Differentiate your Pharmacy and Increase Profit Margins
With all the pharmacies out there, how can one stand out to increase your profit margins? Here are 2 major ways to differentiate yourself according to Fiona Sartoretto Verna:
1) From commercial to professional
It’s time to reposition. Everyday we read about pharmacies that belong to chains closing. First in the USA and UK, but this is happening all over the world.
Online sales have brought about a change in consumer behaviour and the best price is available on the internet, NOT IN THE PHARMACY.
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2) From generalist to specialist
The majority of pharmacy chains are generalist meaning that they all sell a little bit of everything. Today we must make the choice to specialize and become the number one in a given area, for a given target audience.
Becoming a specialized chain means focusing on one category, it means studying products and training to be able to accommodate people’s needs and solve their problems.
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