September 2024 – Sprint Training Workshop | MRR: Why Memberships Are A Must
Resources:
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Lisa Faast led a discussion on the importance of memberships for pharmacies, emphasizing their role in retaining customers and generating steady revenue. She highlighted the success of subscription models in various industries, such as Microsoft and Adobe, and their application in pharmacy settings. Lisa shared metrics from companies like Amazon Prime, Costco, and Petco, showing increased spending and customer loyalty among members. She proposed creating membership programs that offer discounts, access to services, and recurring orders, using platforms like Stripe and School. Tommy inquired about targeting patients with high deductibles, and Lisa confirmed it was permissible to market such services without violating Medicare rules.
Outline
Discussion on Memberships and Business Strategies: Solving and Profit Boosters Introduction
- Lisa Faast initiates the meeting by waiting for Bessie to join and discussing casual topics like Luke’s decision to go cash-only
- Tommy and Speaker 2 discuss the shift in strategy from opening a new store to focusing on the main location.
- Lisa Faast introduces the main topic of the meeting: the importance of memberships and how they can benefit businesses.
- Lisa mentions a warm-up call with Luke about his membership and plans to review questions related to starting or transferring
Introduction to Memberships and Patient Life Cycle
- Lisa discusses the second lever for increasing revenue: getting more from current customers.
- She discusses the patient life cycle and how memberships help in continuous business with customers.
- Lisa shares insights on high-margin products like semaglutide and glycopyrrolate, and their benefits for weight loss and stomach issues.
- She mentions the benefits of purchasing directly from manufacturers like FH2 to avoid issues with controlled substances and wholesalers.
Examples of Successful Membership Models
- Tommy shares his experience with partnering with H2 and 4-day bio, highlighting the high margin and cash flow challenges.
- Lisa Faast discusses the benefits of extended terms and credit card payments for managing cash flow.
- Lisa explains how various industries, including software companies and supplement manufacturers, have successfully adopted subscription models.
- She provides examples of companies like Microsoft, Adobe, and GNC that have shifted to subscription models for steady revenue.
Application of Membership Models in Pharmacy
- Lisa Faast emphasizes the importance of integrating membership models in pharmacies to attract and retain customers.
- She discusses how online pharmacies are stealing customers due to lack of membership offerings.
- Lisa explains the benefits of steady revenue and how memberships can increase customer loyalty and satisfaction.
- She outlines different types of memberships, including access, discounts, and recurring orders, and their applications in pharmacy settings.
Implementing Membership Programs in Pharmacies
- Lisa Faast provides examples of membership programs like free delivery, discount cash price lists, and sync programs.
- She discusses the benefits of recurring orders for products like supplements and point-of-care testing.
- Lisa explains how to create value for customers by including additional services and perks in membership programs.
- She shares examples of successful membership programs in pharmacies, including weight loss, hormone, and wellness programs.
Technology and Tools for Membership Management
- Lisa Faast recommends using Stripe for setting up recurring products and managing membership payments.
- She advises against using the word “pharmacy” in Stripe accounts to avoid issues with payment processing.
- Lisa introduces the platform “School” for community-based memberships, which includes support groups and billing management.
- She explains the benefits of using product links and auto-recurring billing notifications in Stripe.