Advice You - Business

Do you practice strategic thinking in your marketing efforts? Do you develop client-retention strategies, in addition to strategies to gain new clients? If you answered NO to these questions,

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

you may want to rethink the way you are doing your marketing. My experience indicates that a strategic approach to client retention is underutilized and therefore a great deal of energy, time

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

Examples of combination products may in

talent and money is being wasted in marketing efforts seeking new clients and ignoring or giving “second rate” efforts to retaining existing clients.

Let me share an example of the dramatic e

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

fects of a small improvement in client-retention. If you increase your customer base by 20 percent and retain 85 percent of your customers, your net customer gain is 5 percent. However, if you

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

institute a customer-retention program the next year and your customer base increases by the same 20 percent but you increase your retention rate to 90 percent, you now have a 10 percent net in

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

Combination pro

rease in customers, which is twice the size of the previous year's growth.

Do you practice strategic thinking in your marketing efforts? Do you develop client-retention strategies, in additio

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

to strategies to gain new clients? If you answered NO to these questions, you may want to rethink the way you are doing your marketing. My experience indicates that a strategic approach to c

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

ient retention is underutilized and therefore a great deal of energy, time, talent and money is being wasted in marketing efforts seeking new clients and ignoring or giving “second rate” effort

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

to retaining existing clients. Long-term clients tend to feel more satisfied, and are more likely to refer others and purchase additional services from you. A strategic thinking approach to

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

lient-retention will produce outstanding results. Your strategic thinking business coach offers eight powerful strategies for client-retention.

Strategy #1: Clearly focus your marketing effo

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

ts on existing clients. This is where your time, energy and financial resources will be best spent since it takes less time, money & energy to retain a client than to acquire a new client.

St

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

Following aspects would a

rategy #2: Develop and implement a strategic client contact management system. Stay in touch with your clients in a consistent and professional manner.

Strategy #3: Always follow through on

dd to the challenges in developing combination products:

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

the commitments you make to your clients. You will earn their loyalty and trust by doing what you say you will do.

Strategy #4: Know your customer! Commit to connecting with them and to fin

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

ing out more about them so you may determine how better to serve them.

Strategy #5: Commit to being a life-long learner. As you focus on gaining new knowledge, new skills, and new experiences

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

you will have more to offer your clients. The more you have to offer, the more they will benefit. And the more they benefit, the higher your value to them.

Strategy #6: Seek feedback and su

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

gestions from your clients. By asking what they think, you are demonstrating that you value their opinions and ideas.

Strategy #7: Be a resource for your clients. Share ideas, resources and

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

Professional from academic institutions, pharmaceutical industries, health care indust

contacts that will provide value to your clients.

Strategy #8: Develop and implement an appreciation and/or recognition program for your clients. This can be a real opportunity to be creativ

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

without spending a large amount of money.

Your strategic thinking business coach encourages you to use strategic thinking in developing a client-retention program. If you would like to learn

.

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

more about the power of client retention as a strategy to grow your business and how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Eber

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

Companies that provide selfless information through particip

ole today through his website at http://www.businesscoach4u.com or by email at jgecoach@aol.com

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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Advice You - Eight Powerful Strategies To Retain Clients, According To Your Strategic Thinking Business Coach

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