Improving profit margins is the name of the game for small business.
The key is doing so with little to no extra cost or effort.
Profit doesn’t have to be a four letter word.
You can have it both ways: improve your patient’s health care and run a thriving, profitable pharmacy business.
Consider "cross-selling" tactics for a moment.
As a pharmacy, you can solve problems your patients may not even know they have.
You are the experts, and it’s time to show it.
With a well-trained staff, you can begin to make recommendations for products that will help your patients while they are still in the store actively buying from you.
Cross-selling is a quick and easy way to increase profits while positioning your pharmacy as a knowledgeable and caring community healthcare destination.
Remember, you are in the problem-solving business.
You provide solutions to people’s health issues.
And guess what?
There are hundreds of cross-selling and upsolution opportunities readily available within the four walls of your pharmacy.
You didn’t go to Pharmacy School to be a Salesman.
You didn’t spend five plus years learning how to make a “sale” or how to grow your independent pharmacy profit margins.
However, you did learn about the different interactions and side effects of hundreds of medications and how to educate your patients on the solutions available to them.
As the pharmacy owner, you are not alone!
Train your staff and create critical drivers that encourage your team to take a vested interest in the business.
Growing a Profitable Supplement Business
Pharmacists are taught to be on alert for major side effects from the drugs prescribed.
However, from our experience, there is rarely a focus on educating their patients about depleted nutrients caused by medications or supplements to enhance the performance of their prescription.
You are the best person to share this knowledge with the patients in your community.
Patient education, offering supplement solutions and healthy prescription alternatives to patients can add thousands of dollars to your bottom line and build credibility to your role, as a great source for health information in the community.
High Margin Upsolution Opportunities
There are 100’s of cross-selling opportunities available at the fingertips of pharmacy professionals.
Here’s a quick list of conditions and products that have proven to decrease the chances of nutrient depletion, improve the disease state, and grow your bottom line.
- High Cholesterol Patients – CoQ10
- Chronic Pain Patients – B Vitamins and Vitamin D3
- Poor Bone Density Patients – High quality calcium supplement
- Depression, Allergy, Autoimmune and Muscle Relaxant Patients: Vitamin D3
Nutrient Depletion Recommendations
- Proton Pump Inhibitors – B Vitamins, Calcium, Magnesium, Iron, Probiotics, Vitamin D
- Blood Pressure Medications – Antioxidants, B Vitamins, Magnesium
- Diabetes Drugs – B12, Folic Acid, Chromium
- Diuretics – Magnesium, Zinc, Calcium, B6, Vitamin C
- Statins – CoQ10, Antioxidants
- Oral Contraceptives – B Vitamins, Antioxidants, Multivitamin with minerals
Product Pairing Recommendations
- New toothbrush with antibiotics
- Hand sanitizer for cough and cold products
- Lip balm for acne medicine
- Children’s fever medicine for antibiotics