Conducting a market research for your pharmacy

Conducting a market research for your pharmacy

Conducting a market research for your pharmacy 1200 631 Pharmacy2020

Pharmacists need to conduct a market research based on scientific criteria before starting their own business. One cannot rely on luck or personal estimations and considerations; the key factors have to be studied and examined thoroughly in advance in order to guarantee future success.

A market research may be conducted in a natural or online environment and it must be designed and implemented by a professional who has experience and proven results in this field. Among others, the research must focus on:

  • The characteristics of the area where the pharmacy will operate
  • The existing competition (strong/medium/weak)
  • The socio-economic profile of the consumers and
  • What they value most in terms of services and products.

The results will guide the pharmacist on how to market his business, the communication tools he will make use of (traditional communication, social media or both) and the product mix he will offer in his pharmacy. A trustful market research is indispensable; it decreases the level of risk in decision making and provides objective data in profiling and segmenting the consumers and understanding their behavior and attitudes.