Ken Wong talks about analyzing customer sales data to determine what aspects of your pharmacy are perceived as adding ‘quality’ to your business by the client. What’s your value curve? What costs can you eliminate or reduce so you can focus on creating value for your client?
Ken reiterates that if you are going to reduce prices, you need to reduce costs to maintain profitability. Ken describes how market shares leaders dictate costs through volume pricing. If you are going to compete with a bigger competitor, then you should not try to sell the same things. Ken describes where independent pharmacies can compete with big box stores.
We have a winner!
Michael McLoughlin of Pharmasave 198 is the winner of this week’s prize draw. Michael has chosen a one-year online access subscription to the Natural Medicines database, a one-year subscription to Canadian Business magazine, and a one-year subscription to Money Sense magazine for his prize package.
