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Main Subject - Increase Direct Mail Response Rates (And Revenue) By Segmenting Your List
If you want to increase revenue using direct mail, you have two options: sell more to the customers you have, or find new customers and sell to them. The tricky part is
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
knowing how to do that.
I recommend that you start by segmenting your house list. Dividing your customers into groups that share a common interest helps
I recommend that you start by segmenting your house list. Dividing your customers into groups that share a common interest helps
; 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
you understand your customers better. Let me illustrate.
Assume you are a business that manufactures and markets a line of polo and golf shirts that bus
Assume you are a business that manufactures and markets a line of polo and golf shirts that bus
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nesses issue to their staff as casual uniforms. You examine your house list to find out who buys what, and when and how. You are looking for patterns, trends and opport
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
unities.
Gender
You discover that 75% of your customers buy shirts for male staff only, even though you carry a line of women’s s
Gender
You discover that 75% of your customers buy shirts for male staff only, even though you carry a line of women’s s
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
irts. There may be an opportunity here. You may be able to find customers in similar industries as your customers, but in businesses that are operated by women and that
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
have female staff.
Industry
Looking at the SIC codes in your house file, you learn that a large percentage of your clients are r
Industry
Looking at the SIC codes in your house file, you learn that a large percentage of your clients are r
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
etailers. This means you can look for other retailers in other industry segments that may also be interested in your product line.
Buying cycle
Buying cycle
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
trong>
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo o
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo o
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
r slogan. What do these customers have in common besides that? Are they in similar industries? Are they all involved in the hospitality industry? You may spot a new mar
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
et for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt
Trends
You discover that one shirt
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
is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your bus
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
iness with existing and new customers.
Frequency
You also learn that many of your customers order their shirts in the Spring. Is
Frequency
You also learn that many of your customers order their shirts in the Spring. Is
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
his because the weather is growing warmer, because your Spring prices are always lower, or because your clients must hire all new staff each Spring? Each of these three
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
reasons presents a different opportunity.
Payment method
Your customer database also tells you that the most popular payment met
Payment method
Your customer database also tells you that the most popular payment met
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
od is cheque, followed by credit card and cash. The most popular medium is your catalog, followed by your website (although your website is growing in popularity). Are
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
there opportunities here for reducing your promotional costs by moving your entire catalog online? Or for sending promotions by email instead of postal mail?
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
/>
As you can see, the advantages of segmenting your customer database are great.
- you get to understand your customers better
- you uncover opportu
.
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
ities for creating special offers for unique segments of your list
you discover trends that help you modify your product line
you gather the knowled
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
ge you need to make intelligent decisions about which prospect lists to rent
you discover potential markets that you had not even considered before
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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