How Small Pharmacies Can Compete with Big Corporations

By Jay Shelvin posted 02-03-2020 07:26 PM


Small businesses often face the problem of being crushed by big corporations in terms of being competitive. The pharmaceutical retail industry is no exception because smaller independent pharmacies will struggle with competing with big corporations. 

Because of that, the smaller pharmacies need to overextend themselves to be able to survive and stay in business. However, it is possible to compete with those bigger corporations and some pharmacies were able to accomplish this challenging task. 

What is the best way to solve this problem? Here are 4 tips that small pharmacies can follow to compete with big companies.

Make patient portals

Marketing to potential customers is a very effective method of reaching the targeted audience. You should use a personalized approach to engage customers to call again to the pharmacy you own or manage. You can generate loyalty by simplifying their prescription filling process by making patient portals. 

Larger pharmacies may find it hard to manage patient portals for all their customers and that is where you can capitalize the most on. When customers experience a hassle-free customer journey, which could be improved by storing their prescription requirements will help you be more competitive. 

Pharmacies could also make the process easier by making the patient portal available digitally. Customers could manage their portal easily without having to visit the pharmacy.

More than just digital marketing, harness the power of print marketing to increase your sales and build brand awareness. Using EDDM USPS Marketing, flyers and business cards as a pharmacy can be a great way to reach as many people in your neighborhood as possible. 

Print media is a proven way of creating a lasting impression as the material lasts for days, months and even years as potential customers often keep them safe in their drawers and use it when required. 

Use an online scheduling system

Another way you could integrate technology to your small pharmacy is by using an online scheduling system. Some of the people that come to the pharmacy may be infirm and elderly and if they wait in queue for long hours, that could be unpleasant for them. 

Because of that, you could get a competitive edge over big corporations by developing an online scheduling system that will be used by customers. 

They could schedule their flu vaccinations and other services that could integrate an appointment booking system. Bigger pharmacies generally don’t offer this service and that is where you can gain a one-up over the competition. Also, an online scheduling system will help encourage loyalty to the smaller pharmacies.

Be active in clinical studies

Pharmacies need to be active to foster growth for their business and another way to do so is participating in clinical studies. Those studies will help the smaller pharmacies earn a little bit more and that could be reinvested to the business marketing and other aspects that could grow it. 

Using their knowledge of pharmaceuticals, patient care, and other relative information puts them in a better position to conduct these studies. Apart from that, they might gain more recognition if the clinical studies quote them and identify them as industry leaders. In that way, the smaller companies may improve their competitiveness if they do so.

Partner up with hospice care organizations

For pharmacies to stay in business, they need to get passive income and the individual sales they make may not be good enough to make a sustainable cash flow statement. Although there are monthly prescriptions that need to be filled regularly, individual clients can pull out at any time. 

Also, some customers may be making purchases from your pharmacy while going to another establishment to get their prescriptions. To avoid that, you need to get organizations that will ask for comprehensive prescription packages for their patients. 

Hospice care organizations are a great target market of doing so because they require larger volumes of prescription medication in a more periodical manner.