How Local Businesses Can Compete with Wholesale Retailers

Image: Cornell University, Positive Attitude 

 Corporate Challenge: Local independent pharmacies are losing long-time customers to new entrants extending their value offering to customers.
 
Ironbound Strategy: Powerful brands focus on creating value for customers, employees, and society. The best brands are constantly looking for new markets to extend their powerful brands into.
 
Ironbound Action: Costco Pharmacy is rapidly growing market share by extending Costco members the value of better prices, automated processing, free home-delivery, and many more efficient services unheard of in the pharmacy industry. For many members, the lower prescription cost offsets the price of Costco membership. Costco’s happy and well-compensated pharmacists ensure the best service and a great experience for its membership. They want customers to leave with a smile on their face. Local independent pharmacies will become obsolete, unless they evaluate whether their brands create positive values in order to compete with powerful growing brands that do.