What we have also noticed with the industry in general is that in 2022, newly established owners, young pharmacists and first-time buyers are competing with larger “corporate” pharmacy groups. In a time when the values are significant and as is typical of our industry, there are always more buyers than there are supply of pharmacies.
On the other hand, the pharmacies who continue with their plan and persist with the marketing for their pharmacy for the year, see great results. For example, our Pharmacy Mastermind clients (who are required to work with a marketing plan as part of the program) have an average of over 15% increase in customer numbers each month.
Partnerships have also been a big factor this year. We have had a significant uplift in pharmacists connecting with Peak looking for help and guidance on partnerships. We have produced a ton of content on this topic, and it has been very fulfilling to be able to help pharmacists with their first step into the world of business.
Within your patient base there would be trends on why people are visiting your pharmacy. Common health issues, services and conversations would be had daily. As Swarup suggests, explore these topics, and expand your scope of service accordingly. As we did with covid, look at what is required for that said crisis and build your pharmacy’s service offering from there. At Peak Strategies, we believe that is a great course of action regarding both patient experience and marketing, because you’re filling the demand of what your patients are needing.
Unfortunately over the course of my career when I have seen businesses go under, (which is not something any of us want!) poor financial records are a common issue. This is because the business owner doesn’t have clarity over how the pharmacy is actually performing.
Generally, you need someone to undertake this function, who are professionally trained, and subject to the highest of quality practice standards. My view is that all pharmacy owners should be outsourcing their bookkeeping function.
