How much money should be allocated to pharmaceutical marketing? It’s a common query that we receive. This post provides some insight into our experience with customer budgets and success rates with a few considerations to take into account.
How to feel at ease with your marketing expenditures
It’s no longer optional to invest money in promoting your pharmacy. Even your current patients might be poached by internet pharmacies or nearby pharmacies that are marketing if your pharmacy is not currently doing any marketing. But it’s crucial to be aware of your pharmacy’s marketing expenditures.
It’s normal to desire more when it comes to the money generated by your pharmacy. more people. More money.
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Understand when to say no
Spending a lot of money on a marketing effort is foolish if a pharmacy isn’t ready to be advertised. It doesn’t always happen just because you want it to.
More spending may not always equate to higher sales (though of course, in the right circumstances it can). This is only a warning against poor marketing. At some time in the past, a lot of individuals have suffered losses as a result of ineffective, incompetent, or inefficient marketing.
Make sure whomever is in charge of your marketing has a proven track record or has in-depth knowledge of your brand or sector. Ideally, both. Although not everything in marketing is successful every time, setting limits is crucial to prevent things from spiraling out of control.
What needs to be kept in mind with this statistic is that while 10% of an average community pharmacy turnover (between 50k and 100k/month) seems like a lot of marketing spend (£5k-10k/month), this figure also takes into account things like wages or agency fees, as well as the time you spend on research, recruitment, and training, which has a monetary value.
One advantage of working with an independent community pharmacy marketing company like Pharmacy Mentor is that you may avoid paying for staff recruiting and training expenses right away.
R.O.I. (Return on investment)
It seems sense that this is on the minds of pharmaceutical business owners. You want to get the greatest value for your money. Expenses and income must be equal, after all. Usually, individuals consider this in terms of “how many patients will enter my pharmacy as a result of this marketing action?”
That would undoubtedly help you come up with a solid estimate of how much money you want to spend. Naturally, you would invest £500 on marketing activities if you stood to gain £1k from them. Although that is a measure, the problem is a little more complex.
Making Wine from Websites
Keeping with the previous analogy, a website is somewhat akin to a bottle of wine. You don’t want to get a particularly inexpensive one since you won’t like it and it would have been better to forgo the purchase altogether. It’s a total financial waste.
It’s possible to overspend. A bottle of wine can only get so excellent, no matter how much money you invest in it.
You’ll undoubtedly discover a perfectly excellent bottle of wine that works if you pay between £7 and $15.
With websites, it’s very much the same. Depending on their present needs, the average community pharmacy should invest between £4 and 10,000 on a website. Only much larger companies ought to be investing more than that.
Services
Consider that you are promoting a flu shot clinic. Only a fixed number of customers will visit your pharmacy for the shot. Of course, you wouldn’t want to keep pushing your advertisement out and spending more money if all of those folks had already signed up for their shot. The moment at which your spending ceases being as efficient is less clear. It all comes down to measuring and analyzing. You can determine the best amount of spending for that service after a few months, at which point you can change your spending plan for the upcoming flu season.
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