For many companies, success comes with finding a niche. Other than employing financial strategies to support business, there are plenty of examples where tapping into a unique market is crucial for growth and locating the target audience.
The pharmacy industry is no different. As pharmacists, you are equipped with highly specialised knowledge and skills that you can leverage to take your business to the next level. By utilising what makes your pharmacy different, you place a secure foothold in a competitive industry.
Finding a niche is key to success
Done correctly, a niche can not only bring in local customers, but draw people from much wider fields, as a recent release from the Pharmacy Guild explains:
“I feel we are staying ahead of the pack by embracing the professional services pharmacy can offer,” says Mr Brad Butt, proprietor of the Cooleman Court Pharmacy in ACT.
In Mr Butt’s case, offering services like prostate rehab and cancer medicine support programs has been instrumental to his pharmacy in attracting customers from not only his home territory, but as far as the southern coast of NSW.
There’s no reason pharmacies in Bankstown can’t follow suit and adopt unique practises to tap a more diverse range of clientele, and perhaps even attract some customers back to NSW.
A niche can not only bring in local customers, but draw people from much wider fields.
Consider your customers
Understanding the demographics of your area is key to figuring out which niches are available to you. With an average age of 35.2, Bankstown is younger than the Australian average of 37.3, according to the Bureau of Statistics. An issue faced by a younger population, laid out in a report by Avalere Health, is the unwillingness for young people to seek routine care with a physician – a potential area savvy Bankstown pharmacists can address to stay ahead.
On the other hand, rather than trying to identify existing niches where competition is fierce, looking towards the future might better position yourself in years to come. In a media release by the Department of Industry, Innovation and Science, there is a push to view pharmacists not just as pill dispensers, but medicine experts. Now’s the perfect time to take stock of what skills and services you can offer in the coming years. You might just find yourself falling into your niche by accident.
At DBS Accountants, we offer a range of business and accounting solutions for pharmacies, giving you the freedom to set yourselves apart from the rest. Get in touch with us today to find out how.