The changing landscape of pharmacy today is making it increasingly important for operators to have a clear value proposition. Understanding exactly what makes your business unique is critical to ensuring the long-term viability. This is a challenge that’s at the forefront of all owners minds as they look to navigate the increasing competition.
A greater importance placed on retailing and the introduction of additional health services to increase a pharmacy’s revenue streams, have been popular strategies in recent. Although different strategies will work in different scenarios, one model which has proved to be very successful in small to mid-sized pharmacies is a more integrated approach. Buyers in the market are placing a greater value on pharmacies that can offer this.
Cranes Pharmacy in Mosman NSW is a shining example of the effectiveness of this model. A specialisation in natural and traditional medicines helps provide a point of difference whilst also enabling the pharmacy to achieve an excellent GP and average basket size of $50. The pharmacy has loyal clientele who have helped the business thrive for 25 years, even though the owner hasn’t worked in store for more than five years.
This long-term goodwill is extremely valuable and can be attributed to a few key benefits of an integrated approach:
- Providing health solutions from the natural and medical worlds is a very effective and complimentary strategy. Positive health outcomes are key to generating customer loyalty.
- Because these unique health solutions are only available at the pharmacy, this ensures repeat patronage from customers.
- The implementation of health programs mean that your engaging with customers over an extended period of time. This builds rapport and enables multiple repeat sales over the medium to long term.
The success of Cranes Pharmacy shows that with right passion and approach, a motivated owner can provide an excellent service to their customers and create a point of difference that would be very difficult for competitors to replicate.
– Jack Brown, NSW Sales Manger and Partner at AP Group