Sidebar: Dollars Per Square Foot
How can you maximize your revenues for a small pharmacy?
- By Leila McNeill
- Dec 01, 2018
One of the main challenges that HME pharmacies face when implementing engaging floor displays is limited space. Here are some tips for smaller pharmacies who are interested in increasing their cash sales.
VGM’s director of retail programs Rob Baumhover suggests selling incremental products, which are add-on cash items that supplement the main product. “To start adding incremental products to your product mix, think of your top performing products or product categories. Now think of two or three cash products that complement those products.”
A CPAP customer, for example, might also be interested in a CPAP pillow, cleaning wipes or hose covers. “It may take practice or additional training for customer service employees to learn how to sell incremental products, but by asking the right kind of questions, any employee can easily incremental sell.”
Utilizing Floor Space
Wayne Slavitt of Retail DME provider Mobül encourages pharmacies to “allocate space to the items that generate profit.” Instead of allocating shelf space to a 50-cent item, replace it with a HME item that generates more profit.
“I work with other HME retailers to help them grow their businesses, and my advice to them is very simple: if they can somehow reallocate the space in their pharmacy, I would recommend putting more product on the floor.”
This article originally appeared in the DME Pharmacy December 2018 issue of HME Business.
Leila McNeill is the Associate Editor of HME Business and Mobility Management magazines. She can be reached at LMcNeill@1105media.com.