October 5, 2019

News, products, marketing and merchandising tips for the
front end of community pharmacies

* Gabe's Tips: *

Make a note of it

At 1:00 PM Sunday, October 27th, NCPA's trade show floor will open up with exciting money saving offers from new and seasoned vendors. This is an exhilarating time for buyers and merchandisers, and it will be especially important to take good notes back with them. It is very easy to forget the terms of a special deal. Here are some note taking tips: note the name of product, and name of company – many times the company's name has little to do with the name of the product. Ask for the phone number of both the representative and the company headquarters. Most importantly, write down the exact terms of the deal and ask the representative to confirm with their initials that you have it right. It's a good practice to take a photo of either the vendor's booth, business card or the vendors name tag. And if there is a product involved, take a picture of that as well.

Savings now, profits later

Buying at a trade show normally means buying at a discount. The discount could take the form of a percentage off an opening order, free shipping, free display, and/or free goods. Two things: 1.) the discount is usually for the original order and not for any subsequent reorders. Calculate the retail price from the everyday cost, not from the show cost! 2.) Do not feel that you need to pass the savings on to the consumer, especially if you plan to reorder. Use the savings to add to the store's net profit.

When buying for the cough, cold, and flu season and there's a deal with a good savings of at least 15%, then buy for at least 5 months' worth.

Alphabet Soup

Three acronyms to remember: MSRP – Manufacturer Suggested Retail Price, which at times can be a bit inflated. SRP – Suggested Retail Price, this is the most common retail price for the product. Then there is the big one, MAP – Minimum Advertised Price, which is the lowest retail a business can advertise the product. A good deal of businesses that sell on the internet will use MAP. (I recently had a MSRP suggested to me as $54.95 only to find the product on the internet with a MAP of $32.97).

Find My Pharmacy

Whenever buying specialty products ask the manufacturer's representative if they can enter your store name and address on their website's store locator. It comes at no cost and will help draw new faces into your store.

Come early, stay late

Texted to me earlier this week: "I'm signing up for your 4.5hr class at NCPA If it's not full... Hope I am not too late. Reply, "Thank you. Never too late." We have room for you, click here.

* Front-End Marketplace *

Don't let this deal dissolve

October's featured vendor on Front-End Marketplace is Frunutta. Frunutta's vitamins are easy to take and additive free. Their advanced Micro Quick Absorb Instant dissolve tablets dissolve and disperse under the tongue which allows active ingredients to diffuse directly into the bloodstream. From now until November 15th, Take 10% OFF with purchase of 24 bottles OR 15% OFF with a purchase of 48 bottles or more. Get FREE SHIPPING on orders over $100.00 and a FREE POP DISPLAY with a minimum purchase of 24 bottles.

Front End Resources for NCPA Members

Being a member of NCPA means you have access to a treasure trove of helpful hints, tips, and resources to make your front end more profitable! Download One-Pager Tips on a variety of topics. Gabe typically posts a tip once or twice a day on his Twitter account — if you're on Twitter, give him a follow at @NCPAGabe. You can also find tips in Gabe's monthly column in America's Pharmacist. The Overhaul of Fame galleries contain hundreds of photos to inspire you, from effective signs to successful end-caps and everything in between. Finally, you and your staff can access several staff training videos that will help you take an objective view of your store, both inside and out!

This wealth of knowledge is due to the fantastic photos, ideas, and suggestions we receive every day from NCPA members like you. Drop him a line at gabe.trahan@ncpanet.org with your questions, photos, best advice, and recommendations. What's selling well in your store? Let us know.

"Profit Makers" is produced by NCPA in collaboration with Drug Store News

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