HOW TO RUN A MEDICAL STORE SUCCESSFULLY?

• By Jainey Sheth, Communications, RetailerShakti
• April 19, 2023

KEY THINGS TO KEEP IN MIND

Setting up a medical store is tough but what is even more challenging is running the medical store successfully. There are a number of factors that need to be kept in mind while setting up a plan for running a medical store.

This article will talk about some key things that need to be kept in mind to ensure the successful and smooth running of the medical store. All of these factors are aimed towards ensuring the smooth running of the existing business by optimum utilization of the available resources.

1. Location

 The business of a medical store is directly influenced by its location. This is possibly why location is said to be the key to a successful business. Choosing the correct location is essential for a medical store to prosper which is why it is important to properly analyse the location of the shop.

The selected place should have no or very less medical shops to ensure decreased or minimum competition. The lesser the competition more will be the chances of a smooth business. In addition, the best location for a successful medical store is near a doctor's chamber or the hospital.

A good location would lead to more footsteps into the medical store. This means more business and at the same time consistent business throughout the year. This is mostly why it is important to choose the right location.

2. Association with local wholesalers or manufacturing company

  In order to get a sufficient supply of products for your shop it is wise to contact the local wholesaler or medical manufacturing company. This will increase the profit margin for the medical store. It is however beneficial to keep a check on the quality of the medicines being traded.

3.Keeping in touch with a doctor

It is often beneficial to keep an informal link to the nearest doctor or clinic. This will help in drawing a large number of customers to the shop. An increased number of customers will mean that the chances of doing a successful business also raises.

4. Word of mouth

It is important to build a good reputation for the medical store in the eyes of the customers. Any business is run by its customers and a medical store is no exception. It is, for this reason, that word of mouth is a good way to promote the medical shop.

Customers who have a good experience are likely to recommend the shop to others. This would mean the genuine promotion of the shop without any expense. It will also increase the customer base.

5. Purchasing a franchise

In order to successfully run a business, it is often beneficial to buy a franchise. In this case, most of the work will be taken care of by the franchise provider.

In some cases, the reputation of the franchise owner will also directly affect the smooth running of the medical shop. Thus, it is a good idea to be associated with franchise providers with a good reputation in the market.

6. Facilities for storage

The smooth running of the medical store would require the availability of enough resources. It is for this reason that the medical store should have enough space to store all the necessary drugs.

The necessary storage facility would include aspects like refrigerators, air conditioners, cupboards and drawers. Having the necessary storage facilities would ensure that the business runs smoothly and can provide good services to its customers.

7. Marketing of the store

Marketing is the key to a successful medical store. It is for this reason that one should tap on all the promotional mediums to ensure a successful business. The most common way of promoting the medical store is by advertising through print media, digital media and also through social media.

You must put up advertisements in newspapers and magazines. Digital advertisements must be circulated through different social media channels and televisions. This will help in attracting more and more customers to the business.

8. Promoting the store

The most common way of attracting people towards the store is by promoting the same. Besides the common marketing and promotional means of increasing the store's reach, another medium is by putting out banners.

Banners can be printed and they can be hung near doctor's chambers, clinics and hospitals. Even merchandises are a good way of promoting the store and the brand in general. T-shirts and sippers can be an example of promotional merchandise.

These will mainly help in subconsciously reminding the customers or people of the store. This way they will keep coming back to the store which is an effective way to create a loyal customer base. These customers will indulge in a long-term business with the store leading to the smooth running of the business.

9. Discounts

Discounted prices or flat discounts on medicines are a good way to ensure an edge over the competitors within the market. The discounted price however should be coupled with quality medicines.

It is important to mention that the quality of the medicines should not be compromised at any point. It is always good quality at affordable prices that attracts customers to the store. In addition, it also helps in creating a good reputation within the market.

10. Skilled Staff

The ground-level staff are often the ones who interact with the customers. It is therefore extremely important for the store to have skilled staff members. These staff members are supposed to have a fair understanding of the medicines and they should also be good at customer service.

Staff members represent the store and they have a huge role to play in establishing the image of the store before the customers. It is thus important to ensure that the staff know how to deal with the customers.

11. Computer and data

It is essential for the store to have computers so that data can be gathered and stored properly. In addition, a track record can be kept of the number of sales, profits and other factors concerning the business.

In a running medical store comparisons can be made between the recent and the previous year which will help in profiting the store and also ensure the smooth running of the business.

These are some key factors that influence a medical store and its business. It is important to keep them in mind to ensure the successful running of the medical store. In running a medical storesuccessfully the owner needs to address the above points and take the necessary steps on time.