Quite often I’ll receive a call from an independent pharmacy creating a defense to an incoming competitor to their community. Generally I’ll share some sage advice that positions them not only for survival, but the ability to thrive.
I also receive the occasional call from the pharmacist bemoaning the arrival of a competitor to their community that causes me to chuckle out loud. When asked when the competitor is opening their store, the embarrassed response is “tomorrow" or "within a week.”
So, let’s consider the circumstances of such news about a competitor’s arrival. Did the competitor literally have a magic bean that they planted and can open an entire pharmacy in a day or a week, or was the existing pharmacy owner simply in a state of denial wishing the news wasn’t true? Likely the latter. If you're anticipating the arrival of a competitor – proper planning and preparation are paramount.
Here are a few survival tactics to consider once the train has left the station:
- Understand the competitor’s DNA
- Do the research!
- Clean up your place
- Get your house in order
- Take care of items in disrepair
- Focus on your strengths
- Become crystal clear on your “mission”
- Eliminate distractions
- Get your staff involved
- Retail pharmacy is a team sport
- Engage your staff in strengthening your store
- Build customer loyalty
- Provide rewards to your loyal customers
- Listen to their input – and take action
- Ask for help!
- Your wholesaler will assist you
- Call in “experts” to help
Surviving – and thriving – in the shadows of an incoming competitor is entirely in your control. Don’t let your competitor take control, putting you into a reactionary tailspin. With methodical planning, careful execution, and focused efforts you will actually become stronger.