Main Subject - Business

Customers choose the same old, same old when they can’t tell the difference between offerings. These steps will help them see why you’re the clear choice.

In a recent Forrester

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

Research consumer survey, 47% of consumers indicated they see no difference between competing brands. That should be incredibly disturbing for brand managers and CEOs everywhere.

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

Examples of combination products may in

Especially considering that, according to emarketer.com, businesses spent 281 billion dollars on advertising in 2006.

When customers can’t distinguish between competing product

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

they’re left to choose based on the one obvious difference: Price. As business leaders, we need to help our customers understand the value we deliver for the price they pay.

No

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

matter what you sell, these steps will emphasize your brand’s differences and help you stand out from the competition in the ever-crowded global marketplace.

Step 1: Market the

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

Combination pro

right message
Whether you’re selling to consumers or to businesses, people don’t buy features; they buy benefits. Yet 99.5% of all advertising promotes features.

When you

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

nderstand the benefits customers get, you can emphasize them in all of your marketing. People who want those benefits will then be drawn to you.

If you’re stumped about this, co

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

ntact some of your best customers and ask them about the benefits they get from your offerings. You’ll grow your relationship with them, get insight into benefits to emphasize, a

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

nd uncover some great testimonials to use.

Step 2: Compare your message to the competition’s
Look at the advertising of your top competitors. What are they saying and how a

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

e they saying it? If you’re competitors are talking about how great they are but their advertising doesn’t show any proof of that greatness, then start using testimonials that pr

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

ove how great you are.

Another strategy is to completely change the conversation that’s going on. Volvo® has led the safety conversation and they’ve recently added some features

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

Following aspects would a

that have taken that conversation in different directions.

Step 3: Never fail to be grateful
According to Webtrends®, a web analytics company, as little as a 5% increase i

dd to the challenges in developing combination products:

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

customer retention can grow profits anywhere from 25% to 95%. Considering how much it costs you to acquire your customers, it’s worth your while to spend a little time and effor

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

t to keep them once you’ve got them.

What can you do to show your customers how much you appreciate them? Create tiers within your customer list and send them things like handwr

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

itten notes and gifts to reward them and thank them for their business. Don’t just do this at the big holidays. Your card or gift is bound to get lost in the avalanche of other t

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

kens from businesses that really don’t care. Show your customers you’re different because you really do care.

And what about your prospects? Just because they haven’t decided to

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

Professional from academic institutions, pharmaceutical industries, health care indust

hire you yet doesn’t mean they won’t. You may not be the right choice for them but they may have friends or colleagues who they may refer to you. Sending them a “thanks for cons

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

idering us” gift will position you as a class act.

Bonus step: Get the right message to the right target
It won’t matter how nicely you say anything or how attractive your

.

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, if it’s getting to the wrong people they’re not going to read it or take action on it.

The more you know about your ideal target the better job you can do to create a message

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

Companies that provide selfless information through particip

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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