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Why to NOT hop on every bandwagon

Trends, hot topics, new offerings – all of these can serve as opportunities to bring in money and new patients. Who doesn’t love the sound of that?!


However, it's important to not hop on every bandwagon that pops up in the pharmacy industry. While some opportunities may pique your interest, filter out the noise and determine if it makes sense with your pharmacy and audience.


Ask yourself questions, such as:

  • Does it align with my pharmacy’s business model?

  • Is there a need or want for it in my community?

  • Who is my target market?

  • Who are my competitors?

  • What is my pricing strategy?

  • How will I market it in my market?

  • Is my team on board?

  • How will I define success?


Are all your answers pointing in the direction of “yes, do it”?


Great!


Before diving headfirst, though, let’s pause once more to make sure you’re setting up your pharmacy and team for success!


Prepping your pharmacy

Whether you’re launching something huge, something small or simply updating a current offering, you’ll want to prep your pharmacy and team well in advance before officially launching. Because there are so many moving parts in this process, we’ve put together a mini checklist to help your pharmacy be successful!


  1. Learn about your market – Research and understand your target market’s demographic, preferences, buying behaviors, and needs to help define your audience and competitors. This will help you develop an offering that stands apart from the competition and addresses the consumers pain points!

  2. Develop your strategy – Define your budget, set goals and develop your marketing strategy that uses a combination of traditional and digital marketing platforms. Remember, you don’t need to throw everything at the wall. The key is to just make sure you get your offering in front of your audience’s face on a few different platforms.

  3. Prepare your team – Conduct a team meeting to get everyone up to speed on the new offering and address any questions or concerns. Provide training sessions, if applicable, and rely to them when launch is happening, how it will be launched, and what you expect of them to help you have a successful launch.

  4. Create your content – As a pharmacy it’s doubly important to make sure all your content adheres to best practices and includes proper disclosures and disclaimers. Just because you heard "Pharmacy Joe" down the road promoting his compounded product as “FDA-approved” and “safe and effective”, doesn’t mean you (or he) can. Eventually, it will come to bite him. Don’t let that happen to you.   

  5. Execute your campaign – Implement your carefully curated campaign! On implementation day, double check your team is ready, someone is assigned to monitor your social media channels, and website is running smoothly. 

  6. Analyze performance - Are the metrics on track to meeting your goals? Is it pacing well? Are you receiving engagement and feedback? Is the experience user-friendly? Use the feedback and data to adjust and improve the campaign for better optimization.  Also, don’t forget to FOLLOW UP with any leads or provider referrals to continue building a strong relationship and get them to the “purchase” line.

 

So, now what?


You need to decide if you’re still interested in launching your new offering after reading this.


But in all seriousness, bringing a new offering to market can be intimidating and tricky – but also exciting and financially rewarding!


If you’re start on this journey and want assistance, feel free to reach out to us! We’d love to be apart of it.

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