Community Pharmacy vs Big Box Discounter | Understanding Your Marketing Strategy

Community Pharmacy vs Big Box Discounter | Understanding Your Marketing Strategy

I did the unthinkable last night, I visited a big box discounter (hint the colours are red, blue and yellow).

As John shared with me this morning at Peak this is a fireable offence as we are all avid supporters of community pharmacy (we kid, but it is frowned upon). However, this was a desperate instance of my husband forgetting to fill his script and this being the only pharmacy open at that time of night in our suburb. So, after many complaints on my end, we popped into the-one-that-must-not-be-named to quickly get his meds.

Being a pharmacy owner and doing the job of a pharmacist is not enough.

Being a pharmacy owner and doing the job of a pharmacist is not enough.

So, the 2020 financial year is about to come to an end, and boy, that one was a bit hectic. It was a little intense wasn’t it? But I have had enough of hearing about Covid-19.

Therefore, I have hoping to write something that is going to make you all stop for a little while have a bit of a stock take about where you are. Not literally of course. You didn’t think I would be writing about actual stock taking procedures, did you?

Pharmacy Valuations in a Covid-19 world

Pharmacy Valuations in a Covid-19 world

No doubt all pharmacists and pharmacy owners over the past few months have experienced a flooding rains and drought scenario as a result of the Covid-19 pandemic.

Of course, every pharmacy is different, and every location is different, but certainly from the data we are seeing many pharmacies experienced an extraordinary March with the impact of hoarding and panic buying particularly evident. April though is showing the opposite, with many pharmacies experiencing a significant downturn in turnover. Though like I said, every pharmacy is different.

So, if over the next year or so, you are looking at buying a pharmacy, your decision-making process, particularly around understanding the earnings of the business and valuations is going to be a little trickier. Basically, because you are trying to determine an earnings streams based on an unusual, unprecedented event.

How to communicate with customers during a crisis.

How to communicate with customers during a crisis.

COVID-19, what a crazy ride it’s been so far! More than ever the public are looking to pharmacies for guidance and support. Whether that be for hand sanitizer, their scripts or for general advice, every client I have recently spoken to have said that customer communication is higher than it’s ever been. Some of your team members might be spending their whole day on the phone or responding to emails from people seeking advice.

What has been the most difficult for both pharmacies and the public is the ever-changing information. Every couple of days there is something new being passed by the Government to protect the Australian community. This of course makes a lot of sense, but also extremely hard to navigate! So, today we are going to share some ways to communicate with your customers during a crisis to hopefully help you alleviate some stress for your team.

Pharmacies and their connection to Their local community

Pharmacies and their connection to Their local community

I am very much a firm believer than every negative has a positive, every positive has a negative. To me that is the balance of life. So, whilst we are going through a Corona virus life adjustment phase and listening to all the tales of doom and gloom, it’s good to stop and find the positives out of all of this. For me personally, I cling on to these positives during these times and they become my focus.