An article released by Reem Borrows on the ‘Top five challenges facing Australian Pharmacy Owners in 2022’ is honest and accurate. It is easy to see challenges looking from the outside in, but when you are in the thick of it, it can be hard to see the ‘mistakes’ taking place, day in and day out – but think of the advantages you could have by taking a moment to look at your business from a new perspective.
Let’s look at challenge number two that Reem outlined:
Let’s double down and look at this concerning new products and category management. It is easy to dismiss new products and sideline category management. You have so many other things to do. Categories seem to be going okay, sales are fine, but could they be better, and what about customer satisfaction? Do you offer unique products, innovative products, and products that help address common healthcare concerns? New products are often designed to address common concerns associated with older products.
Consider our recently launched prenatal vitamin, Eius Prenatal AM and PM, designed to help reduce sensitivities and optimise absorption issues associated with the market leaders. It is designed to help minimise the constipating effects of other prenatal vitamins, and is an excellent option for women who had issues with market leaders in previous pregnancies.
Eius Prenatal AM and PM is TGA registered, Australian made, and Australian manufactured. We have a unique two-a-day formulation, vegan, GMO-free, nut-free, soy-free and meet many of the RDIs for preconception and pregnancy. We allow you to address common concerns around prenatal vitamins and help ensure better healthcare outcomes for your customers, and we are not available at supermarkets.
In addition to better healthcare outcomes, we are better for your bottom line with much larger profit margins than the top sellers. Let’s talk numbers for a minute, according to some sample NIS, market leaders are providing between $6 and $11 in profit while Eius Prenatal AM and PM provides over $18 in profit per unit.
Lack of category management and introduction of new products may result in lost profit opportunities and less customer satisfaction. Pharmacies are a place customers go to for advice, guidance, and better healthcare outcomes. They are a place where customers expect to walk away with products best suited to them and trust that if they return to your pharmacy next time, they will receive the same fantastic service. These are important things to consider the next time a new product is presented to you.
The challenges currently facing Australian Pharmacy Owners and Managers are many, some within your control, some outside of your control. Sometimes even the ones within our control can be hard to see. This is why we choose to sponsor Dreem Coaching and Consulting’s Industry Series Workshop, designed explicitly for pharmacy owners and managers to learn how to overcome the challenges currently facing pharmacy in 2022. This workshop will give you the ability to do a deep dive into your business and look at it from the outside in, and provide you with a plan to succeed through adversities.
I hope to see you there.