Main Subject - Business

Tips on Increasing Customer Loyalty for Small Business

I know customer loyalty is impo

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rtant, how can I check that I have done all I can to build loyalty?

You're right custo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

er loyalty is critical. People focus too much on new business when it's more profitable

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

to focus on existing customers. Research shows that a 5% improvement in customer retent

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

on rates yield between 25%-100% increase in profits across a wide range of industries.

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

oyal customers buy more, more regularly and they frequently recommend your business to

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

thers. Here are a few pointers for increasing loyalty.

1. Start with knowing who your

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ustomers really are. Research the needs of your customers. Then develop ongoing solutio

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

s or support that are highly valued by customers. This is the start of becoming "custom

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

r-centric".

2. Build lasting relationships with your customers through effective two-w

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

y communication. Can your customers contact you easily? Make it easy for customers to c

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

omplain and provide feedback. Also research why it is you're losing customers. Use this

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

information to improve your business.

3. Set high standards. Don't over promise and un

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

er deliver. Have you gone the extra mile recently for your customers? That is, surprise

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

them? Delight your customer.

4. Are you investing in training staff and keeping them

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

otivated? Happy employees generate happy customers. Let customers know you value them a

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

d offer them rewards for their loyalty.

5. Consistently delight your customer. There i

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

no use being strong in one area and weak in another. Every customer contact point shou

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

d contribute to an overall satisfying experience to create loyalty. Make sure you have

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

uality control measures in place to ensure consistency.

http://www.eyeswideopen.com.au

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Building sound relationships with your customers is the one of the keys to making your business a success. Humans build relationships all their lives, be it with their friends, family, employers, colleagues or peers. As humans, we like to stick to what we know, and this behavior reflects in the choices people make regarding which business organizations to deal with. Building customer relationships is as important to your small business as the price and quality of what you are selling.

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Main Subject - Building Customer Loyalty - A Checklist

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