The question no longer seems to be IF, but, WHEN and HOW will amazon enter into the pharmacy market.
I wrote a previous blog on how to prepare, understand why amazon is so successful and how to differentiate yourself to offer what they most likely cannot in the pharmacy market.
Jeff Bezo's is undeniably one of the most prolific business leaders of our time- up their with Steve Jobs, Elon Musk and others when it comes to disrupting industries and thinking way outside the box, a leader in innovation.
From such leaders, captains in their respective industries, there are always take homes- fine sticking points that seem to be mainstays and even seeds to their success.
Even though amazon can easily be considered a tech company...technology an ever changing, innovating, and morphing industry...Jeff Bezo's had one rule that seems to have served him very well...
Focus on the things that don't change
We often find our selves demographic'ing everything. "How can I get more Millennials to...
“amazon is coming, amazon is coming…”
We are in a new economy, and beyond it being a post-recession economy, it’s an amazon dominated economy.
While you were sleeping amazon just might have been plotting to take over your business…so if you want to thrive, I need you to get out of your slumber now!
Back in ‘08 when the market crashed, I witnessed those who chose to stick their head in the sand and do nothing who eventually fell out of the game…many of them new pharmacy entrepreneurs, closed shop, gave up on dreams.
While those who ‘played by the rules” took a hit in profits but are still selling, although are finding things to be an uphill battle right now, when the economy seems to be finding its pace.
Those who stuck their feet in the sand, drew the line, marketed, promoted, thought outside the box and worked on their business are experiencing robust growth and opportunities.
It makes me think of the Paul Revere battle cry,...
After a year or so of sinking trends, the supplement industry is looking bigger and brighter than it has in a while.According to NFM's Natural Retailer Market Overview, natural supplement sales have rebounded nicely as vitamin and dietary supplement sales grew 6.2 percent in 2015, reaching a market value of $14.3 billion.
Herbal and botanical remedies fared well, growing 7.8 percent to notch roughly $2.4 billion in sales.What should not be a surprise, according to Euromonitor International:·
The growing elderly population and the millennials are the core groups driving the market.
Older shoppers want to delay aging and reduce their risk of disease·
Millennials, having been raised by health-conscious baby boomers, are open to alternative care and nutritional supplements.
Both groups share a common desire to avoid expensive medical care, while looking to natural supplements for answers and sought out formulations tailored specifically to their needs.
Another trend found at...
Where this is “supermarket talk” its very relevant to our practices, because it represents what the consumer market wants.
What is often a benefit of a smaller business like an independent pharmacy, or even a small chain, is that they can change quickly to market demands.
This often leads the 2-ton gorillas in the market to do in depth assessments, and “wait and see” if is worth their while to step into a process which would literally alter their branding, identity and sometimes entire business structure.
Whole Foods was one of those 2-ton gorillas, and after many years of running much higher profits while a small percentage of total sales that Kroeger was posting, Kroeger realized the market wants clean whole foods, but at a greater value and price.
Over the past few years, since Kroeger decided to throw their hat in the ring, actually recreate the ring, and now sells over 11 billion dollars in natural foods, being led by the most successful private line of...
As you have probably heard me say before…I owe more to article writing for the success of my wellness practice, and many opportunities that have stemmed from it, than any other form of marketing.
You might be one of the members of my consulting and membership site who can say the exact same for your practice…. or you might be one of the many who hear me constantly talk about the power of article writing, and leave it to the ‘someday’ category.
In any case, whether you do or don’t, this little lesson goes for EVERY part of your marketing...make your message personal and make it a match with your readers.
In our little corner of the world, here in SW Michigan, I have been writing articles in the local paper for years (since 2008 with a couple year break in between.)
This has led to the “where do I know you from” on a weekly basis when I meet someone new.
I write the articles to educate, as well as weave them in to promotions (like the ones I...
As a pharmacist, if you are anything like me, when you first learned about Drug Induced Nutrient Depletion’s, it was an Ahhh Haaa moment like no other.
In my case it was from the horse’s mouth during module 3 of my certification in clinical nutrition training which Jim LaValle taught.
I have always been a “vitamin taker” and I have always been a contrarian to the casual prescribing and treating medication side effects with more medications- so for me this was an intellectual holy grail to hold on to.
To a natural pharmacist mind, it seems like a slam dunk…”your medications cause you to lose THIS…so you need THIS to maintain your health”, right?
But have you noticed, this is not always the case?
Have you implemented a program, either through your dispensing process or front store marketing based on drug induced nutrient depletions…with less than stellar results?
If you have answered yes, I am willing to bet it’s all...
As pharmacists we have seen a dramatic increase in statin drugs over the years, as well as dramatic increases in diabetes, weight gain, muscle aches and pains, along with depletion of Coq10 and now vitamin K2.
Research has shown that vegetable oils also inhibit natural production of K2, and knowing how prevelant they are in the standard american diet, our nation is set up for even greater k2 depletion.
Vitamin K2 activates proteins that are made in different organs in the body—clotting factors in the liver, osteocalcin in bones and Matrix Gla Protein (MGP) in the vasculature. These proteins help coagulate blood, bind calcium to the surface of bones and keep calcium from depositing in the arteries and soft tissues.
K2 has shown profound benefits for metabolic, cardiovascular and bone health. One study shown how it reversed the calcification of arterial plaques in postmenopausal females, while popular “heart healthy” drugs such as the cholesterol lowering statins...
Some of you are the obvious expert, and some of you want to and should be the obvious expert in your market...and when you are, it makes all the difference.
Last week I shared with you my ‘business mantra’ I like to remind myself of to ensure healthy business growth.
Let’s refresh, and in all honesty, I left one out, specific knowledge, which I want to share with you today.
Business is a game of who communicates best, solves problems, adds value, maintains specific knowledge, and acts now, wins!
It literally is that simple.
If you break your business down to these 5 components…you cannot go wrong.
Last week I covered two areas; problem solving and adding value. The problem solver is a no-brainer, it’s something that we have been trained very well on as pharmacists. Problem solving is the most basic thing you can do to de-commoditize yourself in your practice.
But we can do more, right?
Then I talked about continuously adding value, this is what turns a...
Looking at wellness…there are basically two options. Selling through consults, or selling through recommendations at your pharmacy and your marketing.
As you probably know, my practice developed from providing one-on-one consults and then to focusing on quick point and shoot recommendations and a marketing program to augment, which I based my members consulting and marketing program on.
Which is best for you?
It’s all about the customers, as in anything in our business.
If your customers are like my customers…and everyone else’s customers, then the answer is BOTH!
…That is if you want to be firing on all cylinders and create a successful practice resilient to competitive attack.
There are some people who will prefer coming to the pharmacy, asking you questions, taking your direction and purchase products.
Then there are others who want that one-on-on attention and will gladly pay for your consulting advice, and be guided in a more customized...
Remember the Ford marketing campaign that helped turn around their company as more and more people were graviting toward Japanese automobiles, Quality Is Job 1?
Quality is an aspect of value found in almost every industry, especially nutrition. And fortunatley, pharmacists and practitioners like us can give our clients the highest in quality through practitioner grade supplements.
It is estimated that 40 to 50% of the final retail cost of a nutritional supplement is due to the extensive testing that is done to ensure quality.
So you have to wonder...how does salmonella make it into a vitamin, go un-noticed, and make it to the retail shelves?
My gues...they are not testing to ensure that quality is Job 1.
This is what happened with what is referred to as the #1 supplement line recommended by pharmacists, Nature Made.
Dietary supplement maker Pharmavite is recalling several of its vitamin products, including some of its adult gummies, due to a possible contamination issue.