Advice You - Business

Who are your customers? It is a question I often ask new clients. Can you categorize each of your customers into one of the following categories?

Most Valu

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

able Customers (MVC)

MVCs are customers who generally give you most of their business now. “You want to retain their business, reward them for their loyal

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

Examples of combination products may in

ty, and make certain they receive the highest level of service. Train your people to recognize them, understand their value to the company, and anticipate thei

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

r needs.”

Most Growable Customers (MGC)

These are the people that do business with you from time to time and are the most likely to become MVCs. They

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

are more difficult to recognize but have huge potential for growth. With some targeted effort you can convert them into MVCs.

Below Zero Customers (BZ)

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

Combination pro

This group of customers you know well. They demand the most attention and product the least amount of profits. Some only come in when you have a large sale a

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

nd then go to the sale table. Develop strategies to recognize them and automate your interactions with them. Free up your time for your MVCs.

Internal Cust

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

omers

Your internal customers are those who work for you and/or with you. It is important to have an open positive working relationship with each of these

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

customers. They determine the effectiveness of the work you do. And they largely determine you overall success by their effectiveness and dedication to your b

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

usiness. Cater to your customers needs whenever you can.

External Customers

Your external customers are your potential customer, those that serve your

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

business (deliver person, service person) as well as your current customers. Know that each contact they have with your business is an opportunity for marketi

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

Following aspects would a

ng your products and services. Make sure each contact these customers have with your business is positive. You never know who’s watching and talking about you.

dd to the challenges in developing combination products:

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

Do you have a separate plan to market to each of these customer groups? If not, you are leaving a fortune on the table for your competition to come a take! I

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

t’s no different than leaving something expensive and desirable in your car and not locking the door or rolling up the windows. And it is easy for your competi

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

tion to come in and gather up those customers that you are neglecting.

Consider this: the need for customer oriented pricing is growing.

How are you treating

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

different customers differently?

“On average, you have a 60 percent to 70 percent chance of doing business again with a current customer, a 20 percent to 40

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

Professional from academic institutions, pharmaceutical industries, health care indust

percent chance with a former customer, but only a 5 percent to 10 percent chance of ever doing business with a non-customer.” —Steven Yanovsky

Where do you s

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

pend most of your marketing dollars? Is it on getting new customers? Or former customers? Or non-customers? Yes, you need to spend some in each of these catego

.

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

ries but you need to spend the bulk of your marketing dollars on your current customers or most valuable customers!

The most important marketing question to a

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

Companies that provide selfless information through particip

sk yourself, it turns out, is: “How am I treating my different customers differently?” If you want to grow your business consider how you treat your customers.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/25680/adviceyou-Know-Your-Customers--How-Well-Do-You-Really-Know-Them.html">Know Your Customers - How Well Do You Really Know Them?</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/25680/adviceyou-Know-Your-Customers--How-Well-Do-You-Really-Know-Them.html]Know Your Customers - How Well Do You Really Know Them?[/url]

Recent recurring themes, like cutbacks and downsizing, are in the news every day when it comes to businesseses of all sizes. Due to those problems there are now less people in the companies left to complete essential company work and that’s typical for every company.

Every person will have its own safety ink to sign its documents. Chemical components give absolute safety to signatures.

Financing is one of the most confusing, and often frustrating, aspects of opening a franchise. Some franchisees pay cash, others take out home equity loans or tap into their retirement savings. In this article, we look at one of the most popular methods of franchise financing: the SBA Loan. SBA Loans are loans made by traditional lenders such as banks that are guaranteed by the federal government’s Small Business Administration.

Tags

Links

Advice You - Know Your Customers - How Well Do You Really Know Them?

Related Articles: