Advice You - Business

1. Identify the ideal characteristics of an ideal customer. How do you know what kinds of businesses to attack if you have not identified your

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

ideal client? Once you know what type of business to target then have a meeting with your sales force to see if they are focusing on the right

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

Examples of combination products may in

type of customers. It is important to also understand who else supplies your target market. Is it possible to meet your competition and see if

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

there is a reciprocal arrangement that would work well for both of you?

2. Use email marketing – you can now buy lists that are tailored to y

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

ur specific requirements. These are people or businesses that have opted in to receive emails from other businesses. Using email marketing is t

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

Combination pro

he cheapest method of marketing and depending on the products you sell it can often be the most lucrative in terms of money spent versus money

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

made.

3. Contact all old customers who no longer buy from you – They used to be a customer once, why not again? Before you pick up the phone f

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

nd out why they stopped buying in the first place! Make sure you have a solution ready before you call them. I have found that previous custome

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

rs are very receptive to suppliers who failed, if they have an understanding of how the failure occurred and the solution in place to make sure

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

it never happens again!

4. Ask your existing clients for Referrals – Existing customers are likely to be happy customers and as such are usua

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

ly receptive to the idea of giving you a referral. I am amazed at how many businesses ignore this basic rule. Every business should be in the h

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

Following aspects would a

abit of asking for referrals and not just from customers. Your suppliers are also well placed and understand the market well enough to maybe gi

dd to the challenges in developing combination products:

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

ve some decent referrals.

5. Do you use standard white envelopes to send your mail? Why not turn your envelope into a marketing work of art? G

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

et them printed in colour on both sides with your latest product or a special offer. How many envelopes do you send out in one day? Why not tur

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

them into mini brochures? If you examine the cost per envelope it is so minute that it really does not make sense not to utilise full colour p

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

rinting on both sides.

6. Double your sales force overnight by using sales agents who work on commission basis only. They make a sale they get

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

Professional from academic institutions, pharmaceutical industries, health care indust

paid! Sales agents are easy to acquire but they usually demand a percentage of the sales price. You can only go down this route if you are mak

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

ng a decent margin to begin with.

7. Can you sell more to existing customers? Often the first few orders you receive from a new customer are t

.

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

rial orders. They want to see how well you perform and deliver. Once you have established a reputation then the time is right to start asking f

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

Companies that provide selfless information through particip

or more business.

Try out one, two or all the ideas above and see what a difference they make in the short term and long term to your business

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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Business branding for personal service type companies is not as simple as for other types of companies. If you look to slick and corporate you will actually lose customers and potential customer.

In my trainings I teach participants to use the formula LEARN to serve angry customers professionally and I personally use the same formula when I am confronted with angry customers.

Building consensus is good. Following an increasingly pop business culture is not. Consensus is usually better regarded as a decision that all can live with and support. Steps in a consensus process include:

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