5 easy ways to promote private label OTC sales in your pharmacy
In an article posted by Karen Deckard, she explains how most independent pharmacies have higher profit margins on private label OTCs than they do on brand name even though brand name costs the customer more.
She offers some ideas on driving sales of these products in your pharmacy.
- Drive sales with customer loyalty. Incorporating private label OTC’s into your customer loyalty program can benefit you in more than one way. By offering incentives through loyalty on private label products you are encouraging participation in the program and could be introducing some of your core customer base to a new product. Take the promotion a step further and actively target customers participating in your loyalty program that purchase brand name by printing a coupon for their next purchase of a private label product when they buy a brand name OTC product.
- Compare and Save. Many people just don’t realize the price difference. Shoppers in a hurry target the product they’re looking for grab it and go. You can make it easy to spot the price difference by printing shelf talkers comparing the brand name with the private label product.
- Product Placement. Where a product is placed on the shelf can sometimes have just as much impact on a customer’s purchase decision as price or brand. This is especially true for first time shoppers or those that don’t have a specific brand in mind. By placing your private label OTC’s in a choice location, you can help establish a similar purchasing habit for your customers.
- Educate your customers. Your customers shop at a local independent pharmacy instead of a big box store for many reasons. One of those reasons is often that they get better care, advice and insight from knowledgeable staff. It’s okay to educate customers purchasing brand name OTC’s that they can get the same result for less money. Your customer will likely see this as you selling a less expensive product to save them money, which they will definitely appreciate.
- Untie your staff from the front counter. Even adept shoppers can get a little over stimulated by the vast number of product options available today. And these moments of indecision are something you can take advantage of if you have staff in the right place at the right time. If you can have staff available to help overwhelmed or lost customers, you can help to influence which products they buy.
These strategies can be used beyond promoting your private label OTC products and applied pretty much anywhere that you’d like to drive sales in your pharmacy.