Advice You - Business

Every customer you have is a word-of-mouth advertiser for you. Unfortunately 90% of this free advertising is negative. Your goal is to get positive-word-of-mouth advertisers.

Think about it

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

, how do you decide where to shop? Your chief consideration may be location or price, but service is a silent draw that cannot be overlooked.

Years ago we went to a get our oil changed at the

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

Examples of combination products may in

itgo station at Rochester and Hamlin in Rochester Hills. The owner was in tough competition with the established shop across Rochester Road. We were first in line and the shop really did achie

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 their time goal as we were pulling in the bay in just over 5 minutes. To our surprise the owner came to the window and offered us free pop because of the “long wait” on a hot day. He also o

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

ffered lollipops to our children after getting our permission. It is now ten years later and every oil change on both cars have been done at his shop. What was his cost? Two cans of pop and t

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

Combination pro

o lollipops. To be honest I cannot tell you how his price compares to the shop across the street, but I don’t care. Anyone that takes care of the customer like he did on our first visit has in

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

egrity and places customer service as a top goal. Not only has he received our total business, we also told this story a hundred of times to friends and at conferences.

Word-of-mouth is a very

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

powerful advertising tool. With competition as intense as it is today people are looking for ways to determine at which of the many resources available to spend their money.

The emphasis on w

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

rd-of-mouth advertising is getting a lot of attention at colleges in and near Allentown, Pennsylvania. College freshmen can now go to several Internet sites to determine into which professors c

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

ass they should strive. The sites list comments about the professors posted by former students. Although the colleges say the sites do not agree with the evaluations they are receiving at the

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

nd of the classes, the sites have increasing in the number of web hits they receive. According to Christina Gostomski of the Allentown Morning Call (May 16), students like the sites because the

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

Following aspects would a

y want to make sure they aren’t wasting tuition dollars.

Word-of-mouth advertising is also recognized by Google as having max impact, and they have the results to prove it. According to Forbes

dd to the challenges in developing combination products:

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

com (May 22) the Internet advertising company built their new service, Adwords, on word-of-mouth advertising. “The response was so enthusiastic that by February 2002 Adwords had been extended t

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

all Google listings. It grew to 100,000 bidders in ten months, and thousands more advertisers are still signing up.” according to Forbes.

Increasing positive-word-of-mouth requires that one is

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

in tune with the customer. There are two facts that work against this free form of advertising:

1. Negative word-of-mouth advertising is ten times more common. Unfortunately people are more

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

likely to talk bad than they are to talk well of an organization.

2. Unsatisfied customers are not likely to make their feelings known. While it is true that some are overly vocal, the majori

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

Professional from academic institutions, pharmaceutical industries, health care indust

y tend to keep quiet.

To identify unsatisfied customer you must be alert to their tone of voice, how they walk out of your place of business, whether or not they look you in the eye, and (perha

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

ps most importantly) does your place of business say, “Welcome, we’re glad you’re here!”

As for the vocally unhappy, conflict resolution skills are vitally important. A business person must be

.

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

on there “A” game every time a conflict arises, and they must be equipped to handle the problem.

The type of word-of-mouth advertising that your organization receives is totally up to you. Now

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

Companies that provide selfless information through particip

that you know you will receive word-of-mouth advertising, as evidenced by the college professors and Google, you must make a choice as to how prepared you will be to influence the ads themselves

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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