How pharmacies traditionally increase profit margins

Over the years we have seen lots of ways proposed to increase your pharmacy profitability, we speciliase in new ways to establish new services and promote your existing services, however here are some traditional means:

Cost reduction

• Overheads - tend to eat up pharmacy profit, by reducing staff to a skeleton crew you can avoid this cost.

Increase sales

• Newspaper advertising - readers tend to read adverts in a Z pattern, it is best to place an advert in the bottom right hand corner of a right hand page.
• Coupons - hardcopy coupons can be a great aide de memoire for your patients to come to your pharmacy.
• Direct mail - hardcopy mailouts to patients, you can use your NHS patient database to send out letters promoting NHS services as long as you have collected their permission.
• eMail - start a competition in store to collect patients details, form a Customer Relations Manager such as the free hubspot and monitor your progress.
• TV and Radio Advertising - whilst TV can be prohibitively expensive, local radio can be great as listening memory is more acute than visual memory.
• Window displays - you have an advertising space, why not use it? Eye catching silks are all the range.
• Telemarketing - calling patients in combination with the NMS services can often bring in footfall.
• Direct sales to high margin items - these include:
  • Compression stockings
  • Diabetes supplies
  • High-end vitamins and supplements
  • Wound care
  • Incontinence

Unfortunately, many of these techniques are outdated due to the emergence of large online retailers such as Amazon, click the link below to see how to promote your business in the modern era.

Promote your business