Advice You - Business

The Power of Business Positioning!

Rules of Business Positioning

1. Differentiation is a business imperative today, not only in terms of a company’s success, but also for its continuing survival.

2. Truly understanding how and why you and y

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

our business are better than the competitions’ is essential to true business success.

3. Succinctly and effectively communicating your value proposition to customers and substantiating your claims will drive your business.

The Power of Posit

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

Examples of combination products may in

oning

The often-used phrases such as “…saving time and money…” are no longer enough to attract a potential buyer. Today’s effective salesperson must offer compelling claims and proof to substantiate them.

* * *

Differentiation in the contex

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

t of business is what a company can hang its hat on that no other business can. For example, for some companies this is being the least expensive. Other companies credit themselves with being the first or the fastest. Whatever it is a business

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

can use to stand out from the rest is called differentiation.

Differentiation in today’s over-crowded marketplace is a business imperative, not only in terms of a company’s success, but also for its continuing survival.

The advent of the Int

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

Combination pro

rnet changed the business landscape forever. Typically, long established “brick-and-mortar” businesses that spent years and millions of dollars building their brands ruled their industry segments – perhaps rightfully so. Now, however, with new

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

web-based businesses coming online virtually every day, many of these former stalwart business entities have seen their product/service offerings fall victim to mass commoditization and price wars.

Business-to-business companies in particula

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

are finding themselves in these lowest-price battles every time they try to win client business. To me, this means the main players in the industry are not standing out from one another. They aren’t differentiating themselves effectively enou

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

gh.

Take any service-based industry today, for example – IT services, business consulting, legal consultation, etc. To the potential client, most of the major players look the same. All offer the main table stake services and do little to tru

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

y differentiate themselves from their competitors. A business prospect is left with only one choice – defer to the best price.

As business owners and managers, it is our job to mitigate or avoid these price battles by delivering to the client

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

enticing key messages that peak their interest and satisfy their concerns.

When crafted and delivered in an impactful manner, a business’s key messages will help it to differentiate itself from its competitors and attract customers.

In my ne

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

Following aspects would a

arly ten years of key message development, I have come across some really ornate positioning statements, key messages and value propositions that unnecessarily used far too many elaborate words to make a point. Here are some examples:

· XXXX

dd to the challenges in developing combination products:

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

ffers best-of-breed legal services to companies that need reliability and security so they can perform at the highest level.

· XXXX delivers value to global organizations through integrated financial services designed to help reduce cost and

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

increase efficiency.

· XXXX provides its customers with state-of-the-art solar solutions to harness the power of the sun to lower costs.

· We help individuals market their ideas through innovation and precision. Our services increase value a

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

d decrease inefficiency while driving differentiation in the marketplace.

· Our powerful software is flexible, intuitive, easy-to-use and integrates seamlessly with your other tools. It is robust and scalable, and your organization can enjoy

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

he benefits of our best-of-breed world-class offering.

Certainly, the name of the company behind these statements can easily be substituted for a competitor. What do these statements tell you about these companies and why you should engage in

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

Professional from academic institutions, pharmaceutical industries, health care indust

business with them? Nothing! That is the point. So many companies today fall into the trap of utilizing overused or meaningless words to describe what they do. It just doesn’t work.

Here are some examples of words to avoid at all costs in yo

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

r positioning and messaging. They do absolutely nothing to truly differentiate you or your business:

Advanced

Best

Best-of-breed

Committed

Cutting-edge

Dedicated

Easy-to-use

Elaborate

Fastest

Flexible

Industry leading

Innovative

L

.

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

eader

Leading

One-of-a-kind

Optimize

Partner

Proven

Quality

Quickest

Robust

Scalable

Solution

State-of-the-art

Unique

Unparalleled

Unsurpassed

Value

World-class

While this list is not a full representation of all of the trite

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

Companies that provide selfless information through particip

ords to stay away from, it should give you an idea of just how easy it can be to fall into the trap of developing key messages that will fall on deaf ears.

# # #

TO LEARN MORE, CHECK ME OUT AT WWW.WINNINGMESSAGE.COM or WWW.MUCKRAKERONLINE.CO

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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This article just lists things I've learned while watching my daughter almost always get her way. I have been observing my 4 year old daughter and I have marveled at how she always manages to take over a situation. She gets more attention by not saying anything than all of the other loud mouth kids her age. The people at her school make a big deal out of anything that she says because she doesn’t say much.

Dr. Gary S. Goodman, President of Customersatisfaction.com, popular speaker, and service and sales coach, says a sure way to make customers think you're handy to keep around is by doing something extra.

Describes how some of the same principles that John Wooden leaned on to win 10 National Championships at UCLA can be utilized to build a successful online business.

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