People will buy more often and spend more with you when you make an offer that feels like it was created just for them. This is why independent pharmacies should focus more on targeted marketing.
Independent pharmacy owners face the challenge of staying profitable while maintaining the personal touch that sets them apart. With Prescription Benefit Management (PBM) companies often dictating market terms, you must explore alternative revenue streams that are within your control. Targeted marketing will help your pharmacy grow these alternative revenues.
Non-PBM revenue — income derived from services and products not billed through PBM contracts — offers an attractive opportunity to diversify your revenue.
But how do you get people to notice these other services you offer?
Targeted marketing is a strategic approach that allows pharmacy owners to directly address the specific needs of their customer base. To effectively address these needs, service offerings, and marketing efforts must be optimized.
Let’s discuss why targeted marketing is essential for growing non-PBM revenue and how you can implement it in your pharmacy.
Understanding Your Audience
Before diving into targeted marketing, it is key to deeply understand who your customers are and what they are looking for. If your current patient base isn’t the one you want, then focus on the type of patients and customers you do want. I often hear, ‘But my patients are “this”.’ Then targeted marketing will help you attract a different/better patient type and is even more important for you.
- Are they seniors interested in compliance packaging?
- Or busy professionals who would love delivery service?
- Are they parents in need of pediatric care products?
- Or perhaps fitness enthusiasts looking for supplements and health advice?
Knowing your audience means you can tailor your offerings to meet their specific demands. When they read your advertising, it will make them feel like you are talking directly to them. A generic message will often be ignored.
The Benefits of Personalization
Personalized marketing can significantly enhance your customers’ experience. By crafting messages that speak to individual needs, you can elevate the perceived value of your products and services. A customer is more likely to engage with marketing tailored to their personal health journey than with generic advertising.
Personalization attracts customers, builds loyalty, and encourages them to continue choosing your pharmacy over other competitors.
Leveraging In-House Events and Services
In-house events and services can differentiate your pharmacy while providing non-PBM revenue opportunities.
- Health screening days, vaccination clinics, or wellness workshops are examples of services that can be promoted through targeted marketing.
- Using social media, email campaigns, or even traditional mailings, advertise these events and be sure to call out the segments of your customer base that would be most interested. For example: Hey busy moms… at the beginning of an ad will attract people who identify as a busy mom.
Emphasizing Quality and Expertise
As an independent pharmacy owner, you offer a level of expertise and customer service that big chains often cannot match. Use targeted marketing to showcase your staff’s knowledge, the quality of your products, and the uniqueness of your pharmacy’s care. Tips and advice on health topics related to your special services can help cement your reputation as a trustworthy authority in your community.
Too often, pharmacists avoid being branded as experts because they feel they don’t deserve the title. It is important to remember that you ARE the expert to your community and patients. You know more about a thousand topics than they ever will. It’s okay to step into that role.
Developing an Online Presence
In today’s digital world, having a robust online presence is necessary. Beyond showcasing your services, your website and social media channels can serve as platforms for valuable content that draws in new customers while educating your current base. Blogs on health topics, videos on medical advice, and newsletters with exclusive offers can entice engagement and drive traffic directly to your services and products.
One of our members, Brent Hickey, is doing a fantastic job of this on social media. Brent is the owner of Little Drug Family Wellness Center. Check out a sample video HERE. I highly recommend you follow Brent on his social channels, and feel free to emulate what he does.
Partnerships with Local Businesses and Organizations
Community partnerships can expand your reach and establish you as a health hub in your locality. Consider collaborating with local gyms, beauty salons, or community organizations to offer members benefits at your pharmacy. Not only does this expand your audience, but it also builds a community network that reinforces the personal connection of your brand.
Look to partner with a company that serves your ideal patients. If you want to attract families with kids, then partnering with a daycare or preschool is a perfect partnership.
Monitoring and Adapting
With any marketing strategy, it’s essential to monitor effectiveness and adapt as needed. Analyze the results of your marketing campaigns to understand what resonates and what does not. Most platforms have fantastic analytics built into them. You just have to know where to find them and remember to look at them.
For our Unlimited and Inner Circle members, we prepare a monthly analytics report for all social media channels and website traffic. Knowing what your audience likes (or doesn’t like) is important so you can adjust accordingly.
A Few Ideas
Here are some ideas that you can use right now to target highly profitable segments of the population that meet the needs they have at this moment.
- Target financial people (CPAs/Accountants/Bookkeepers) – right now is their super busy time, and they are feeling burnt out. Offer them with services and products aimed at adrenal support, sleep, stress, hormones, or increasing energy.
- Target allergy suffers – Spring has sprung, and allergy sufferers know it. Sell them an allergy test kit from Wyndly so they can cure their allergies instead of just treating the symptoms.
- Target people who are trying to lose weight – Tons of people are taking GLP1s or are interested. You can offer adjunct solutions and services to boost their results, mitigate side effects, or provide an alternative.
Targeted marketing is a highly effective tool in this endeavor, allowing for personalized communication and tactics that resonate with specific audiences. By implementing these strategies, you can diversify your revenue streams, cement customer loyalty, and stand out in the competitive pharmacy market.
Remember, the goal is not just to sell—it’s to build relationships that will sustainably grow your independent pharmacy for years to come.
If you have any questions for Dr. Lisa Faast, you can submit them to drlisafaast.com. If you are a Pharmacy Badass University member, please submit your questions through the membership for a faster response.
