Healthy Habits for your Pharmacy's Marketing Strategy

Healthy Habits for your Pharmacy's Marketing Strategy

We have all heard the theory that it takes 21 days to form a habit. Well, the other day I was listening to a podcast and heard that new studies state it takes 66 days. So, that means even more commitment and as John likes to call it stubborn persistence!

Habits are vital when it comes to marketing. On average it takes up to ten touch points for a customer to remember a brand. So, establishing habits on content creation and structure for your pharmacy’s marketing is what is going to get you noticed. Now, you know how every marketer states content is king? Well, structure is most certainly the queen. So, today we are dedicating a whole blog to chat about structure and how to create it within your marketing plan.

The 2020 Financial Year Wrap and Planning Guide

The 2020 Financial Year Wrap and Planning Guide

Wow, that was a big one wasn’t it? The pandemic impacted us all to various extents. An introvert’s dream (self-isolation is just our way of life), and an extrovert’s nightmare. For us business owners, it was tough, for a whole variety of reasons.

For us at Peak, the COVID tax incentives were a great move by the Federal Government, but it put enormous pressure on our team at a time in which we had lodgement deadlines looming. I must thank for Peak family for the huge effort they put in to get us through this incredible business phase. There were some huge hours and more than enough weekends. But we lived up to our values, and that is “relationships”. We had to make sure our clients were looked after, and we made sure we guided them through the daily updates and changes that we were hit with. My Peak family are getting tired now, and certainly need a break, but I am so proud of them and the effort everyone put in. Before we wrap up the year, I wanted to take you through some tax planning tips and year-end tidy ups.

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.

Acknowledgement of Country

Peak Strategies acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.

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