Problem Solving Profit Booster – Monthly Mastermind April 2023
Lisa Faast discussed strategies for increasing pharmacy profits through problem-solving and upselling. She emphasized the importance of selling related products to existing customers, using examples like offering free teeth whitening to weight loss patients. Lisa highlighted three main areas: diabetics, hair loss, and weight loss. For diabetics, she recommended supplements like magnesium and B vitamins, red light therapy, and educational resources. For hair loss, she promoted the Revian red light therapy cap and Nudora probiotic. For weight loss, she endorsed nitric oxide and the ZRT weight loss test. Lisa also stressed the importance of training staff to make recommendations and maintaining a consistent approach to upselling.
Outline
Questions
Problem Solving and Profit Boosters Introduction
- Lisa Faast welcomes attendees and introduces the topic of problem solving and profit boosters.
- She shares her initial introduction to the topic from her business coach, Patty Mara, and mentions other influencers like Chris Cornelison.
- Lisa explains the concept of “upselling” or “upsolutions,” emphasizing the importance of selling related products to existing customers.
- She shares a story about meeting with a local doctor who owns multiple clinics and discusses potential upsells for his weight loss program, such as free teeth whitening.
Revenue and Cost Control Strategies - Lisa outlines the basic equation for profit: Revenue – Costs = Profit.
- She emphasizes the importance of controlling both revenue and costs to increase profit.
- Lisa suggests starting with reducing costs, as it offers more control compared to increasing revenue.
- She explains the ease of reducing costs and the importance of saying “no” or negotiating prices to save money.
Increasing Revenue from Current Customers
•Lisa discusses the second lever for increasing revenue: getting more from current customers.
•She highlights the advantages of selling to existing customers, such as no need to build trust or convince them to start coming to the pharmacy.
•Lisa mentions the difficulty of acquiring new customers compared to selling to current ones.
She encourages focusing on creating memberships, packages, and automatic renewals to foster recurring revenue.
Customer Insights and Recommendations
•Lisa stresses the importance of understanding customers’ health issues and concerns to offer relevant solutions.
•She shares that patients often confide in pharmacists about their problems, providing valuable insights.
•Lisa recommends making one-to-one recommendations and encouraging employees to ask for additional sales.
•She introduces the concept of “upsolutions” to shift the mindset from upselling, focusing on solving customers’ problems.
Diabetic Solutions and Products
•Lisa introduces the topic of diabetic solutions and products, emphasizing the importance of magnesium and B vitamins for diabetics.
•She suggests offering pre-recorded educational videos, red light therapy for circulation, and regular educational emails to diabetic patients.
•Lisa recommends creating private Facebook groups for diabetic patients to build stronger relationships and provide valuable information.
•She highlights the importance of foot care for diabetics, mentioning diabetic shoes and lotions as potential products.
Nitric Oxide and Its Benefits for Diabetics
•Lisa discusses the benefits of nitric oxide for diabetics, including improved blood flow and energy levels.
•She shares her personal experience with nitric oxide and its effectiveness in her pharmacy.
•Lisa recommends the Approved Medical Solutions brand for its oxalate-free formula and lower cost.
•She provides information on how to purchase nitric oxide from the Approved Medical Solutions website.
Red Light Therapy for Neuropathy
•Lisa introduces the Neuropath Calm red light therapy shoe and its benefits for increasing blood flow and circulation.
•She explains how red light therapy can help reverse neuropathy symptoms and prevent limb loss in diabetics.
•Lisa provides information on how to purchase the Neuropath Calm product and its programs for pharmacies.
•She shares a success story of her brother using the red light therapy cap and the positive results he experienced.
Hair Loss Solutions and Products
•Lisa discusses the potential for independent pharmacies to capitalize on the hair loss market, which is currently dominated by online companies.
•She suggests offering various hair loss solutions, including supplements, red light therapy caps, and compounded prescriptions.
•Lisa highlights the benefits of the Revian red light therapy cap, including its money-back guarantee and flexible purchase options.
•She shares a success story of her brother using the Revian cap and the positive results he experienced.
Weight Loss Solutions and Products
•Lisa introduces the topic of weight loss solutions and products, emphasizing the current frenzy around weight loss treatments like GLP-1 agonists.
•She suggests offering various weight loss solutions, including supplements, body analysis services, and educational ebooks.
•Lisa recommends the ZRT weight loss test and the Glucoa 1c checks for pharmacies.
•She highlights the benefits of nitric oxide and Nudora probiotic for weight loss, sharing success stories from her pharmacy.
Implementing Upselling Strategies
•Lisa emphasizes the importance of training staff to ask for additional sales and making recommendations.
•She suggests involving staff in the process of selecting products to sell and training them through role-playing.
•Lisa recommends making a recommendation for something extra in every transaction, regardless of the product.
•She encourages creating a habit of asking for additional sales to foster a culture of upselling in the pharmacy.
Conclusion and Q&A
•Lisa concludes the meeting by encouraging attendees to reach out with any questions or for additional support.
•She highlights the resources available to members, including access to coaches and custom marketing requests.
•Lisa encourages attendees to implement the strategies discussed and to reach out for help if needed.
•She thanks the attendees and ends the meeting, inviting them to reach out with any further questions or comments.