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Advice You - Focusing on Consistency (Part 1)
When we aim for consistency in our communications, values, messages, images, offerings, and the customer experiences we create, we take another significant step toward developing long-lasting and meaningful customer relationships that will boost our bottom line.
We know that as consu
We know that as consu
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
mers, we are able to exercise our choices to achieve
the most enjoyable and efficient experiences possible. But whenever we are unhappy consumers, how likely are we to complain about it?
Research shows that only a small fraction of customers will inform a company of what they dislik
Research shows that only a small fraction of customers will inform a company of what they dislik
; 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
e. The majority of silent, unhappy buyers "vote with their feet" and simply don't return. Sam Walton, the late Wal Mart founder, said: "There is only one boss: the customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere els
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."
So, since buyers are unlikely to complain (unless they're very unhappy), we must be extremely careful to ensure that they don't become unhappy about anything in their experiences, or they're likely to leave without telling us why! This article (the first in a series) explains the
So, since buyers are unlikely to complain (unless they're very unhappy), we must be extremely careful to ensure that they don't become unhappy about anything in their experiences, or they're likely to leave without telling us why! This article (the first in a series) explains the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
role of consistency in boosting customer retention and satisfaction.
Inventing Your Customer "Secret Sauce"
What recipe makes any relationship with a product or service stand out deliciously from all of the others? Creating consistent customer experiences is the mantra savvy busine
Inventing Your Customer "Secret Sauce"
What recipe makes any relationship with a product or service stand out deliciously from all of the others? Creating consistent customer experiences is the mantra savvy busine
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
sses have been chanting to achieve great prosperity. These companies pull out all the stops to ensure that dealing with their products, staff, and services is so consistently pleasant, buyers will want to become loyal customers.
But that's not all -- pleasantness is fast becoming the
But that's not all -- pleasantness is fast becoming the
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
minimum experience buyers expect. The fierce competition today requires creating raving fans of customers so they cannot stop telling their colleagues, friends, and family about your products or services. This requires raising the bar even further!
What does it take to go from being
What does it take to go from being
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
a silently shunned company to one that creates raving fans?
Assembling the Filling
The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They
Assembling the Filling
The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
shape the "touch points" that influence our customers' experiences. For example:
* It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fift
* It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fift
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
h the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective.
* It's critical not to over-prom
* It's critical not to over-prom
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ise and under-deliver. Either we can under-promise and over-deliver or over-promise and over-deliver, but, at all costs, we should strive not to under-deliver. One of the situations that will drive everyone crazy is believing that a product is supposed to be released on a certain date
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
, and then it's not. Or hearing that a service will be rendered per an advertised guaranty, and then it's not. Credibility and trustworthiness evaporate whenever people make promises they can't keep.
Baking the Pie
Common sense tells us to find every possible way to keep our existin
Baking the Pie
Common sense tells us to find every possible way to keep our existin
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
g customers, and instead of ignoring them, we should market to them regularly. Common sense also suggests that if we consistently deliver on time or earlier, or with greater quality than promised, we will delight our customers!
It may mean telling our customers truthfully that we won
It may mean telling our customers truthfully that we won
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
't have a product ready to offer until next year (instead of next month). But any momentary disappointment our customers may feel will be relatively minor compared to the confidence they will have in us when we do release on time or earlier.
And it's nothing like the distrust and ske
And it's nothing like the distrust and ske
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
ticism we will earn if we under-deliver by coming back repeatedly to say, "I'm sorry, we were wrong; it's really going to be next month!" in an endless stream of broken promises.
With just the preceding two principles in mind, we have a better idea of what we can do to become leaders
With just the preceding two principles in mind, we have a better idea of what we can do to become leaders
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
in our industries:
* Retaining existing customers could entail asking customers, in surveys or during customer support calls, "What do you love about our products? What do you hate? What would it take to make you a raving fan of our company?" The answers will reveal what buyers valu
* Retaining existing customers could entail asking customers, in surveys or during customer support calls, "What do you love about our products? What do you hate? What would it take to make you a raving fan of our company?" The answers will reveal what buyers valu
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
e most, and any pet peeves they've been dying to unload.
* Over-delivering on promises could entail ensuring that products and services work even better than advertised, and that interactions with customer support exceed all expectations for problem resolution. Since one unhappy expe
* Over-delivering on promises could entail ensuring that products and services work even better than advertised, and that interactions with customer support exceed all expectations for problem resolution. Since one unhappy expe
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rience can sour all other pleasant ones, strive to ensure that the most memorable interactions -- such as the first and last in any series -- are especially positive. On a vacation, if lost luggage, forgotten belongings, or final departure activities are not handled with the utmost ca
.
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
re, everything positive that preceded those disappointments may be erased from the vacationer's memory!
In conclusion, the recipe for positive and rewarding customer relationships includes, but is not limited to, recognizing the value of consistency in customer retention and in over-
In conclusion, the recipe for positive and rewarding customer relationships includes, but is not limited to, recognizing the value of consistency in customer retention and in over-
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
delivering on promises, both explicit and implied. These two ingredients are a few of the ways to plug the gaps that would cause buyers to "vote with their feet." Alone, they might not be quite enough to create raving fans, but without them, we won't create any loyal customers, either
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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