By Bill Letendre, MSPharm, MBA, PCCA Vice President of Pharmacy Management Services

Attracting new patients to your compounding pharmacy continues to be the greatest challenge facing compounders in the pandemic. As we continue to operate in this environment, I suggest that one of the most powerful marketing tools is a strategic alliance. A strategic alliance can be broadly defined, for our purposes, as a reciprocal relationship between businesses that helps each of them to achieve their long-term goals. Many business professionals agree that strategic alliances provide a competitive advantage for those firms that recognize the benefits of such relationships.

One example of a strategic alliance would be promotional initiatives with health clubs in your community. Obviously, the current climate requires a variation of this option based on whether the facility is fully opened or not. Another option could be an ongoing promotion with an organic food purveyor. Perhaps the local businesswomen’s organization might jointly sponsor a women’s health educational program offered using the Zoom meeting platform. The goal is to get your compounding pharmacy mentioned in the same breath with other recognized community health care-related organizations.

If you are unable to recruit for a strategic alliance in the health care sector, seek other upscale retail establishments in your area. For example, most communities have clothing boutique shops or gift and accessories shops. These businesses promote their goods to the same demographics that you want to attract to your pharmacy. Allowing them to promote their specialty shop and promote your health seminar to their customers is an example of a tactic. Both organizations will benefit from that kind of partnership.

At a recent marketing meeting, I listened to a presentation by an expert who promoted the use of gift certificates in lieu of coupons. It was his opinion that a referral-based business is more likely to attract new clients by offering gift certificates rather than a discount coupon. This makes sense for a compounding pharmacy. Here is a step-by-step example of how you could accomplish this.

First, contact an organization in your community that would make an ideal strategic alliance partner. Propose to them that you will offer their patrons a gift certificate for a complimentary 15-minute nutritional supplement assessment consultation or a complimentary 15-minute health assessment consultation. These consult appointments can be scheduled at your convenience. The 15-minute session can include requiring the patient to complete an assessment questionnaire first, with the rest of the consult time devoted to reviewing the assessment document. Your conclusion might include scheduling a full consult, or it might include the suggested nutritional supplements to fill the patient’s needs based on what has been described on the assessment form.

This provides your pharmacy with a new potential customer. For your strategic partner, you have provided one of their customers with a valuable health assessment and an opportunity to give the customer some promotional materials your partner has provided, thus reinforcing both of your businesses. This is simply one example of how a strategic alliance might work for your pharmacy. There may be countless others that you can brainstorm with another vendor that can benefit both parties.

The goal is to identify complementary providers and vendors in your community that see a strategic alliance as beneficial to their business.

I recommend starting your strategic alliance plan by identifying three businesses in your community and testing this concept with at least one of them within the next three months. You need to be creative to keep your list of new patients growing. Using a strategic alliance as a marketing tool may be the answer.

Bill Letendre, MSPharm, MBA, PCCA Vice President of Pharmacy Management Services, has been honored as a Fellow of the American College of Apothecaries, the American Pharmacists Association (APhA) and the Alliance for Pharmacy Compounding (APC). Bill is the recipient of the 2000 APhA Distinguished Achievement Award in Specialized Pharmaceutical Services, the 2004 Texas Pharmacy Association Pharmacist of the Year and the 2005 National Community Pharmacists Association (NCPA) Outstanding Faculty Liaison Award. Past president of the American College of Apothecaries (1982), the New Hampshire Pharmacists Association (1981) and the Texas Pharmacy Association (2003), Bill currently serves as the treasurer of APC, as a member of the Board of Commissioners for the Accreditation Commission of Health Care and as a member of the NCPA Compounding Steering Committee. Bill previously owned and operated six community pharmacies, two home infusion pharmacies and a home care supply company located in the state of New Hampshire.