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Advice You - Loyalty And Rewards Card Programs Will Keep Your Clients Coming Back
Most small business owners don't realize that bringing a new client in the doors can cost up to twenty times what it does to keep an existing client coming back. Small businesses spend freely on
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
yellow pages, radio, television, mailers, and other advertising. While these ways of promoting ones business can be successful in bringing new clients in, they in no way help a business keep cl
; 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
ients. Once that new customer comes through the door and makes a purchase the business needs to find a way to keep that person coming back. If they don't they will have to repeat their advertis
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ing cycle and continue spending thousands to get another client in the door.
So, how do you keep that client coming back? Simply put: you need to give them an incentive. Reward them for being
So, how do you keep that client coming back? Simply put: you need to give them an incentive. Reward them for being
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a loyal client. If you are in a business with a lot of competition or you are competing against big box stores or national chains you need to be able to compete on more than price. It is a fac
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t, rewarding your clients for shopping at your store will keep them coming back instead of going to your competition.
How does a rewards or loyalty program work? When the client makes a purchas
How does a rewards or loyalty program work? When the client makes a purchas
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
e offer them a rewards card. (The most widely used are plastic credit card quality loyalty cards with a magnetic stripe on the back) These cards are run through a credit card terminal and accru
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
e points every time the client shops with you. When the client spends a certain amount of money they automatically get a specified cash value added to their card. They can then use the value
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n the card towards their next purchase.
The reward amount that you offer to a client depends on your business. You need to reward your clients as often as you can with whatever amount of cash y
The reward amount that you offer to a client depends on your business. You need to reward your clients as often as you can with whatever amount of cash y
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
ou deem reasonable. For example: a coffee shop with a $5 average sale may want to reward a client with $5 when they hit $50 in purchases. On the other hand a client with a high aveage sale, a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
clothing boutique for example, may want to give a reward of $25 for every $250 spent.
You can also customize reward levels based on a clients annual purchases. A busy restaurant may offer clien
You can also customize reward levels based on a clients annual purchases. A busy restaurant may offer clien
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
ts a $100 gift card if they spend $2500 during the year. Some businesses have such loyal customers that they offer plasma televisions and cars if the client spends enough money during the year!
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
e as creative as you want, and remember, your rewards have to give your clients a reason to keep coming back!
Now that you are rewarding your clients - how do you keep track of everything? We a
Now that you are rewarding your clients - how do you keep track of everything? We a
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
lways suggest that you register your rewards cards on your gift card providers website. If nothing else get your clients name and address. You can have a report generated that will show the nu
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
mber of cards you have outstanding, who owns the card, how often they shop with you, and how much money they have spent during the month and the year. These are very powerful reports. They will
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
show you who your best clients are and how often they shop with you. Now use this information to promote your business!
The simplest way to use this information would be to take a look at your
The simplest way to use this information would be to take a look at your
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
top 100 clients every quarter. Send them a letter thanking them for their business and let them know that you are going to add some cash value to their rewards card. All you need to do is accru
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e some value on their card, send them the letter, and when they come in the next time they will have some added value on their card. It is almost guaranteed that they will spend more during thei
.
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
r trip than just the amount you added!
These are only a sampling of the ways you can use a rewards and loyalty program to keep your clients coming back in. Programs like these cost a fraction o
These are only a sampling of the ways you can use a rewards and loyalty program to keep your clients coming back in. Programs like these cost a fraction o
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
f standard advertising and have a much higher return! Remember, it is much harder to get a new client than to keep an old one, so get a loyalty program going today and keep your business buzzing
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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