Weight Loss Revenue: How To Start & Tips For Standing Out – Monthly Mastermind July 2024
Lisa’s Favorite and poplular ingredients:
- Chromium
- Berberine
- Guarana
- Green Tea Extract
- L-Theanine/Caffeine
- CLA
- Chitosan
- African Mango
- Beta-glucans
- Bitter Orange
- Capsaicin
- Carnitine
- Fucoxanthin
Links Mentioned:
Nudora | Trust Your Gut – Nudora.com Inc
Manage Patient Results: https://membership.diversifyrx.com/resources/patients-not-losing-weight-with-glp-1s/
Summary:
Lisa Faast discussed strategies for increasing weight loss revenue in pharmacies, emphasizing the importance of a strong foundation and unique offerings. She highlighted a member’s success with $160,000 in revenue and $100,000 in profit from weight loss services over four months. Faast suggested bundling services like compounds, supplements, and support groups to create comprehensive programs. She advised targeting specific demographics, such as men and non-English speakers, and using marketing tactics to stand out. Faast also recommended offering guarantees and leveraging traditional media for promotion.
Action Items
- Start posting weight loss content on social media daily for 90 days to build successful program
- Begin with current customers using in-store signage, bag stuffers, emails, and direct conversations about weight loss programs
- Utilize Coach Mike’s daily 2pm Central support sessions for implementation questions
- Join Tuesday office hours with Lisa for deeper dives into weight loss program questions
- Consider adding marshmallow up to 1% to sublingual compounds to improve taste
Outline
Weight Loss Revenue and Profit Matrix Introduction
- Lisa Faast introduces the mastermind session, focusing on weight loss revenue and tips for standing out.
- Emphasizes that the strategies discussed can be applied to any project, not just weight loss.
- Highlights the importance of the profit matrix as a framework for developing into a pharmacy CEO.
- Discusses the financial stability and profitability of pharmacies, stressing the need for a strong foundation before growth.
Weight Loss Revenue and Market Trends
- Lisa Faast explains the non-PBM revenue aspect of weight loss, primarily OTCs.
- Shares a success story of a member who generated $160,000 in revenue and $100,000 in profit from weight loss in the last four months.
- Discusses the cyclical nature of add-on services and the importance of jumping on opportunities while they last.
- Mentions the popularity of membership programs, with some members offering $47 a month programs for support.
Understanding the Profit Matrix and Market Positioning
- Lisa Faast encourages participants to share their current weight loss revenue generation status.
- Discusses the bell curve of adoption and the early adopters in the weight loss market.
- Outlines the three steps to launching a weight loss program: what to sell, who to sell to, and how to sell.
- Emphasizes the importance of creating a unique program to stand out in a competitive market.
What to Sell: Individual Pieces and Bundling
- Lisa Faast lists various products and services that can be sold, including compounds, supplements, and support groups.
- Explains the concept of bundling different products to create a comprehensive program.
- Highlights the benefits of bundling, such as reducing decision fatigue for customers and offering a complete solution.
- Provides examples of different combinations of products that can be sold as unique programs.
Pricing Strategies and Market Differentiation
- Lisa Faast discusses the importance of competitive pricing and the impact of location on pricing.
- Explains the concept of price elasticity and how more complete programs offer more pricing flexibility.
- Suggests different pricing strategies for different audiences, such as prescribers versus patients.
- Encourages pharmacists to change prices and packages as needed to stay competitive and meet market demands.
Targeting Ideal Customers and Market Segmentation
- Lisa Faast advises identifying the ideal target for weight loss patients based on existing customer demographics.
- Suggests targeting specific subcultures and locations that are often ignored by other pharmacies.
- Discusses the importance of being specific and creating programs tailored to specific groups, such as men, new moms, and busy executives.
- Provides examples of how to create targeted programs to stand out in a competitive market.
Marketing and Sales Techniques
- Lisa Faast emphasizes the importance of marketing and sales efforts, especially for weight loss programs.
- Suggests starting with current customers and leveraging in-store signage, bag stuffers, emails, and text messages.
- Recommends using social media, especially videos, to reach a wider audience.
- Advises focusing on what to expect when selling weight loss programs to reduce customer uncertainty.
Leveraging Local Businesses and Traditional Media
- Lisa Faast suggests partnering with other local businesses that serve the same target market.
- Recommends using traditional media, such as newspapers, to position oneself as an expert and gain street cred.
- Encourages creating marketing assets, such as social media posts, flyers, and email campaigns, to promote weight loss programs.
- Highlights the importance of keeping marketing materials fresh and timely.
Offering Guarantees and Maximizing Program Success
- Lisa Faast discusses the benefits of offering guarantees, even if they are not results-based.
- Provides examples of different types of guarantees, such as free nausea education and delivery guarantees.
- Emphasizes the importance of offering guarantees to differentiate oneself from competitors.
- Suggests using marketing assets and templates provided by the membership to create effective marketing materials.
Supporting Weight Loss with Supplements and Services
- Lisa Faast lists recommended supplements for supporting weight loss, such as nitric oxide, probiotics, and dihydro Berberine.
- Discusses the benefits of these supplements and how they can be used to support weight loss programs.
- Recommends using custom vitamin formulations based on micronutrient testing for higher-level programs.
- Encourages pharmacists to start supporting weight loss with supplements and services, even if they do not compound medications.
Addressing Common Questions and Concerns
- Lisa Faast addresses common questions about sublingual GLP-1s, including taste and effectiveness.
- Recommends using marshmallow to improve the taste of sublingual GLP-1s.
- Discusses the challenges of using trophies and suggests using dissolvable films instead.
- Provides guidance on dosing sublingual GLP-1s, emphasizing the need for higher doses and proper administration.