Magazine article Drug Topics

Retail Pharmacy: Know the Marketplace to Grow the Customer Base

Magazine article Drug Topics

Retail Pharmacy: Know the Marketplace to Grow the Customer Base

Article excerpt

BUSINESS GROWTH

To increase revenues, retail pharmacies must grow their customer base - and increase the quality of customers they attract.

During a recent webinar, Dan Benamoz, RPh, CEO of Pharmacy Development Services, a business education, coaching, and mentoring firm in Palm Springs, Fla., offered tips for boosting sales through customer acquisition and retention.

Find your customers

Pharmacies must first determine their ideal customers. "If your target audience is 'everyone', you don't have a target audience," Benamoz said. "In phannacy [in general], the ideal customer is geriatric [customers], followed by pediatrics. In your case, it could be customers on four or more medications, compounding, or whatever your niche is."

Pharmacies that don't have a niche should detennine where there are gaps and needs in the marketplace. "Just because you want to do something doesn't mean it is right in your particular area. If you have an interest in wellness but you are in a high Medicaid area, you are not going to be selling high-value vitamins," Benamoz said.

Promotion

Once phannacies choose their niche services, they can begin announcing them to current and prospective customers in a number of different ways. …

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