Start your pharmacy off on the right foot this year with these 3 point-of-sale inventory and reporting tips.
3 Ways to Move & Shake (& Boost) Your Pharmacy's Bottom Line
Promotions, events & changes - oh my! Here are 3 ways you can shake things up to boost your bottom line before year's end.
In our blog last week, we talked about all the ways good data can help propel your pharmacy forward - and why it's essential you properly utilize that data to better understand the ins and outs of your business.
When used appropriately, good data is an invaluable resource that can fuel positive change, improved efficiency and (most importantly) higher profits. But there’s another element at play that can make good data even more meaningful to your pharmacy: Putting an action behind it.
Without a little moving and shaking, you’d just be watching numbers reflect the status quo. Which might be great for a business operating at peak efficiency, with absolutely no room for improvement or growth. (If you ever encounter a business like that, be sure to be on the lookout for the flying pig or unicorn that must also be close by.)
The reality is that every business has room for some improvement or growth. It's important to shake things up every now and then with a well-planned promotion, event or other change to keep your pharmacy agile. Even small measures can have a big impact on your bottom line.
Here are some actionable ways to increase non-prescription revenue in your pharmacy and make a little real magic happen for your customers.
Promotions & Clearance Sales
People like to shop sales. A good sale can help you make an end-of-year push, clear out products you’re trying to move, or support a marketing effort.
If you have the right costs for all of your products in your point-of-sale system, and know what your target margins are, it’s much easier to understand the impact a discount will have on your profits. Plus, your product movement can help you figure out what you should put on sale during a given season.
Promotions and clearance sales can also be scheduled well in advance through your point-of-sale, so there’s no worry over incorrect pricing or scrambling to get sales set in the system. Make sure you track when a sale started and ended to know what impact that sale had on your overall product movement.
If sales aren’t really your thing, special events can fit the bill, too. Vaccine clinics, health counselling events, Medicare open enrollment days, donation drives and whatever else you can think up are all great ways to drive more traffic into your store. You can offer event attendees a coupon for a future purchase, combine events with promotions you’re running in-store, or just have some treats on-hand to make it feel a bit more special.
If you run a loyalty program, event days are a great way to keep loyalty customers engaged and feeling the love. Make sure to keep the season and day of the week in mind when you’re comparing sales numbers, so you can get as close to “apples to apples” as possible.
Moving around departments, updating endcaps and putting seasonal displays front and center are all helpful ways to encourage higher sales. This can be combined with promotions, a special event, or both! The important thing is to track the changes and monitor the impact they have on sales.
Shop RMS End-of-Year Promotions!
If you're looking to take advantage of some end-of-year sales yourself, and get some great point-of-sale tools for running your own promotions, you’re in luck! It's time for RMS’ end-of-year sale! We’re running special promotions for existing clients and new customers alike from now until December 28th. Contact us today to learn more!