Advancing The Profession of Pharmacy

7 Steps to Validating Your Business Idea: Step 6

by | Jul 27, 2016 | Consulting Pharmacist Education

Now that we have identified the first five steps of validating your business idea, we can talk about a technique that is a bit more advanced.  The sixth step in validating your business idea is to do a bit of keyword research on the interwebs.  Even if you own a community pharmacy keyword research can be a valuable marketing tool because it can help you figure out what people in your area are searching​ for.

For example, say you do a bit of keyword research on diabetes and find out that many people are searching for diabetic shoes.  You could then use those numbers to determine whether adding diabetic shoes to your store’s inventory is a viable option.  It’s basically market research for the internet age.

This is admittedly a bit more technical and challenging than the other steps, but if you are a computer nerd like myself, you may even find it a bit of fun.

6.  Use Keyword Research to Gauge Interest

Using a program like Google Analytics or Facebook you can do market research using keywords.  Facebook can be especially powerful when doing market research in your local area.  You can run a Facebook ad targeting your ideal customers in order to gauge interest in a particular subject.  The number of clicks or “leads” can give you an idea of whether or not people are interested in your subject.

Again, imagine if you wanted to offer a travel vaccine clinic in a brick and mortar pharmacy.  You could easily run an ad for your new program from the pharmacy’s Facebook page and target specific patients in your area.  People that are interested international travel, people that do mission work, etc.  Interest is measured by the numbers of clicks, comments and shares.

Keyword research on Google is a more advanced technique, but it can be very helpful in certain situations, for certain businesses (selling supplements, natural remedies, probiotics, etc).  I actually considered white labeling a probiotic that I would recommend for my patients and selling it locally and on Amazon.  I haven’t done that yet (it seems I have been a bit busy for the last two years), but if I were to want to validate that business idea I would use keyword research to find out what the most searched terms were for my niche.

Amazon is also a great place to do keyword research if you are wanting to sell a physical product like probiotics.  You just go to Amazon, type ‘probiotic a’ into the search bar and get these results.

Now, just go through the alphabet and get an idea of what your customers are searching for.

If you are wanting to start a business that is mostly focused on services rendered through the internet, such as health coaching, you can set up a free website relatively easily and cheaply.  The Pharmapreneur Academy and I can help you do just that as well.

Though the mistake that I see many people make is to put up a website and expect to get a lot of traffic just based on web searches.  Let me stress, unless you are writing and actively marketing that website on social media sites, YOU WILL NOT HAVE ANY VISITORS.

Again, as part of a larger marketing strategy, keyword research can help guide you towards delivery the products or services that your customers need and are actively searching for.  Within the Pharmapreneur Academy, I can help you figure out that marketing strategy and identify your course of action.

If you are ready to explore your curiosity about entrepreneurship and want to build a pharmacy consulting business, I invite you to the join the E-course and Community at PharmapreneurAcademy.com   

In the self paced video E-course Lessons, I will guide you through the steps you need to build and market your business quickly and help you to side-step any roadblocks that you encounter on your journey.  In the Forum, I provide group coaching and answer your individual questions.  The Community is a place to find support and inspiration for building your Dream Career.

Still exploring your options?  

Listen to my latest Pharmacy Podcast episode with Pharmapreneur Academy member Paula Belle and hear how she built her consulting business from one client to eight and counting!  

And when you are ready to join, just go to Pharmapreneur Academy, sign up and get INSTANT access to all 7 Lessons and check out all the great discussions in The Academy Forum.

About the Author

Blair Thielemier, PharmD, is an MTM consultant pharmacist specializing in pharmacy billing models. She consults on and produces e-learning programs for state and national organizations, pharmacy wholesalers, payers, technology start-ups. She has books and online courses available for individuals looking to leverage their pharmacy knowledge into monetized clinical programs at PharmapreneurAcademy.com. She speaks internationally about trends in leveraging pharmacists to improve value-based care.

 

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