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Main Subject - Don't Fire Your Customers - Try Upgrading Them First
All over the world I teach people how to serve, surprise and delight their customers – how to keep them coming back for more.
But once in a while a
But once in a while a
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
client asks, ‘Should we keep every customer, no matter what they do, or what they cost?’
My answer: Absolutely not!
Some paying customers cost mo
My answer: Absolutely not!
Some paying customers cost mo
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
re to keep than they contribute to your bottom line. Perhaps they cost too much to acquire in the first place. Or they prove too expensive to care f
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
or over time. They might purchase the minimum while extracting the maximum from your systems and your staff.
There may be nothing malicious about t
There may be nothing malicious about t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
hese people. They are simply unprofitable customers.
Your first approach should be to upgrade these patrons to become more valuable customers.
For
Your first approach should be to upgrade these patrons to become more valuable customers.
For
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
example, you might impose an administrative fee on below-minimum balances. But if your customers increase their volume, you agree to waive the fee.
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
You could offer no-charge delivery for orders over a certain amount, but impose a shipping and handling charge for small (and otherwise unprofitab
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
le) orders.
You might provide bare-bones service to customers who rarely visit or only purchase a small amount. But if these customers come more fr
You might provide bare-bones service to customers who rarely visit or only purchase a small amount. But if these customers come more fr
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
equently or spend more money, you can agree to enhance the service they receive.
This is a constructive win-win approach to an otherwise win-lose s
This is a constructive win-win approach to an otherwise win-lose s
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
ituation.
But be careful! Implementing this strategy requires carefully and well-planned scripted communication with your customers before you make
But be careful! Implementing this strategy requires carefully and well-planned scripted communication with your customers before you make
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the change. Present the upgrade path as an opportunity to get more benefits and greater value, not as a penalty for their low-volume business.
But
But
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
what should you do with customers who choose not to increase their business with you? Easy. Either charge them enough that they become profitable t
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
o keep, or guide them to alternative service providers who can meet their needs and budget.
Note: There are special cases where this ‘upgrade’ appr
Note: There are special cases where this ‘upgrade’ appr
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
oach should not be applied.
1. Unprofitable customers may be related to very profitable customers, and hence quite sensible to keep. For example, s
1. Unprofitable customers may be related to very profitable customers, and hence quite sensible to keep. For example, s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
mall children might buy very little, but their grandparents might buy them quite a lot!
2. Government agencies may be required by law to serve ever
2. Government agencies may be required by law to serve ever
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
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
yone equally. Public charities may not even track the cost of service from one individual to the next.
3. Your company might serve low-income custo
3. Your company might serve low-income custo
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
mers regardless of their profitability as a social contribution and valuable community service.
Key Learning Point
Unprofitable customers are just
Key Learning Point
Unprofitable customers are just
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
waiting to help you make a profit. What are they waiting for? An attractive offer to upgrade – from you!
Action Steps
Figure out which customers
Action Steps
Figure out which customers
.
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
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
cost more to serve than they generate in profits. Decide how much more you want them to spend, and how much more you are able to give for it. Extend
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
an invitation and seek their increased business. Let them know what they will receive and what they must give for this win-win exchange of service.
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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