77% of pharmacy patients say their pharmacist is a valuable resource; 28% of patients interact with them.

The pharmacy health and wellness market is a lucrative one, expected to reach $170 billion by the end of 2012.  This industry continues to experience rapid loyalty growth, in part due to the numbers - customer spending and repeat shopping is on the rise.

Pharmacy companies are investing in and revitalizing customer loyalty programs to booster sales and grow loyalty.  Tracking customer sales allows companies to understand where and how often customers are spending, enabling personalized offers and rewards.  It's a win-win - customers are saving money and feeling valued, and pharmacies and health and wellness businesses are gaining better customer insight, increasing sales and retaining customers.

According to research released in October by AccentHealth and Boeringer Ingelheim, 90% of pharmacy patients have a preferred pharmacy - and for 98% of that group, it isn't mail-order.  The key to success is being the most "preferred."  But it also means that converting customers to your pharmacy will probably take some effort.  Thus far in 2012, only one in ten patients has changed their pharmacy.

Factors Affecting Patient Preference:

• 75% of surveyed patients rated convenience/location as their first priority.
• 57% of patients rated customer service as their second priority.
• 34% of patients said the pharmacist is a "very important factor" in choosing their preferred pharmacy.

It's Always about the Money
When all things are equal - specifically cost - there is no doubt that satisfied pharmacy patients are fiercely loyal to their preferred store.  But if cost is a considered factor, then:

• 32% of patients said they would change pharmacies for a savings of $5 or less.
• 8% of patients said they would change for a savings of $1 or less.

As 40% of patients would change pharmacies to save $5 or less (if cost is important), the pharmacy staff needs to work to develop that customer loyalty.  Research shows that engagement with pharmacists varies by pharmacy type: in 2012, independent and food store customers interacted the most; chain pharmacy customers interacted the least.  Customer engagement with the pharmacist has little correlation with the time they wait to speak with their pharmacist, and filling wait times have no direct correlation with increased spending in the store.  But let's not mince words - wait times directly affect overall customer satisfaction.

Perception v. Reality
77% of patients believe that the pharmacist at their preferred pharmacy is always available to answer questions and discuss medications, but only 28% say they interact often with their pharmacist.  One can conclude that the pharmacist plays an important role in patients choosing a pharmacy; and yes, they are a trained, valuable, accessible resource.  But very few people are reporting that they utilize the pharmacist as a regular source of information.

Chain pharmacists have a distinct advantage - chain customers are shopping at their primary pharmacy 4.4 times per month on average, which leads all other pharmacy types.  The advantage?  This frequency gives the pharmacy staff ample opportunity to provide the service and care the patient requires, certainly increasing loyalty.

A parting thought - a clear majority of surveyed patients believe that chain drug stores have the most professional and trained pharmacists.