Common Myths About Marketing Your Compounding Pharmacy – Advertising to Get Your Name Out There

June 27, 2010 by  Filed under: Marketing 

Two years ago, two women opened a compounding pharmacy in a large metropolitan city. They spent tens of thousands of dollars on building the pharmacy, training, and equipment. They painstakingly made sure that every detail was perfect when they opened their doors. But a year after they opened, they were still barely doing 5 compounds per day. One of the partners went back to work at a retail chain to help keep the doors open. They didn’t understand why the business wasn’t doing better. They ran ads in the local paper, had their delivery car wrapped with their logo, they even had a billboard on the highway. Unfortunately, they weren’t bringing in any business and spending a ton of money on marketing that didn’t work. The next year they had to close their doors.

Many new compounders confuse advertising with marketing. Advertising is a part of marketing but it is not the only thing that you should be doing. In fact it may be one of the last things you should be doing in your pharmacy. But many use it first. And when you think about it, it makes sense, it’s the newspaper and journals and print publications that usually show up right after you put down the last coat of paint on the wall. They tell you all about the tens of thousands of people you’ll be in front of if you advertise with them, You commit to a contract and then…NO Sales! And even if you do have sales you are not sure if they came from the ad or referrals. You never the ad go because you are under the belief that you have to get your name out there.

Myth 1- I have to advertise to get my name out there

This is one the most common myths about marketing a compounding pharmacy that I see. Owners are spending thousands of dollars sometimes per month to keep their name out there. They think that having a generic ad about their quality and service is enough to make people come running in with a prescription. Unfortunately it just doesn’t work that way. Now let me say this- there is nothing inherently wrong with advertising. In some cases it can be very effective if it is done correctly. Correctly means:

  1. It has a great attention grabbing headline that meets your target audience’s problem
  2. It promises that you can solve the problem your audience has
  3. There is a direct call to action
  4. You direct them to something like a web page on your site where they can do something and you can collect information about the reader.

Doing this means that you can effectively track how well your ad is doing in the marketplace. Let go of the idea that advertising is about getting your name out there.  Advertising is not about getting your name out there. It is about bringing in cash so you can pay your bills, employees and  ultimately yourself.

Have you ever run an ad that did well? Share what you did that made it work well for your pharmacy.

Happy Marketing!

Renee Moore, MBA
Much Moore Marketing
CEO and Marketing Maven

Article Source:

Renee Moore - EzineArticles Expert Author

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