THIS week's contributor is Lyndon Dyson, Founder and CEO, Wizard Pharmacy - Differentiate via value: There is the belief that to maintain sales, Pharmacists have to compete on price, but this is neither smart nor practical. When you try to compete with discount chemist giants on price alone, you may start to see negative financial outcomes along with increased personal stress levels of business owners because they're not producing enough profit to be economically viable.
There is no bottom in the discount price war. Someone will always go lower. The only way to survive is to differentiate.
A patient and customer-centric business model supported by the analytical use of data demonstrates that we can provide better health outcomes through personalisation. This is done by delivering meaningful and relevant health information to engage with and strengthen our relationships with our customers and patients, thereby maximising pharmacy value.
What has fundamentally been forgotten is that value is a personal perception, not just a singular component such as price or convenience. Value is balanced around many facets that work together to make up the complete customer experience. There is a way to balance the price component in all facets of the equation in a value pharmacy proposition. It's what we have built Wizard Pharmacy around. CLICK HERE to learn more.
The above article was sent to subscribers in Pharmacy Daily's issue from 15 Jun 21
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