Advice You - Business

One of the biggest mistakes business owners make is trying to market their product or service to a large general market instead of focusing on a small niche market. As a marketing consult

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

ant, getting my clients to focus on a niche market is the most difficult part of my job. Whenever I tell a client that they must start off small and focus on a specialized niche market, m

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

Examples of combination products may in

client almost always says, “But I think everybody could use my product and if I limit my market, I will get fewer sales.” Then my response is, “Okay, if you want to market your product

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

o the world, how many millions of dollars do you have to invest in regional, national and international advertising campaigns?” Then I get a blank stare or the phone goes quiet.

To be s

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

ccessful in today’s hyper-competitive, over-advertised marketplace, you absolutely must focus your business and marketing on serving a specialized and preferably small niche market. This

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

Combination pro

s especially true and a matter of survival if you have a small marketing budget. If you ignore this advice and try to market to a large general market before first becoming successful in

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

at least one small niche market, I can guarantee you that you will soon go broke and be out of business. However, if you do decide to focus on serving a small niche market, you greatly in

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

rease your odds for business success with much less risk.

So what is a niche market? A niche market is group of consumers or businesses that all have a very specific need or want. For ex

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

mple, let’s say you sell fancy and fairly expensive parrot cages. Your niche market consists of people who own parrots, and particularly people who own parrots and earn an income large en

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

ugh that they can afford to buy your fancy parrot cages.

On the other hand, if you decide to market your fancy parrot cages to everybody in the United States who owns a bird, you are mar

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

eting to a fairly large general market and the money you spend on marketing will be wasted because nearly all of the people who will see your marketing will NOT have a need or interest in

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

Following aspects would a

buying an expensive parrot cage. Yes, that sound you just heard is the sound of your money being flushed down the toilet because you ignored niche marketing.

Here is another example. Le

dd to the challenges in developing combination products:

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

’s say you invent a new kind of ergonomic chair. This chair is very comfortable and really helps people who suffer from lower back pain. Now, what most inventors would do when they come t

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

me to market their product is they would say, “Everybody will want my ergonomic chair. I want to first market it nationally and then to the world.” Then I ask my famous question of how m

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

ch money do they have for marketing, and I am told it is a couple thousand dollars. So, my client wants me to launch a national marketing campaign for a brand new product nobody has ever

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

eard of and I am supposed to do this with a few thousand dollars. Not going to happen.

My advice for how to market this new ergonomic chair product is to market it to a very specialized

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

Professional from academic institutions, pharmaceutical industries, health care indust

niche market and there are several to choose from. The key is finding the market that most needs this product as well as can afford this product. One niche market to consider would be to

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

arket the chair to assisted living centers for the elderly. Another niche market is Chiropractors who could sell this chair directly to their patients who suffer from lower back pain. The

.

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

e are many other niche markets that could considered too. The key is to determine who has the most desperate need for your product or service and then focus your marketing on that niche m

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

Companies that provide selfless information through particip

rket. If you are still confused, do this exercise. Find the people who stay up at night worrying about the problem your product or service solves and you have just found your niche market

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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Examine the spiritual void in the workplace. How do managers address this emerging human resource issue? Nu Leadership is a column that explores the changing workforce and social environment as it relates to leadership development.

All entrepreneurs who run their own small companies believe that they have the greatest customer service and yet if they were to survey their customers they might find out the truth about exactly how happy their customers actually are. When doing surveys for customer service for small businesses I am always amazed at the difference between what the entrepreneur thinks about his own customer service and what the customers actually think.

You've read all about the all-important need to provide quality customer service - follow up - if you're selling ANYTHING online (or off). Now, before you groan and flip further into this ezine, take a moment and read on! Customer service CAN and DOES make or break your business.

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