All the above strategies are either fully or partially marketing driven. You might be thinking, “That’s great, but marketing costs money and cash is tight right now.”
Take advantage of every no and low-cost marketing opportunity first, like capturing videos of your services and posting them to your social media platforms. Utilize every FREE tool available to you, including downloads and resources offered by wholesalers and vendors. Then, start investing in sustainable campaigns and touchpoints.
The most important consideration when investing in marketing and patient acquisition is understanding the value of acquiring a new patient to help you create a cost-per-acquisition. Based on industry data we can estimate the annual value of a patient. Based on that data we know a typical patient at an independent pharmacy is worth between $700-$1,000 per year in gross profit. Once you know your specific annual value metric you can establish a cost per acquisition target that fits your budget. Let us know if you need help calculating your patient’s annual value. It is a service we offer to our members.
You can fund your marketing investment with the equity you earn annually as an IPC GPO member. As a cooperative IPC returns profits from the business to you as patronage dividend payments. Apply these funds to your marketing investment and watch your new patient acquisition numbers rise.
Now you have four strategies to acquire patients from store closings. Pick a strategy or two that works best for you to successfully onboard new patients and increase revenue and, more importantly, profit.
On the topic of revenue, it is imperative independent pharmacies offer a digital solution to compete with the chains. Until recently, there wasn’t one in the pipeline for independent pharmacies.
IPC Digital Health and iCare+ are currently in the testing phase and will be available to you and your patients by early 2024. Learn more about this virtual healthcare solution that will allow you to connect patients with the healthcare they deserve while bringing a new revenue stream into your store.