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Main Subject - Marketing Hints and Tips -Increase Your Exposure and Customers
Marketing is about getting your products and services into as many hands as possible, and then encouraging them to come back.
What are you doing to get your products/services into more hands?
Do you know
What are you doing to get your products/services into more hands?
Do you know
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
how many people MUST be exposed to you and your products to get the needed results and dollars that you want THIS very month? There is a simple formula to do exactly that that we’ll discuss in another article. If you want that one, just ask.
In the meant
In the meant
; 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
me, here’s an idea to get you in front of a lot more people.
Partner with other companies to get your products in other people’s hands. First, let’s look at how much you are, or should be spending on marketing on a weekly and monthly basis. (Actua
Partner with other companies to get your products in other people’s hands. First, let’s look at how much you are, or should be spending on marketing on a weekly and monthly basis. (Actua
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ly finding the number that you SHOULD be spending that ALWAYS generates the results you want and multiplies that return on investment is a whole different article. Check back with us on that one.) In any case, let’s say that you should be spending $300 a week to ge
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
erate $10,000 a week in sales according to your business plan.
Are you in the mode of “avoiding spending on marketing” or in the mode of “finding the best return on investment marketing method?”
“Where should you be spending it to generat
Are you in the mode of “avoiding spending on marketing” or in the mode of “finding the best return on investment marketing method?”
“Where should you be spending it to generat
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
the best return for your marketing dollars?”
Just one suggestion goes like this (and you should have several going at once, not just one. This is a simple one.). Suppose you partner with other companies to give away that much in product.
There are a lo
Just one suggestion goes like this (and you should have several going at once, not just one. This is a simple one.). Suppose you partner with other companies to give away that much in product.
There are a lo
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
of ways to do that. One is that your partner company puts a coupon in everything that he sells. The coupon is for either a gift certificate for your product or service, or an X% off. That makes your partnering company’s customers extremely happy to do business wit
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
h them, and at the same time encourages them to come to you to capture his gift or discount.
There are several ways this could take place.
1) Gift Certificates: If you are actually giving a gift certificate, then give away through your partner company the a perce
There are several ways this could take place.
1) Gift Certificates: If you are actually giving a gift certificate, then give away through your partner company the a perce
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tage of the amount budgeted for your marketing through gift certificates with one or more partering companies. The gift certificate probably would be a small purchase, would be something people really want and would come in to get, and if focused the right way a ce
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
tain percentage would make an additional purchase. The partnering company might give away a gift certificate that is a percentage of his sale.
2) Discount coupon: If you are giving an X% discount on a purchase, then you can afford to give away an almost limitless
2) Discount coupon: If you are giving an X% discount on a purchase, then you can afford to give away an almost limitless
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
mount, at least, as long as you’ve chosen the discount properly. If you have budgeted a certain percent of every sale toward the cost of marketing (by the way, do you do that?) then you can afford to discount it at least that much, or maybe more. I always look at e
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
ery expense, including marketing as a multiplier. In other words, when I spend $1 on marketing, it should generate 10 to 50 times what I spend. When you look at it that way marketing is no longer an expense. It is an investment in more business. It changes our view
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
to “how many customers do you want to buy” with this investment.
3) What would happen if you developed an additional strategy to encourage them to buy more when they are there, or something to encourage them to come back? When they come in, what would happen if yo
3) What would happen if you developed an additional strategy to encourage them to buy more when they are there, or something to encourage them to come back? When they come in, what would happen if yo
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
offer another discount, maybe on a bigger version of the original? You have a bigger sale.
When they come in to collect their gift, make sure to collect their name and address, maybe their birthday, so that you can send them additional giveways, or discounts, or
When they come in to collect their gift, make sure to collect their name and address, maybe their birthday, so that you can send them additional giveways, or discounts, or
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
maybe give them a birthday present. You’ve just captured a dedicated customer, someone you definitely want to always send marketing to. (NOTE: When sending marketing to cold customers a typical response rate is anywhere from 0.5% to 1% is typical, but 1% to 10% mig
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
t is possible when doing it right. When sending to people who’ve bought from you that number could be increased upward by 10-20 times. So that’s a way to increase your marketing response and return on your marketing dollar.
This whole idea could be taken even furt
This whole idea could be taken even furt
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
er than just one company partnering with another store to give away the other company’s marketing. A strategy to advertise the whole program could build those two companies, or even a whole neighborhood worth of business. What would happen if every company ran an a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
that they were giving away XYZ with every purchase, or that all of the companies in the neighborhood were running a special to give away products. Wouldn’t that encourage more people to shop the entire neighborhood?
Are there certain companies, or stores, that co
Are there certain companies, or stores, that co
.
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
plement each other? In other words people that shop a jewelry store might also shop a clothing store. They might even have bigger opportunities to share customers. What other stores in your neighborhood would be an ideal partner for you?
As I said at the beginning
As I said at the beginning
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
marketing is about getting your products/services into as many hands as possible. The more hands the better. Also collect names of those that come in and market to them on a regular basis. It’s possible to increase your marketing results by multiples of 10 or more
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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