Could your business go from fending off a robbery attempt by Bonnie and Clyde to out performing big box competition? Meet Dougherty’s Pharmacy, an 80-year old retail pharmacy that has not just survived, but continues to thrive utilizing old-fashioned service and modern-technology in the face of fierce, large chain store competition.
Check out these numbers:
- Last year, sales per square foot were $2,000 – double those reported for CVS or Walgreens
- This year’s sales were even better – $28 million and above industry profit
- Customers drive from over 100 miles away to do business with them
Reading about Dougherty’s in a recent Dallas Morning News article, I came away with four fundamentals you can use to grow your business.
1. Offer products and services others don’t.
Dougherty’s offers product depth and services that aren’t found at the majority of big-box pharmacies (including Walmart).
- Compound medicines which provide made-to-order medicines
- Medical equipment
- An entire wall of Jobst support hosiery
- Certified nutritionist
- Home delivery
2. Use technology to create efficiencies that improve the customer experience.
“A $200,000 robot rapidly counts, fills and labels the 200 best-selling drugs with an accuracy rate of 99.99 percent.” (Accuracy is critical in the pharmaceutical business.) Dougherty’s has invested $1 million in technology since 2004. Your business probably doesn’t need an expensive robot, but you can still look into technologies that can improve your efficiencies and service quality. Dougherty’s uses a video screen to post customer names as prescriptions are filled.
3. Decide what not to do.
Being all things to all people is not a sound business strategy. Dougherty’s doesn’t sell groceries or flip-flops. The product/service offerings are focused around health and wellness along with their personal approach to business.
4. Understand that the personal touch still wins.
Changing technology doesn’t require an abandonment of old-fashioned values. The continuing rise in social media shows that people want to connect with each other. Friendly, expert personal service remains a key differentiator for growing your business.
Bonnie and Clyde may not be threatening your business, but small and large competitors are. Take the time to consider these four fundamentals. What can you learn from Dougherty’s to grow your business?
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