One of the keys to growing a profitable pharmacy related business is learning how to expand your revenue. It is not always about attracting new customers. Obviously more customers should lead to higher sales. But if you focus all of your attention on finding new customers you will actually be missing the most cost effective way to grow your revenue, by educating your customers.
Many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!
The three educational goals for existing customers.
Educate them about what you do and how you do it.
Educate them about the solutions you have for their problems.
Educate them about how they can benefit from your offerings.
Marketing new products to your old customers is much less expensive than trying to sell old products to new customers. The amazing side benefit is that you will see a drastic change in your sales, customer quality and branding position.
Here are a couple of key elements to use to retain your current customers:
Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.
There are three cornerstone ideas to a successful business:
Offering useful products/services that solve a problem for or enhance the life of a customer
Offer subjects your customers find interesting
Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.
Stop wasting all your time on new prospects while your current customers fall by the wayside!
As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”
So, there it is! Remember, our Pharmacist Success Academy teaches existing business owners how to market their business effectively.