Prescriptions are the primary revenue source for pharmacies. But to optimize the revenue stream for your pharmacy business, you need to increase the sale of other products as much as possible also. Here are a few ways to do that.
1. Research the market
If you want to increase sales, you need to find out the products people like and what they buy. This requires research. Look at data sources in the industry to find out what the big selling products are in over-the-counter medications and other retail products. For example, one study found that cold and allergy medications, vitamins and dietary supplements, and pain relief medications make up almost half the market in health and wellness.
Look at the sales figures in your own pharmacy to see what products are selling the most and make these products easier to access in the pharmacy.
2. Think about product placement
Where products are located has a significant influence on how well they sell. There are areas in the pharmacy that get more foot traffic than others — next to the prescription counter and the aisles leading up to the checkout registers.
You need to try placing different products in these areas to see what sells the most. Move the products around the pharmacy to see which locations are the best for increasing sales.
This is a marketing strategy to get customers to buy additional products. You should train the staff at your pharmacy to do cross-selling.
For example, many prescription drugs that people take cause nutritional deficiencies, and you can get customers to buy additional products at your pharmacy by marketing nutritional supplements to them.
For example, you can increase your sales to a patient taking a beta-blocker by recommending Co Q10, a nutrient the body needs to counteract a deficiency caused by the medication.
4. Put complementary products together
Knowing how products complement each other can also help to increase sales. For example, you can put joint cream in the same area as knee braces and display boxes of tissues near cold and flu remedies.
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