Pharmacy Resolution 4: Identify New Ways to Compete In Your Market

Competing against large national chains and mail-order pharmacies is a major challenge independent pharmacies have faced for years. Meanwhile, becoming the most recognized and trusted pharmacy in a local community is another challenge altogether. How will you set yourself apart from local competitors in the coming year?Identify New Ways to Compete In Your Market

Pharmacogenomics is one method of business expansion we will promote in the year ahead. In fact, we believe it is such a profitable opportunity that we will hold an experts panel on pharmacogenomics at the 2016 PDS Super-Conference. In recent years, we have featured revolutionary tactics like prescription synchronization and bedside delivery.

There are many new programs you can implement to gain a competitive edge, but before you get started, here are 3 considerations to help you get started.

1. Will it benefit your target market?

When you are focused on your target market’s pain points, you will have a better understanding of what services will be the most beneficial in solving their problems. For example, if you find that a large number of patients are coming to you to fill prescriptions after they’ve been released from the hospital, bedside delivery may be a service to consider. Knowing your audience and tailoring your services to fit their needs will make a huge difference in customer satisfaction. Before you select an innovative new program, make sure it is applicable to your patients and your community.

2. Will it set your pharmacy apart?

While many of the national chain pharmacies offer the same services, you have the ability to provide more. A personalized touch will make your customers feel valued and like they’re part of your family. What new services can you offer that are available nowhere else in your community? Is there an opportunity to expand your current customer base? Identifying and leveraging niche markets is also a great way to differentiate yourself from other pharmacies.

3. How can you provide extraordinary customer service?

One of the biggest challenges of any business is getting people in the door, but perhaps an even bigger challenge is getting people to come back repeatedly. Extraordinary customer service can make all the difference in patient retention. Going above and beyond for each of your patients means saying “yes” when everyone else has told them “we can’t do that for you.” It means taking a few extra minutes to talk to a patient about their prescriptions and answering any questions they may have. As an independent, the opportunity to build personal relationships and “wow” your customers is your extra competitive edge.

Make it a priority to identify new innovative methods to compete in your local market. If you’re struggling to find ways to set yourself apart from the other pharmacies in your area, you’re not alone. At the PDS Super-Conference, you will be joined by thousands of your peers, who will be sharing ideas that can transform your business and bring in brand new revenue streams. If you would like to identify new ways to compete in your local market, there is no better place to do it. We will even provide the tools and resources to implement new programs quickly and seamlessly. Click here to register for the Super-Conference now.