You are leaving far too much money on the table if you aren’t leveraging social media trends to increase your pharmacy profit.
Social media is an amazing free tool for pharmacy owners. Yet, there are so many who don’t benefit because they are unsure how to use it or where to start. We have some great past blogs on the basics of social media marketing you can check out. We want to help you take advantage of trends and understand how they can boost your OTC pharmacy profit.
Let’s dive right in and explore how you can turn likes, shares, and followers into increased revenue for your pharmacy business.
The Power of Social Media for Pharmacy Profit Growth
In today’s digital age, social media isn’t just a place to catch up with friends or share funny memes. It’s a dynamic platform that can significantly impact your bottom line by driving traffic, increasing sales, and ultimately boosting your pharmacy profits. Platforms like Instagram, Facebook, and TikTok offer unique opportunities to engage with your audience, showcase your products and services, and drive conversions.
There are so many creators on these platforms that you might wonder how you can fit in or if you have missed the boat already. Trust me when I say there is plenty of room for you, and you don’t need millions of followers to see a positive difference in your pharmacy. Local brick-and-mortar businesses can thrive on social media even with a small, loyal following.
Riding the Trending Wave to Boost Pharmacy Profit Margin
There is no reason to reinvent the wheel when you can simply follow a trend’s coattails.
The Stanley Cup is a great example. You might have heard that due to its popularity on social media, the company’s sales have increased 10-fold! Essentially, it went from about $75 million a year to over $750 million a year. Crazy! What you probably haven’t heard about is all the other people making money off of Stanley Cups, from the DIY decorators on Etsy to knock-off style brands. The craziness around Stanley has helped others boost their sales and profits.
It can work for you, too.
One of the keys to maximizing pharmacy profit on social media is staying on top of the latest trends. Whether it’s viral challenges, popular hashtags, or trending topics related to health and wellness, incorporating these trends into your content can help you reach a wider audience, increase engagement, and ultimately drive more pharmacy profit. By keeping a close eye on what’s hot and being ready to capitalize on it, you can grow your pharmacy profit margin.
You Must Be A Consumer Of Social Media
How do you know what is trending? Well… you see what pops up in your feed. Yes. I highly recommend you use social media as a consumer in order to better use it for your business. I am not saying you have to spend hours on each platform. However, spending 10 minutes twice a week will help immensely. Not only will you become aware of what is trending, but you will also see how other creators create! To help you save some time, we recommend starting with TikTok or Instagram.
Right now, these items are trending:
- Castor oil (it is sold out in many places)
- Magnesium
- Anything adjacent to GLP-1s/weight loss
- Culturally diverse products
Start With What You Already Have
There is no need to spend a bunch of money on new products to promote on social media. While following trends can be an easy boost to your sales, working with what you have is a fantastic strategy as well.
Start by showcasing products and services you already have in stock, highlighting their benefits and value to your audience. Encourage your team members to get involved and share their ideas for content that drives pharmacy profit. Collaborating with your team can lead to innovative and engaging content that resonates with your audience and ultimately contributes to better engagement and results from your social media posting.
The Good, The Bad, The Ugly: Getting Public Feedback
Once you go public and start making a splash, you will hear from your online community. Feedback can be scary. It is a valuable source of insight into what your audience wants and needs. Whether it’s positive or negative, respond to feedback promptly and professionally.
Of course, it is easy to say thank you to someone who loves your post. It is much harder to nicely respond to a hater. Receiving negative feedback hurts. There’s no way to sugarcoat it. And it can be helpful. And it can be completely uncalled for. Also, keep an open mind and use all feedback as an opportunity to improve your products, services, and overall customer experience. By actively listening to your audience and addressing their concerns, you can build trust and loyalty and ultimately protect your hard work in the long run.
Tracking Data and Analytics to Optimize Pharmacy Profitability
Last but not least, don’t forget to track your social media performance and pharmacy profitability metrics. Pay attention to metrics like engagement, reach, conversion rates, and overall pharmacy profit growth to gauge the effectiveness of your efforts. Use this data to refine your strategy, identify areas for improvement, and make informed decisions that drive pharmacy profitability and long-term success.
The data can get overwhelming, even for data nerds like me. When you are just starting, focus on which posts got more people to respond. Did you post about probiotics and then sell out? Or did your weight loss post get shared 5 times? These types of metrics can be easier to evaluate and can help you with content decisions when you are just starting.
Getting Your Team Involved
Social media might not be your cup of tea. That’s ok! Chances are, you have someone in your employment (or a child of an employee) who loves social media. You can enlist them to help you with posting, understanding what is trending, or even sharing and engaging with your content.
Speaking of increasing your engagement… a nifty hack is to get together with other local business owners and create a social media support group. The sole purpose is to like, share, and engage with each other’s content. This strategy is especially important if you are just starting out or if your page has been dormant.
Don’t let your uncertainty about how to best use social media stop you from this powerful tool for driving pharmacy profit growth. The best action you can take is to just start. It is ok to figure it out along the way. You don’t need to have the perfect plan first. Make a commitment to yourself and your pharmacy’s future to start posting every day. You will soon see the rewards.
Are you ready to transform your pharmacy’s revenue model? Become a member of Pharmacy Badass University where you’ll receive exclusive tips for managing a successful and profitable pharmacy. Plus, you’ll gain access to a community of thriving pharmacy entrepreneurs.
