The other USP your pharmacy needs to rule your market
When pharmacists see USP, our brains automatically translate it to United States Pharmacopoeia. Which is a critically important USP for pharmacies. However, there is another USP that is vitally important if you are a pharmacy owner. Unique Selling Proposition, aka USP. This is a marketing term that essentially answers the question, what makes your pharmacy unique and who benefits the most from that uniqueness. Developing, knowing, and promoting your USP will help you grow profitably by attracting your ideal patient that is the best fit for your pharmacy.
Great Service Is Not Enough
In today’s competitive pharmacy industry, it’s not enough to simply offer quality products and great service. You need to have a unique selling proposition (USP) that sets you apart from the competition and attracts the right patients to your pharmacy. Your USP is the unique value that you bring to the table, the reason why customers should choose you over the countless other options available to them. Let’s explore the importance of having a strong USP for your pharmacy and provide tips for identifying and promoting yours.
Start With Understanding Your Target Market
Identifying your target market is crucial for any pharmacy owner. Let’s start by defining what a target market is. Another way to say it is your ideal customer/patient. It is the type of patient that is perfect for your pharmacy. Your dream patient.
What makes them perfect? Well, it can be anything. A perfect patient might be determined by your clinical passions, your location, the insurances in your area, the profit you can earn or any other criteria. If you love helping diabetics reduce their insulin, then let that passion guide you to create a pharmacy that is a perfect for diabetics. If your pharmacy is in the heart of a retirement community, then perhaps pediatric patients shouldn’t be your target market. When you have a clear understanding of your target market, you can tailor your messaging, branding, and services to appeal to them. This not only helps you attract more customers but also build a loyal customer base that trusts and values your pharmacy.
Identifying Your Pharmacy’s Strengths
To help you develop your target market and your USP, it can be helpful to look at your pharmacy’s strengths and weaknesses. Here is a simple yet powerful tool to help you examine your pharmacy in a new way: a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats.
I would recommend that you do a SWOT analysis on your own and then do one with your team. Ideally you can get your team together for a live meeting to fill it out together. If that is not possible, give them each a form and ask them to complete it. I would recommend giving them work time to do this or pay them an extra hour when they complete and turn it in. Their perspective can often be very different than yours.
You can also take different approaches to a SWOT analysis. You can have a broad whole business viewpoint or you can narrow it down to the perspective of only your target market. If your ideal target market is pediatric patients, then ask the questions when looking through that lens only. By taking these steps, you can identify the unique strengths and value that your pharmacy provides to customers, which can be used to develop a compelling USP that sets you apart from the competition. Click here for a quick and easy SWOT analysis download we put together just for you!
Crafting Your Unique Selling Proposition (USP)
Once you have identified your target market and conducted a SWOT analysis, it’s time to create your USP. A USP is a concise statement that summarizes your pharmacy’s unique strengths and characteristics, and how they address the specific needs and pain points of your target market. Here are some tips for creating an effective USP:
Summarize your pharmacy’s strengths and unique characteristics: Use the information gathered from your SWOT analysis and target market research to identify your pharmacy’s strengths and unique characteristics. Consider what sets you apart from your competitors and what your customers value most about your pharmacy.
Highlight how your USP solves customers’ pain points: Once you have identified your pharmacy’s strengths and unique characteristics, focus on how they address the specific needs and pain points of your target market. For example, if your target market is busy professionals who value convenience, your USP might emphasize your pharmacy’s drive-thru service or extended hours.
Here are some examples of effective USPs I have used in my pharmacies.
“We Make Getting Better, Easy!”
“Less Time. Same Copay. Better Care.”
“Your Health Is Our Business.”
Walgreens: “At the corner of happy and healthy.”
Other Pharmacies:
“Where Diabetics Come To Be Healthier” “Custom Medications for Unique Patients”
Communicating & Using Your USP
Once you have your USP it is time to start using it. Start by including it on all your marketing pieces. Update your website, your Facebook, and Google pages. Let your USP guide the services and products you offer.
For my first pharmacy, my initial target audience was pediatric patients. I used the USP We Make Getting Better, Easy! I also created a pharmacy that was very kid friendly. We had toys and movies in the waiting area. Free balloons and snacks. We even had sections of OTCs items based on each pediatricians’ preferred OTC items. My pharmacy also offered free flavoring. These were just some of the services we added because of our USP and target market. We made it easy for kids to get better.
You want your pharmacy to live and breathe your USP. Always think about what you offer through that lens. When you do you will attract more of your ideal patients, less of the ones you don’t want, all while positioning yourself as experts in your community. Join the conversation with over a thousand other pharmacy owners in our free Facebook group.
