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Advice You - Measure Your Success with Direct Mail Fundraising Letters with Just Four Numbers
A while back I realized that measuring the effectiveness of direct mail fundraising campaigns is a
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
lot easier than I’d thought.
I was confused by all the formulas and ratios, and was never sure whi
I was confused by all the formulas and ratios, and was never sure whi
; 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
h numbers were more important than the others. Cost Per Piece, Cost to Raise a Dollar, Return On In
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
estment, Average Gift, all of these and at least six other metrics kept me in a state of anxious ig
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
orance. I was never sure where I needed to start my calculations.
Now I know, and I thought I’d pa
Now I know, and I thought I’d pa
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s on to you what I discovered in what I suppose I could call an epiphany.
I discovered that, to tr
I discovered that, to tr
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
ack the effectiveness of any direct mail campaign, all you need to start with are four numbers. Onc
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
you know what these four numbers are, you can perform every calculation you need to measure your c
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sts, revenue and return.
These four numbers are the only ones you need to measure on every campaig
These four numbers are the only ones you need to measure on every campaig
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
. They’re the only four numbers you need to obtain when comparing recent campaigns with those from
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ong ago.
The numbers are simply these:
1. Number of letters you mail.
2. Number of gifts you
The numbers are simply these:
1. Number of letters you mail.
2. Number of gifts you
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
receive.
3. Amount of money you spend to mail the letters.
4. Amount of money you receiv
3. Amount of money you spend to mail the letters.
4. Amount of money you receiv
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
as gifts.
These numbers are known in the trade by various terms. I refer to them as:
1. Piec
These numbers are known in the trade by various terms. I refer to them as:
1. Piec
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
s Mailed
2. Total Gifts
3. Total Cost
4. Gross Income
I recall these four numbe
2. Total Gifts
3. Total Cost
4. Gross Income
I recall these four numbe
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
s by remembering that two deal with mail and two deal with money. The first two numbers deal with w
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
at you mail and with what comes back in the mail. And the second two numbers deal with what you spe
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
nd and with what you earn.
Only when you know these four simple numbers can you run the calculatio
Only when you know these four simple numbers can you run the calculatio
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s you need to make sense of your direct mail fundraising results. Need to know your cost to raise a
.
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
dollar? Divide your mailing cost (number 3 above) by your income (number 4 above). Need to know you
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
average gift? Divide your income (number 4 above) by the number of gifts received (number 2 above)
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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