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Main Subject - Marketing Tip: Delay Gratification
A crucial concept in marketing (as is in life) is that of delayed gratification.
Stick with me for a moment through a general discussion of this behavior, and it will become obvious how it applies to your marketing.
T
Stick with me for a moment through a general discussion of this behavior, and it will become obvious how it applies to your marketing.
T
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
he ability to wait for rewards is a classic characteristic of anyone who is going to be successful. In fact, psychologists have identified this ability as the key indicator of a child’s future success. Because rewards d
; 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
o not always come instantly, people who learn to work hard, or invest their time and wait for payment, recognition, or some other form of ''gratification'' are the ones who will achieve the most in life.
Often, of cour
Often, of cour
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e, the longer the delay, the greater the reward. A worker who spends the day''s pay getting too drunk to return to work the next day will never become a doctor or lawyer.
The opposite is the need for instant gratificat
The opposite is the need for instant gratificat
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ion, which is practically a definition of immaturity. I-want-what-I-want-and-I-want-it-now behavior is normal in a baby, typical of many young children, and dangerous in adults. At its extreme, it results in all kinds o
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
criminal behavior. “I don’t want to work, and wait to save money, so I think I’ll steal it.”
And, of course, there are legions who profit from this immaturity, including people who sell magic diet pills, lottery ticke
And, of course, there are legions who profit from this immaturity, including people who sell magic diet pills, lottery ticke
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
ts, expensive golf equipment, and phony university degrees. Those who market these things know that their customers hope to buy the reward they are unwilling to work and wait for.
What has all this to do with your mark
What has all this to do with your mark
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
ting?
Many attorneys approach their marketing programs with exactly this level of impatience, not to say immaturity.
They are not committed. They are not willing to work. They are not willing to invest or risk their d
Many attorneys approach their marketing programs with exactly this level of impatience, not to say immaturity.
They are not committed. They are not willing to work. They are not willing to invest or risk their d
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ollars. They are not willing to wait. They want a marketing program that will hit a “home run” right away. They want to hit the marketing lottery and they are disappointed with anything less.
And of course, there are l
And of course, there are l
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
ts of marketing firms that are only too willing to prey on this weakness. They sell “systems” that are “guaranteed” to make you thousands, if not millions. They push direct mail programs with “free” mailing lists, and “
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
seminars in a box” and programs that promise to double your revenue in three months.
Do any of these programs work? To some extent, yes. Are they appropriate for some people? Absolutely. Almost any marketing is good fo
Do any of these programs work? To some extent, yes. Are they appropriate for some people? Absolutely. Almost any marketing is good fo
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
r your business, and as Woody Allen points out, 90 percent of success in life consists of simply showing up.
Marketing works! That’s the good news. The other news — perhaps not so pleasant if you lack the maturity requ
Marketing works! That’s the good news. The other news — perhaps not so pleasant if you lack the maturity requ
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
red for delayed gratification — is that marketing works the same way everything else works, by application of consistent effort yielding eventual results.
In my own business, it is not unusual at all for an attorney to
In my own business, it is not unusual at all for an attorney to
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
become our client two years after our first meeting. It is highly unusual, on the other hand, for a prospective client to say “Wait right here while I go get the check.”
If you think of the marketing-sales process as
If you think of the marketing-sales process as
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
pipeline, it becomes obvious that in order to make sales come out at one end of the pipeline (the one that spills out money), you have to stuff the entry to the pipeline. Some prospects will travel that pipeline faster
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
than others of course, but they still must make the journey.
Those who have the maturity, patience, commitment, and character to wait for the prospects to become clients will see a great reward. The others will say, a
Those who have the maturity, patience, commitment, and character to wait for the prospects to become clients will see a great reward. The others will say, a
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
ter a suitably brief period, “This doesn’t work!” Then they will quit marketing or buy into the next get-rich-quick marketing plan.
If you are one of those who understands delayed gratification, realize this: Once you
If you are one of those who understands delayed gratification, realize this: Once you
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
have the pipeline running, and you are realizing steady rewards, you must never, ever stop your marketing efforts. When you stop, or even pause, what happens? You create gaps in the pipeline, gaps that will eventually r
.
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
sult in a bad month, or a bad year.
There are many people, of course, who can be patient and persistent if there is a guaranteed reward. In this life, however, there are only two certainties and you know what those are
There are many people, of course, who can be patient and persistent if there is a guaranteed reward. In this life, however, there are only two certainties and you know what those are
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
.
It takes much more intestinal fortitude to proceed and persist when the reward is certain, but not guaranteed. Those who can do it are the marketers, and they shall inherit the earth. The others will inherit the wind
It takes much more intestinal fortitude to proceed and persist when the reward is certain, but not guaranteed. Those who can do it are the marketers, and they shall inherit the earth. The others will inherit the wind
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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