Pharmacy Marketing: The Fourth Pillar of Pharmacy Profitability

The Fourth Pharmacy Profit Pillar
The Fourth Pharmacy Profit Pillar

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Efficient and effective pharmacy marketing is critical to your profitability. 

Your pharmacy marketing should not be an afterthought or a make it up as you go along initiative. It is critical and should be planned, tracked, and optimized as much as possible. No matter which pharmacy profit tactic you implement in your pharmacy, you will need to market it. 

Let’s dive into some of the tactics of pharmacy marketing strategy you need to focus on to get your pharmacy profits rolling in.

Consistent Social Media

Social media is an area of marketing you MUST ensure you focus on.

Here are a few reasons you should be prioritizing social media for your pharmacy marketing:

  1. Social media is here to stay. 
  2. Billions of people and, more importantly, most of your community are using it.
  3. It can be free.
  4. Even for ads, it is very cost-effective. 
  5. Did I mention it is free?
  6. No matter who your ideal customer is, you can find them on social media.

I know that social media marketing can be highly confusing sometimes.

  • What platform should you use? 
  • What do you post? 
  • How often do you post? 
  • What’s a boost?
  • Do I have to dance?

The answers to these questions aren’t necessary for you to get started with social media. The only rule you absolutely must follow is consistency. You need to show up for your audience. This consistency builds trust with your audience. 

Live Videos

If you think recording a video is scary, what about a LIVE video?

Did you just start to panic and get chills thinking of going live on Facebook?

I know I used to.

But, going live is one of the best ways to increase your reach and get in front of a whole new group of people. People want to see that you are honest and care about them. When you go live, they see that.

Another great thing about live video is that it doesn’t have to be perfect.

You can be in pajamas, no makeup, and it is still ok. What matters is that you are showing up and being authentic. I challenge you to go live at least once a week for the next month and see what happens. Well, I know what will happen. The amount of engagement on your social media page will skyrocket!

Doctor Detailing

Building relationships with prescribers is an integral part of every pharmacy’s marketing strategy. We created several videos on your YouTube channel to help you improve your doctor detailing skills.

Here are just a few tips from these videos. 

From our Tips and Tricks Video

#1 Use the Word Free

Using the word “free” is a powerful term to get in good with doctor’s offices and patients alike. Doctors love free and enjoy offering these free things to their patients.

One thing I love to offer is free flavoring. Give them coupons with your pharmacy name, email, address, etc., with a free flavoring upgrade for your pharmacy. That is a simple way to partner with a doctor’s office.

We also have a video that dives into what a doctor’s visit should look like. You can watch Anatomy of a Doctor Visit by clicking. 

There are also plenty of mistakes you can make regarding doctor detailing. Check out our 5 Mistakes To Avoid video. 

Bag Stuffers

Bag stuffers are one of my favorites because they are low-cost and highly effective—a win-win combo. 

They’re an excellent method to advertise other goods and services to individuals that already know, like, and trust you to increase sales. It is always easier to increase sales from patients already your customer.

Most pharmacies don’t do bag stuffers correctly. I have figured out the best practices to ensure they work. Click the link to learn about my bag stuffer rules. 

Make a Budget

I talk to many pharmacy owners with no budget for marketing, while others spend way too much. It seems no one has a good grasp of a pharmacy’s marketing budget. 

I prefer to use the 1-2-3 method. This numbered method is a percentage of your revenues. 

If you want to keep the same amount of business you have, you should budget 1% of your total revenues for marketing expenses. 

To grow mildly, I recommend a 2% investment. 

For more aggressive growth, then, you will want to look at 3%. The 1-2-3 method is an excellent rule of thumb for the typical independent pharmacy owner. 

For compounding pharmacies, your number method is 3-6-9!

To better understand how to make your budget go as far as possible, read our blog, How To Have An Unlimited Marketing Budget

And that’s a wrap! We hope you enjoyed this blog post and learned some valuable information. Marketing is vital to any business, especially pharmacies in a competitive industry. If you have any questions or need help with your marketing strategy, please don’t hesitate to reach out to us. We would be more than happy to help you grow your business!

Check out the Pharmacy Badass University and enroll in our highly reviewed program that helps you increase your profits and get your pharmacy on track!

  • DiversifyRx

    About DiversifyRx

    DiversifyRx is dedicated to helping pharmacy owners kick ass and create profitable, thriving pharmacies. We strongly believe the key to success is diversifying your revenue streams and maximizing each opportunity that is right for you. DiversifyRx was created by a pharmacy owner for pharmacy owners. We offer tons of free information and our Pharmacy Badass University membership. This site contains affiliate links to products or services. We may receive a commission for purchases made through these links.

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