Advice You - Business

Why do some businesses offer points, stamps or every tenth coffee for free?

These businesses understand that a customer retention program is a fantastic way to ensure tha

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

t customers keep coming back. The most recognized customer retention programs are those loyalty programs used by retailers, but this same principal can be applied to any

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

Examples of combination products may in

business that wishes to maintain a loyal customer base.

Ask yourself these simple questions.

•Does your business have a comprehensive retention strategy?

•Are you devot

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

ng a portion of your marketing budget to keeping current customers?

If you answered no, then you are jeopardizing the long-term success of your business.

Remember it is

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

costs less to keep your current customers then it does to acquire new ones. That doesn’t mean that you should quit spending on marketing attempts to acquire new customers,

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

Combination pro

but you should invest some of your marketing budget on retention strategies. Consider the 80/20 rule which states 80% of your business income comes from just 20% of your c

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

ustomers. A good Customer Retention program will work to convert those occasional customers into “loyal customers” who spend more money on a more frequent basis.

Customer

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

retention doesn’t just happen. Poor customer service can undermine even the best retention strategy. For a customer retention program to be truly successful, the business

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

must look at their total operation to ensure every aspect of their business is aimed at keeping the customers they already have. Is the accounting department too abrasive

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

when collecting overdue accounts? Is the receptionist chewing gum when answering the phone? Every contact with your customer has to be positive for any retention program t

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

o work. Depending on the type of business you operate, there are several possibilities in the type of customer retention program could develop:

Frequent contact

You can

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

Following aspects would a

develop a program that provides regular, scheduled contact with customer or prospect (a drip campaign). For example, develop a (opt-in) newsletter campaign, letter campaig

dd to the challenges in developing combination products:

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

or important reminder campaign (oil change, domain renewal etc). This is an excellent approach for many service industries or for sales professionals such as real estate

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

agents or car sales people or any other industries where there is a significant lapse in time between new purchases. You can keep your business name fresh in your clients

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

ind so that they call you instinctively when it is time for the next purchase.

Rewards

Develop a “rewards” program such as points, free product or service or discounts e

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

arned by making. This is the retail rewards program most people are familiar with, but this type of retention program is often used in business to business relationships a

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

Professional from academic institutions, pharmaceutical industries, health care indust

well. You could develop a program that will offer cash back or a discount to businesses based on the volume of purchases annually. This type of program works particularl

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

y well if you have a diversified selection of products or services, and are looking to encourage your customers to purchase a broader range of your products or services

C

.

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

mbination

You could develop a Members only club that combines aspects from both the frequent contact and rewards program.

The best retention programs are those that prov

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

Companies that provide selfless information through particip

ide an opportunity for you to learn more about your clients and their spending habits. This is invaluable information that can easily give you a leg up on the competition

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/15804/adviceyou-How-To-Keep-Your-Customers-Coming-Back--Understanding-Customer-Retention.html">How To Keep Your Customers Coming Back -- Understanding Customer Retention</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/15804/adviceyou-How-To-Keep-Your-Customers-Coming-Back--Understanding-Customer-Retention.html]How To Keep Your Customers Coming Back -- Understanding Customer Retention[/url]

Will accepting credit cards for your online business or retail store truly increase your sales?

Great - you passed the first job interview. And now you are waiting for the second one. Learn how to prepare for that important encounter with the interviewer.

This article describes how to skillfully convince people, especially in this case in an interview scenario. The technique is one which can apply to any area of your life.

Tags

Links

Advice You - How To Keep Your Customers Coming Back -- Understanding Customer Retention

Related Articles: