Changing The Mix
November 21, 2011
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With 01 April fast approaching, all
pharmacies need to explore and exploit
all opportunities to grow the total
business.
It is now more critical than ever to
look at your mix of business ratio.
Is your pharmacy a 90/10 split? (90%
dispensary, 10% front of shop).
The opportunity for pharmacy is to
change your mix of business ratio,
whilst still growing your dispensary.
If you are a current 90/10, the
challenge to you and your staff is to
change your mix of business and move
your ratio to 85/15.
The four key consumer drivers in
order of importance are: Convenience,
Range, Service and Price
It is business critical that you
understand these key consumer drivers
and evaluate your business to
understand them and maximise your
opportunity.
Convenience: This is not made up of
location alone, although this is a major
part of it.
How is your parking? How is the
internal layout of your store?
Is it the traffic flow for your customers
such, that they will have an enjoyable
shopping experience?
Range: This is the single biggest
opportunity for a pharmacy to gain
incremental sales.
New products excite consumers, and
if merchandised and ticketed well, new
lines will always sell.
The hidden opportunity with new
lines is, every time that you bring a new
line into your business, this is an
opportunity to review your existing
range and remove dead stock. Dead
stock is a sales killer as it is sitting in the
place of something that should be
selling.
Service: It goes without saying, to
ensure that your customers have a
good experience your staff need to be
friendly, approachable and
knowledgeable.
Price: Notice how price is the fourth
most important consumer driver?
Whilst it is absolutely fundamental to
have a strong pricing strategy, this is
NOT the most important to your
customers.
If you maximise the four key
consumers drivers, convenience, range,
service and price, you will go a long
way to changing your mix of business.
This week’s contributor
is Darren Dye from
Pharmacy Alliance.
The above article was sent to subscribers in Pharmacy Daily's issue from 21 Nov 11To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 21 Nov 11