Independent pharmacies face so many challenges, with declining reimbursement revenue and greater competition from Amazon and big retailers. If you own a small pharmacy, you might be asking yourself: how on earth can I grow my business?
NOVA is committed to helping independent pharmacies grow their revenue so they’re not only surviving, but thriving! Here are some effective strategies for driving pharmacy growth, based on our experience working with businesses just like yours.
How To Grow Your Pharmacy in 3 Steps
You can grow your pharmacy business by following 3 guidelines:
- Focus on Customer Care
- Make Small Changes to Your Store
- Sell Higher-Margin Products
Let’s see how these guidelines will help you overcome the major challenges facing your pharmacy.
1. Focus On Customer Care
Challenge You’re Facing:
You’re losing customers to Amazon and big retail chains. You want to bring healthcare resources to your community, but you’re not sure how to win their trust and loyalty.
Solution:
Deliver an amazing retail experience that keeps your customers coming back for all their health needs. You can dazzle your customers by providing not only products, but total wellness support. That includes:
- Helping customers find and test drive mobility aids, like rollators, to find the perfect one for them
- Educating your customers with product information and wellness tips
- Encouraging your customers to return for servicing and new products
Never forget that empathy is your competitive edge!
Resources for You:
| NOVA MVP |
|---|
| NOVA MVP is a video-based training program that turns your staff into customer-care experts and makes them experts on NOVA products. |
2. Start Small
Challenge You’re Facing:
You don’t have enough cash to overhaul your retail space. Maybe you want to add higher-margin items, but you’re worried about ordering too much product. You’re just not sure how to scale your business.
Solution:
Small changes can make a big difference. Here are a few ways you can improve your retail experience by making small, but impactful improvements:
- Warmly greet your customers when they enter your store
- Create a small showcase for popular HME products
- Make sure your staff are experts on the products you offer
NOVA offers our partners multiple quick and easy formats to help build out the HME experience in your store. A 4 foot planogram, a cane carousel, and a cushion display are just a few display items that don’t take up too much space and are a must-have for pharmacies.
Resources for You:
| ReNOVAte Your Revenue |
|---|
| NOVA is committed to helping independent pharmacies grow their revenue by creating a retail experience centered around customer care. |
3. Sell Higher-Margin Products
Challenge You’re Facing:
It’s difficult to make your pharmacy profitable because most of the products you sell – prescriptions, OTC medications and supplements, greeting cards and the like – have low profit margins. You might be relying on various impulse items, like electronics, gifts and seasonal items to drive revenue.
Solution:
When it comes to sales revenue, OTC medication is no match against home medical equipment. Not only do HME products have higher profit margins than OTC meds, but they’re also priced much higher. And because NOVA protects your margins against Amazon and does not sell to the big box chains, you can expect your profit margins to be even higher than the average.
Every day, more than 10,000 people turn 65 years old, so there’s an ever-growing number of people who need HME products. Unfortunately, these customers are often overlooked by local pharmacies and big retail chains. Your business has the opportunity to step in and be the hero that your community needs.
By tapping into the HME market, you can provide care solutions to people most in need of them while driving revenue growth through the higher margins that HME products give you.
Resources for You:
| NOVA Product Catalog |
|---|
| NOVA offers home medical equipment that’s durable and delightfully ergonomic. Many of our HME products have customizable cushions, covers, and accessories that allow people to individualize their gear. |
Growing Your Community Business? NOVA is Ready to Help!
Independent retail businesses are facing major challenges, but you can grow your store or pharmacy by creating an experience centered around customer care, providing high-margin products, and making some small but impactful layout changes.
If you need a little help, then partner with NOVA! We provide independent pharmacies with the products, educational resources, and guidance they need to grow their sales and business. The best part is that you can start small, and build your HME business at your own pace.
Learn more about our pharmacy supply services, or contact us today to get started in your journey of growth.
