CREATE AN IDEAS ‘WALL’ WITH POST-ITS TO CAPTURE SUGGESTIONS AND MAKE THEM VISIBLE
• Yoga and Meditation Classes: Hosting classes to promote wellness and relaxation.
Product diversification • Private Label Products: Selling pharmacy- branded over-the-counter products.
• Fitness Equipment and Accessories: Selling products like yoga mats, weights, and resistance bands.
• Health and Wellness Books: Curating a selection of informative books and resources.
Technology services • Telehealth Consultations: Offering remote consultations via video calls.
• App-Based Pharmacy Services: Designing and Developing software to help streamline medication management.
• Subscription Services: Offering subscription- based services for regular product purchases and consultations.
Community engagement • Educational Workshops: Hosting workshops, in premise or on-line on topics like healthy cooking and stress management.
• Fitness Challenges: Running community fitness challenges with rewards.
• Charity Events: Organizing charity walks/runs or other fundraising events.
Additional services • Renting Medical Equipment: Offering rentals on equipment like breast pumps.
• Home Delivery Services: Expanding delivery options for prescriptions and retail products.
These ideas not only help in generating extra income but also in enhancing the pharmacy’s engagement with the community and in positioning it as a holistic healthcare provider.
Taking the first steps Testing new income generation ideas in a pharmacy without committing excessive time and cost is essential to mitigate risks and ensure that the strategies are viable. Here's a step-by- step approach to efficiently test income generation ideas:
Idea generation and selection Start by brainstorming potential income generation ideas. Include your staff and customers in this process. Create an ideas ‘wall’
with Post-Its to capture suggestions and make them visible and ask people to vote with stickers.
Market research Take time to understand the demand for your selected idea. Analyse your target audience and market trends. Look for data that supports the idea's potential success, such as customer surveys, online reviews, industry reports, or what has succeeded at other pharmacies across the province.
Small-scale testing Begin with a small-scale test to gauge the idea's viability. Just because an idea has worked somewhere else, it doesn’t mean that it will work for your market. This minimizes initial investment (time and cost) and reduces risk. For service- based ideas, offer the new service on a limited basis (e.g., specific days or hours) or to a small group of willing customers. For product-based ideas, start with a limited inventory to test customer interest.
Customer feedback Collect feedback from customers who have experienced the new service or product. Use surveys, comment cards, or in-person discussions to gather insights. Pay close attention to what customers like, dislike, and any suggestions for improvement.
Data analysis Analyse the data collected during the test phase. Look for trends, patterns, and areas that need improvement. Evaluate whether the income generated during the test justifies investing further time and resources. If not, either adjust your concept and re-test, or move on to the next idea!
Adjust and refine Based on customer feedback and data analysis, make necessary adjustments to improve the service or product, pricing strategy, marketing approach, or service delivery process.
Expand gradually If the initial test is successful and the income generated justifies expansion, gradually scale up the new income generation idea. Consider extending the service hours, offering the product to a broader audience, or expanding the service to additional days.
Marketing and promotion Invest in marketing and promotion strategies to reach a larger audience. Use digital marketing, social media, and in-store promotions to create awareness.
Data-driven decision-making Continuously gather and analyse data as you expand. Make data-driven decisions to optimize your approach.
Seek expert advice Consider seeking advice from industry experts, business advisors, or mentors who can provide insights and guidance on income generation strategies.
Long-term sustainability Keep an eye on the long-term sustainability of the income generation idea. Ensure it aligns with your pharmacy's overall business model and goals.
Review and iterate Regularly review the performance of the income generation idea and evolve and refine it as needed to keep it relevant and profitable.
By following this systematic approach, you can test new income generation ideas in your pharmacy while minimizing risks and ensuring that the strategies have product and market fit.
EVALUATE WHETHER THE INCOME GENERATED DURING THE TEST JUSTIFIES INVESTING FURTHER TIME AND RESOURCES
scottishpharmacist.com 45
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48
