Main Subject - Business

Premiums are an effective way to increase your direct mail response rates. Whether you are selling a product or service directly through the mail,

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

or whether you are using a sales letter to generate leads, premiums can help you boost response, increase conversions and motivate buyers to pay no

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

Examples of combination products may in

w rather than later.

A premium is simply an item that you offer to your buyer to take action. As Dick Benson has said, “a premium is 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.

bribe to say yes now.”

Premiums are effective because, dollar for dollar, they are better incentives than cash discounts. Given the choi

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

ce between receiving a free Apple iPod or a $200 discount on their order, most buyers will opt for the iPod.

Here are some tips on using

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

Combination pro

premiums effectively.

Aim for desirability over relevance
The key to choosing the right premium for your audience is desira

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

bility. If the premium is related in some way with what you are selling, that is great, but whether your prospect desires your premium is more impo

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

tant than if the premium is associated with your offering.

For example, a firm that manufactures heavy-duty fasteners could offer prospe

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

ctive customers an oversize bolt in the form of a paperweight, or they could offer a $200 gift certificate to Best Buy (the home electronics store)

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

. The paperweight is relevant but undesirable. The gift certificate is desirable but not relevant to the firm’s business.

The best premi

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

um, of course, is closely related to your offering, is desirable, and makes your prospect look like a wise buyer.

Choose premiums wit

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

Following aspects would a

h high perceived value
You want your premium to look as though it costs more than it does. A leather attach? case, for example, that has a

dd to the challenges in developing combination products:

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

high perceived value but only costs you $30. Or a portable DVD player that appears worth $150 but costs you only $40.

Test your prem

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

iums
What works for one business buyer will not work for another. What works in one industry will not work in another. One inexpensive way

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

to test high-end, expensive premiums is to offer them as “back-end premiums” that your prospects must request. Segment your list into equal-sized g

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

roups, mail a different premium offer to each segment, and then count your responses to see which premium draws the best response.

Pr

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

Professional from academic institutions, pharmaceutical industries, health care indust

omote your offer, not your premium
Your premium is the bribe for saying yes now. It is not your offer. And because you should only sell on

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

e thing in a direct mail package, you should sell your offer and give your premium away. You want your premium to be the incentive to act, not the

.

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

reason to act (after all, some people respond to direct mail offers just to get the premium, then they cancel their order).

Check the

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

Companies that provide selfless information through particip

law
Some industries (defence, for example), forbid their employees from accepting gifts or premiums from vendors. So check before mailing

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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After being out of the workforce for a couple of months - or even several years - it’s time to jump back in with both feet. But how do you do it? This article will give you some tips.

My table-mates introduced themselves as the reciprocal protocol began. We chatted about what we did, where we did it and what we thought of the conference. Stan joined the table as the chicken was served. He'd been introduced to me earlier and we'd talked briefly during the pre-dinner social. Now he was peppering me with intriguing business questions.

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