Ways to streamline your pharmaceutical business and increase margins

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Regardless of the operating sector, it’s the aim of pretty much all firms to operate at the greatest efficiency, offering the best service to clients with the smallest outlay. However, in the pharmaceutical industry, the ethos for customer care and attention is even more important while drugs with a sell-by date can also often cause complications and loss of revenue.

If you’re looking for ways to streamline your pharmaceutical retail company without compromising customer care or service, below are a few tried and tested suggestions you could try that might help.

Think about starting a sideline blog or guest-blogging on other websites

Most companies are focused on expansion and finding new clients and one of the best ways you can prove your knowledge or expertise is by adding a blog to your main website. Corporate front-facing sites tend to focus on the bare bones of a company and offer little scope for venturing into related – yet often not particularly sales-driven – subjects.

Adding a blog to your main site will allow you to discuss topics that might not directly drive sales but will help solidify your brand. Blog sites are easier to keep updated than your main site while articles can be littered with keywords that will drive you higher up Google’s Search Engine Results Pages (SERPs), thereby improving your site’s overall Search Engine Optimization (SEO).

Also, don’t forget the potential offered by writing guest posts for other websites or blogs, which can then be linked back to your main site – again, a great tactic for improving your SEO.

Work with a pharma returns and inventory services provider

Partnering with a pharmaceutical distributor can help reduce the losses your company incurs through returned products and can even look after disposal services and processing more sensitive products like narcotics. A skilled distributor can even look after your inventory ensuring you’re never under- or over-stocked. 

Take a customer-centric approach to sales

Processing a prescription is part and parcel of the role pharmacists perform but if you take the time to learn more about your clients, you’ll likely find other potential aches or pains they’re concerned about – or even discover ailments they weren’t aware of. 

With hospitals and GPs under more pressure than ever, the role of the modern pharmacist has changed considerably over recent years. Taking a more hands-on approach will allow you to learn more about your customers while also providing an eminently more useful service and building bonds. 

Base decisions on market research rather than gut instinct

With today’s vastly more powerful computers and applications, it’s simple for your pharma business to monitor sales and keep a track of your best-performing items. Sales and accounting software can give you a truly overhead view of your business and its sales, taking the guesswork out of ordering and inventory. 

Remember the potential of upselling

Just like a restaurant sells drinks alongside food to increase profits, there’s no reason why your team can’t upsell additional products to interested clients. By taking a cursory look at the products a customer has been prescribed or is purchasing, you will often find you can sell additional, complementary products.