COVID may have disrupted businesses in many industries, but pharmacy is one sector that saw exponential growth. For pharma businesses, the pandemic was an opportunity to capitalise on the heightened demand for drugs and medical equipment. As a result, the Indianpharmaceutical industry’s value is now expected to reach $ 120-130 billion by 2030.
Today, consumers are prioritising health and wellness like never before. They heavily rely on supplements, medicines and medical equipment to monitor and maintain their health. It is the best time for pharma companies in India to grow their business. If you run a pharma business, it is time to think about expansion and increase both prescription and non-prescription sales. If you are not sure what steps you should take to propel your business towards success, here is a quick guide on how to expand pharmacy business and boost sales.
1. Focus on cross-selling and upselling
When it comes to health, customers are always willing to spend their money when given enough motivation to do so. The way pharmaceutical companies can get customers to spend more money is through cross-selling and upselling. These techniques are used to sell complimentary products, a bigger or better variant of the product they came to buy. In any business, upselling and cross-selling are golden rules for driving sales up.
So, train your staff on giving customers suggestions for buying complementary products. For instance, suggesting a cough syrup in addition to prescribed pills for flu. You can also upsell or offer a higher value version of the same product. Not only will these techniques improve the customer experience, they will also drive higher sales for your pharmacy business.
2. Stock smart
If you are in the pharmaceutical industry, your retail store’s layout and product placement matter a lot. Start being strategic about where and how you place products. For instance, place related products next to each other. This is a simple yet time-tested way to drive sales. Customers tend to buy more if they easily find what they are searching for.
Say, a customer comes to your store looking for eye drops. If they quickly spot supplements or vitamins for eye health next to the drops, they’re likely to give you more business. Of course, you will need to maintain adequate stock to expand your business. In case you need financial aid for expanding your inventory, a business loanfor pharmacywill come in handy.
Next up, you should make clever use of your pharmacy’s floor plan. Start by identifying aisles of your pharmacy that get higher footfall. Then, rotate products in and out of these popular areas so customers get to access more medical products, which they may never see if you do not bring them in front of them.
Additional Read: Must Follow Rules before applying for a business loan in 2021
3. Perform detailed marketing research
Want a successful business? Focus on learning about your customers. Owners of pharmaceutical companies cannot go by their intuitions when it comes to selling medicines and medical equipment. Even if you are selling a new and improved product version, customers still prefer the old formula. So, you need to research your customers' needs and wants to succeed in the pharmaceutical industry.
Identify the retail and Over-The-Counter (OTC) medicines that are gaining popularity in the market. Carrying out market research and reviewing trends based on your own sales will help you do so. Then, take the necessary steps to aggressively market trending products to boost sales. You can even expand your reach by selling products digitally through a website or mobile application.
4. Forge strong business relationships
Invest in training your staff to build an environment of comfort, kindness, and trust. You must interact and form personal connections with your customers if you want to see them repeatedly. It’s a no-brainer that loyal customers are key to sustaining high sales for any business.
The best way to earn customer loyalty in the pharmaceutical industry is to use reward points. It may sound a bit odd and something a convenience store would do, but many pharma companies in India are reaping the benefits of increased footfall due to rewards and discounts. Here’s how they are doing it:
Patients with an illness that needs prolonged treatment, or people in general, like to purchase healthcare-related products from familiar shops. Use billing software that also maintains records like the name and phone number of customers, so you can offer them discounts and rewards when they make a certain number of purchases at your pharmacy.
That’s it. Now you have given your customers a compelling reason to return to your pharmacy in the future.
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5. Focus on improving customer service
The quality of customer service a business provides decides how long it will continue to run. The same goes for pharmaceutical companies. If there is an unhappy customer in your store or over the phone, make sure your customer support staff is polite with them. The focus should be on solving the issue at hand, not proving the customer wrong.
Over to you
Follow these five tips if you are in the pharmaceutical industry for the long haul. Also, if you are looking to expand your pharmacy? Or experiencing a capital deficit? Say goodbye to your financial worries with an easy business loan from Tata Capital. Avail of amounts up to Rs. 75 lakhs without pledging any security! With business loan interest ratesstarting at just 19%, you can finance your business with simple documentation at Tata Capital. Moreover, you can choose a loan tenure of up to 36 months and repay the amount in structured or fixed EMI options. So, what are you waiting for? Expand your pharma business by applying for a loan online today!
08 July 2021
5 mins read
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