Niche is a buzzword we love here at PDS. Of course, niche typically refers to specialty services, but at PDS we see niches as opportunities to stand out and dramatically improve your bottom line. The independent pharmacy landscape has shifted dramatically in the past few years and one of the biggest changes is in how pharmacists turn a profit. Now more than ever, independent pharmacies need to identify new programs and implement them quickly to stay ahead of competition.
How will you identify profitable new niche opportunities for your pharmacy?
1. Attend industry events with an open mind.
Industry events like the PDS Super-Conference are an incredible place to source new ideas for your business. In fact, we recently received this note from pharmacy owners who attended the 2016 event in Orlando:
“Dan, I would like to thank you for opening up our eyes to think out of the box and to learn how to work smarter, not harder. You have helped us to begin to change our thinking by not looking at the smaller picture but to look at the bigger picture. We were looking at the money we were losing on a product and not at what we could make in the long run. You gave us a starting point with ideas we will put in place. We want to be an elite pharmacy to help patients no matter what ailment they may have.” -Rudy and Dawn Letellier, Waveland Pharmacy
Although the note doesn’t make it clear which specific ideas, niches and programs were most impactful to them, we’re willing to bet that the ideas Rudy and Dawn picked up at the PDS Super-Conference have the ability to improve their company culture and increase cash flow.
2. Join a community of industry leaders.
We caught up with PDS Member, Angela Stokes, who raved about the benefits of PDS Membership and talked about the importance of identifying and implementing new programs.
“I could stand here and name programs probably for an hour, that we created and absorbed, and it revolutionized our pharmacy. I don’t even know if we would be in business today if it wasn’t for what PDS gifted us with.”
PDS Members form a unified community to share ideas and learn from each other’s successes and failures. They attend numerous pharmacy-specific trainings and work with best in class Subject Matter Experts, Business Coaches and Performance Specialists to identify and implement the best new programs faster than their competitors.
Watch the video to hear what Angela had to say:
3. Tap into online resources.
At the very least, digital resources like blogs, ebooks, webinars and message boards can help you stay informed. Enter your email address on this page to subscribe to the PDS blog and receive ideas, inspiration and updates tailored to the pharmacy industry. On the Industry Message Board (PDSAdvantage), you will have the ability to connect and converse with thousands of pharmacy professionals on a daily basis.
Time and again, we hear from pharmacy owners nationwide, who say that customized services like compounding, bedside delivery and SyncRx+ are the answer to obtaining new pharmacy customers and increasing profitability.
So what are you waiting for? Download your free copy of the ebook, Generating More Pharmacy Customers with Compounding, where we reveal important findings and tips including:
- How pharmacy compounding drives business revenue
- How compounding ensures a steady flow of new customers
- What resources and trainings are available for compounding and much more
Learn more, launch your own compounding niche and get more customers in the door now!