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Advice You - What Makes YOU So Special?! An Exercise in Differentiation!
Targeting your marketing is the cornerstone to a successful marketing plan. But, what if you’re in a business that is in a highly competitive market? 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
good example of a highly commoditized business includes residential real estate. There are many, many residential real estate agents who charge about t
; 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 same amount for their services, regardless of the type of home.
In a highly commoditized business, competition is often based solely on price. For ex
In a highly commoditized business, competition is often based solely on price. For ex
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
mple, if you wanted to purchase manila file folders and there were a drug store and an office supply store selling identical items, next door to each oth
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r, you would likely purchase the less expensive item.
The same can be true for businesses – the more commoditized, the more likely you will compete base
The same can be true for businesses – the more commoditized, the more likely you will compete base
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
on price. It doesn’t have to be that way, and I advise you not to go that route!
Let’s again consider the RE agent. Since the commission received for
Let’s again consider the RE agent. Since the commission received for
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
selling a home is about the same for everyone, the agent MUST differentiate herself from others. If she begins to compete on price and cuts her commissi
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
n, she devalues herself, and it’s difficult to climb out of that hole.
If the client does any comparison shopping, and they will, you need to be prepare
If the client does any comparison shopping, and they will, you need to be prepare
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
. Here are examples of ways in which a RE agent can differentiate herself:
(1.) years of experience
(2.) expertise in a specific type of ho
(1.) years of experience
(2.) expertise in a specific type of ho
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
e ($1MM+, condos, co-ops, etc.)
(3.) expertise in a certain neighborhood/area
(4.) education level
(5.) types of clients serviced (e
(3.) expertise in a certain neighborhood/area
(4.) education level
(5.) types of clients serviced (e
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tertainers, first-time buyers, Spanish-speaking)
(6.) awards won
(7.) sense of humor/personality!
When the potential client is shoppin
(6.) awards won
(7.) sense of humor/personality!
When the potential client is shoppin
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
around, it is important for you to stand out, to be remembered. Don’t always use all your points of differentiation; pick the best one and sell it. In
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
addition, make sure your points of differentiation are actually DIFFERENT than what your competition says about themselves! Don’t use generalities like
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
best service”, “highest quality” or “great value”. Be specific!! These statements are like so much white noise – your target won’t even hear them.
If
If
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
ou have a more unique, less commoditized business, like a small business coach for example, it is still important to understand your points of difference
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 case the prospect asks. Even if they don’t ask, it can sometimes help you in your sales interaction (website, business card, networking, advertising,
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
in person meeting) to mention your differences. My points of differentiation include:
(1.) 50% longer coaching sessions than ‘average’
(2.)
(1.) 50% longer coaching sessions than ‘average’
(2.)
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ractical, not metaphysical or spiritual, approach
(3.) lots of flexibility in appointment timing
(4.) no long-term contracts
In hearin
(3.) lots of flexibility in appointment timing
(4.) no long-term contracts
In hearin
.
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
your points, the prospect may lose interest in shopping around and be more convinced to make a purchase, or she may know right away that yours is not th
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
right product for her. This is better for you, also, as you are not wasting your time continuing to follow up for nothing.
Copyright 2006 Audrey Burto
Copyright 2006 Audrey Burto
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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