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Having the right price for your product or service can boost sales for a home based business by up to 300% experts have found, use these simple tactics now to make more money and increase

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

profits.

# Pricing Strategy 1 - Psychological Pricing

Marketing is all about persuasion and using a psychological trigger to get someone to buy from you, can be very powerful. Maybe you

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

Examples of combination products may in

’re asking a prospect to take a free trial or to continue reading your copy but at some you are going to ask them to buy from you. Take a look at these prices for product XYZ:

a) $70.00

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

r> b) $69.99
c) $69.97

So which of the prices most appeals to you? It is obvious that anyone would choose lowest when presented with all three. However, if you were to test each

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

price separately in your own campaign you would make many more sales at $69.99 and $69.97. Testing has shown that more sales are made because we are drawn to the ‘6’ rather than the ‘7’,

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

Combination pro

lthough there is only a small difference in the price in reality.

# Pricing Strategy 2 – Pricing on Demand

Whatever your costs and objectives are, the demand for your particular product

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

or service will be of significant influence when setting a price. Where demand outstrips supply the seller finds it easy to charge higher prices. If you are in a high demand market it shou

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

ld be your objective to provide a good value for money product or service and not to overcharge customers. Overcharging means they may not return for repeat business and losing customers a

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

fter the first sale is not the way to long term profits for a home based business.

If you have a high demand product or service, but it is available from many other sources, building addi

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

tional value into the proposition (not lowering prices) is the smart route to take to differentiate you and your business from competitors. You could offer:

a) Immediate delivery at no ex

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

ra cost
b) Free Insurance on your item
c) A free bonus for acting quickly
d) A discount coupon off the next purchase

The idea is to build extra value into the deal th

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

Following aspects would a

at gives perceived added value to the customer and doesn’t cost you much extra to provide in real terms.

# Pricing Strategy 3 – Competitor Pricing

Keeping an eye on your competitors and

dd to the challenges in developing combination products:

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

watching how they market, where they advertise and the prices they charge are all important. However, basing your prices to match or undercut a competitor can be very dangerous to your ove

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

rall business and your profits. In a very competitive market it is only by doing market research and asking your own customers that will you find out to what extent your customer shops aro

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

und.

Many businesses overestimate this factor and usually end up charging less than they should. Research has shown that short term sales promotions often get quick results but do not con

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

ribute to a company's long term profits. There is a peak as soon as the SALE! SALE! SALE! Offer starts and then the sales graph flattens out. The real answer is to survey your customers to

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

Professional from academic institutions, pharmaceutical industries, health care indust

get more accurate information rather than under-cutting competitors as a long term strategy.

What’s the Difference then between Price and Cost?

There is distinct difference between the

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

‘price’ and ‘cost’ and you shouldn't let yourself get confused between the two.

* The definition of price is: The amount as of money or goods, asked for or given in exchange for something

.

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

else (marketing).

* The definition of cost: The expenditure of something, such as time or labor, necessary for the attainment of a goal (accountancy).

Charge more not less and offer a b

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

Companies that provide selfless information through particip

etter service, higher quality and the ultimate in customer service. Always have something that differentiates your home based business from that of your competitors and you will make money

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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Years ago I read an article by a renowned psychologist wherein he wrote his studies found one percent of all human beings would never lie, cheat or steal. One percent would always lie, cheat or steal...

Your staff are many things: they are your front line PR organisation they are your sales force they are your restaurant critic ….and many other things too.

Every business requires a crisp marketing plan to back it up. Without a clear and comprehensive strategy in this regard, only extremely good luck can bring you success. Don’t rely only on the stars for your success. Let your hard work and planning do the trick.

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