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Main Subject - The Power of Competitive Differentiation
There's no doubt about it! When it comes to the world of speaking, training, coaching and consulting, it's a highly competitive buyer's market. Industry-wide, there are literally tens of thousands of professionals from w
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
hich to choose!
How competitive is it? Let's say you are a client looking for a keynote speaker for your company's annual leadership conference. The National Speakers Association website lists 739 members offering keyn
How competitive is it? Let's say you are a client looking for a keynote speaker for your company's annual leadership conference. The National Speakers Association website lists 739 members offering keyn
; 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
te programs on the subject of leadership alone. Even at the elite level, the Washington Speakers Bureau - one of the most prestigious, exclusive and respected bureaus in the world - lists 116 leadership experts. That's a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
lot of speakers from which to choose!
The reality for coaches is even more severe. If you're looking for a personal coach, www.findacoach.com lists more than 2,200 - and that represents a mere fraction of the more than
The reality for coaches is even more severe. If you're looking for a personal coach, www.findacoach.com lists more than 2,200 - and that represents a mere fraction of the more than
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
0,000 member coaches of www.coachville.com.
Sure, all human development professionals have their own spin, style and areas of expertise - and can be hired at fees all across the board. But there's obviously a LOT of peop
Sure, all human development professionals have their own spin, style and areas of expertise - and can be hired at fees all across the board. But there's obviously a LOT of peop
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e competing for the chance to speak, train, coach or consult - and, in large part, the differences between them are not as great as they would like to imagine.
In fact, in our recent study of the human development indust
In fact, in our recent study of the human development indust
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
ry, 100% of respondents said that differentiating themselves from their competitors was very important to the success of their type of business. Yet 61% of the respondents said that competitive differentiation was NOT a s
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
gnificant problem for them - and another 14% rated the problem as mild.
While the majority of respondents don't THINK they have a problem, the study also showed that only 18% were paying any meaningful amount of attentio
While the majority of respondents don't THINK they have a problem, the study also showed that only 18% were paying any meaningful amount of attentio
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
to keeping competitive differentiation from becoming an issue in the growth of their businesses.
The truth is that who gets hired and who doesn't is often a matter of competitive differentiation - and businesses that wi
The truth is that who gets hired and who doesn't is often a matter of competitive differentiation - and businesses that wi
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
h to grow are constantly watching what their competition is doing and revising themselves accordingly. Those that stop watching and stop revising ensure a loss of their competitive advantages and, ultimately, the demise
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
f their businesses.
Achieving competitive differentiation is important because it offers you three things: 1) it reduces the pool of competitors to which a prospect can compare you, putting you into a more exclusive cate
Achieving competitive differentiation is important because it offers you three things: 1) it reduces the pool of competitors to which a prospect can compare you, putting you into a more exclusive cate
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
gory; 2) it increases your perceived value in the marketplace, allowing you to command higher fees with less resistance; and 3) it affords you greater notoriety and the chance for increased exposure, often at little or no
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
cost to you.
But there is a BIG difference between just being different for the sake of being different and holding true competitive differentiation among your peers. For maximum impact, the differences between you and
But there is a BIG difference between just being different for the sake of being different and holding true competitive differentiation among your peers. For maximum impact, the differences between you and
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
your competition must be more than cosmetic. They must be differences that your clients actually VALUE.
It only matters if you are different in ways that matter to your clients.
The secret to achieving true competitive
It only matters if you are different in ways that matter to your clients.
The secret to achieving true competitive
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
differentiation is understanding your clients. What do they have in common? What dreams do they share? What problems do they face? What do they need? How do they prefer to work with professionals like you?
Once you k
Once you k
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
ow more about the clients you are trying to attract, impress and hold on to, work to improve your positioning in one or more of the following ways:
Market Differentiation -- Develop a reputation as a specialist in their
Market Differentiation -- Develop a reputation as a specialist in their
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
particular industry.
Program Differentiation -- Offer uncommon subjects that are vital to your clients, or more common subjects that have been customized specifically for their industry.
Service Differentiation -- Offer
Program Differentiation -- Offer uncommon subjects that are vital to your clients, or more common subjects that have been customized specifically for their industry.
Service Differentiation -- Offer
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
uncommon services that are vital to your customers, or more common services that have been customized specifically for their industry.
Style Differentiation -- Deliver your programs and services in a distinctive manner t
Style Differentiation -- Deliver your programs and services in a distinctive manner t
.
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
at appeals to the industry you've chosen to target.
Image Differentiation -- Establish a unique brand that is both attractive and memorable for your clients to keep you in a top-of-mind position.
The more ways you find
Image Differentiation -- Establish a unique brand that is both attractive and memorable for your clients to keep you in a top-of-mind position.
The more ways you find
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
o distinguish yourself from your competitors, the more clients you will secure and the stronger those relationships will become. Focus on what your clients WANT you to be - and you will become the provider they want most
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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