ISSUE
1
Easily Bundle Seasonal Products and Watch Sales Boom
2 Our Top 4 Niche Product Picks 3 You Can’t Afford to Ignore These Selling Tips 4 Everyone Needs Flu Shots, Take Advantage! 5 Are Your Employees Staying Educated? 7 Market Point-of-Care Testing the Right Way
... continued from Page 3
your new signage. This placement is vital, as is having trained team members who bring these deals up to patients to keep them informed! In fact, signage doesn’t just have to be in person. You should also utilize social media as much as possible to spread the word! Whether it’s Facebook or Twitter, you can make simple posts on a particular product and mention why you carry it. No fancy graphics or videos required! These social media posts can help bring new and existing patients through your front doors. One incredibly effective signage tactic in person and online is to spotlight quantity or bundling promotions. Whether it’s your discounted bundles or a quantity sale, people will want to buy more and save more. A quantity sale is when patients receive a discount when they buy more products. For example, let’s say one bottle is full price, but if they buy two, the second bottle is 5% off, the third bottle is 10% off, and so on. Whatever your deal may be, you need to shout it from the rooftops to increase your sales, and signage is the best way to do this! Reach out to the DiversifyRx team for more signage resources and support to make your pharmacy’s signage the best it can be.
561-379-7750 8
Published by Newsletter Pro • NewsletterPro.com
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10Made with FlippingBook Ebook Creator