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Advice You - Marketing Value of Branding, Identity, and Trust
Who will your potential customers call when they want what you sell? Are you the only one they can call, or do you have competition? Do they go to your website, or someone else's? What c
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
an you do to encourage these potential customers to choose you instead of your competition?
All of those are important questions. And, unless yours is the only business in the world doin
All of those are important questions. And, unless yours is the only business in the world doin
; 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
g what you do, you've got competition. I'd be willing to bet that at least some of your competitors are reaching out, trying to convince your customers to do business with them. Whether
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
our customers do or not will be the result of many factors, but there's a lot you can do to keep them coming to you.
First - what are identity, branding, and trust? And why did I put the
First - what are identity, branding, and trust? And why did I put 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
m together?
Identity is what separates your business from its competitors. It's your uniqueness; what allows you to continue in business even though you may be faced with numerous compet
Identity is what separates your business from its competitors. It's your uniqueness; what allows you to continue in business even though you may be faced with numerous compet
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
tors. Identity is how your customer recognizes your business, and tells them who you are.
Branding is how the customer knows the focus of your business. It's how they understand the ben
Branding is how the customer knows the focus of your business. It's how they understand the ben
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
efit of bringing you their business, instead of to your competitor. It's the correlation -- for customers and non-customers alike -- between the product or service you offer and the benef
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
it your business provides.
I believe you already know the meaning of trust.
So why are these together? It's because identity, branding, and trust weave together in the public's eye, and
I believe you already know the meaning of trust.
So why are these together? It's because identity, branding, and trust weave together in the public's eye, and
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
generally differentiate your customers and potential customers from the general public.
A business can have an identity without trust, but the group that generally comes from is non-custo
A business can have an identity without trust, but the group that generally comes from is non-custo
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
mers or former customers. This is not how you want the majority of your target audience to view your business. It's OK for your non-customers to have heard about your business, and for i
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
to have an identity. If it's former customers, they're either no longer in the market for your services, or you've disappointed them in the past.
Branding happens when people can see so
Branding happens when people can see so
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
me benefit to doing business with you,
rather than a competitor. This goes beyond identity, and is closer to your
target market. Once customers understand your branding, they're more l
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
ikely to
understand the benefits of doing business with you and not go elsewhere.
You don't want your customers going elsewhere if you want your business to thrive.
Fortunately, you c
Fortunately, you c
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
n build your brand with trust.
How do you engender trust? And what does that have to do with marketing?
Trust really is the goal of marketing. Sure, you may be able to fool some people
How do you engender trust? And what does that have to do with marketing?
Trust really is the goal of marketing. Sure, you may be able to fool some people
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
with hype, but that isn't a sustainable business plan. You need to do what you say you're going to do by providing the products or service you agreed to. Anything less violates the trus
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
your customer places with you when they do business with you. Once you violate their trust, their business disappears and takes at least some referral business with it.
Plus, regaining
Plus, regaining
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
their trust makes your efforts at acquiring new customers look like a simple enterprise. You'll find it takes far less effort to win a new customer than to restore trust. And, it's easie
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r and much better business to keep your promises in the first place. So, your marketing must accurately reflect the performance your customer can expect. Anything less will hurt your bus
.
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
ness.
Keep in mind that, in most cases, an honest error made during the course of business won't shake the loyalty of your customers - provided you correct the error and at least attempt
Keep in mind that, in most cases, an honest error made during the course of business won't shake the loyalty of your customers - provided you correct the error and at least attempt
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
to be sure it won't happen again. Most valuable customers realize that mistakes will happen, so occasional corrected errors won't undermine your marketing -- provided you keep their trust
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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