It is not a simple task to decide which products to put on the shelves of your pharmacy. In the first place, you have to ask yourself a few simple questions:
- Would you use those products yourself? Would you recommend them to your beloved persons?
- Is there a need for the product in the market?
- Will you show enthusiasm in promoting and recommending this product?
If the answer is “yes”, you have then to consider some extra factors:
Marketability. Before considering what product to put on your shelves, find out what market you want to sell to. Make sure that the product is popular among consumers or among a certain target group with spending power. If your products appeal to a few people, it will not be enough to sustain a business.
Profit margin. It is not enough to sell; you have to calculate direct and indirect costs of selling your goods. If your overhead expenses are high, your profit will not prove sufficient even if sales are good.
Popularity. You want to select products based on what is popular, trendy and fast-selling. In this case, it is important to have it at the beginning of its lifecycle. Therefore, you need to know your market and choose popular products before they become “hot”.
Competition. You are probably not the only pharmacy selling a certain product. So, how will you stand out? Making use of visual merchandising, providing exceptional and personalized service to your customers, making the most of technology and communication techniques and introducing a loyalty program will help you keep and increase your clientele.
Personal opinion. The pharmacist must know his products and believe in the merchandise he is selling. If you believe in the product yourself, then you will be successful at promoting and selling it.