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Advice You - The Marketing Formula That Produces Profits
You start your own business to find fulfillment, flexibility, and freedom and to help others. You know you have a terrific product or service. You're talented, and passionate about w
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
hat you're offering. But how are you going to get customers?
One word: Marketing.
Most businesses start with a drive and passion for what's being offered the Field of Dreams "if yo
One word: Marketing.
Most businesses start with a drive and passion for what's being offered the Field of Dreams "if yo
; 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
u build it, they (customers) will come" approach. The excitement you feel about your products and services will just jump out at your prospects and have them knocking down your door, r
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ght? If only it were that easy.
It can be that easy in fact, it's as easy as 2 + 2 = 4.
It's called the Marketing Formula. This simple formula has the power to bring customers poun
It can be that easy in fact, it's as easy as 2 + 2 = 4.
It's called the Marketing Formula. This simple formula has the power to bring customers poun
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ding on your door.
The Marketing Formula: I + E + E + D = Profit$
I = Interrupt Get their attention, wake them up. "May I have your attention?" This is typically done through the hea
The Marketing Formula: I + E + E + D = Profit$
I = Interrupt Get their attention, wake them up. "May I have your attention?" This is typically done through the hea
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
line.
E = Engage Excite their curiosity, build a case for your offer. "Now that I have your attention, here's why you should keep reading." This is done through the sub-headline.
E =
E = Engage Excite their curiosity, build a case for your offer. "Now that I have your attention, here's why you should keep reading." This is done through the sub-headline.
E =
ucts have become life saving products for the pharmaceutical companies who doesnt have many innovative molecules in their product pipeline and have been inc
Educate Give them the information to decide, including specific and measurable results they can expect from your product or service. "Give me the evidence as to why your product or se
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
vice is any better, or any worse, than anyone else's." This is done through the body copy.
D = Decide Call them to action with an offer that gets the attention of anyone even thinking
D = Decide Call them to action with an offer that gets the attention of anyone even thinking
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
of buying what you're selling. "Tell the customer what you want them to do." This is done with your offer.
Marketing may seem like art, but it's really much more of a science.
You c
Marketing may seem like art, but it's really much more of a science.
You c
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
n have a gorgeous ad with terrific, eye-grabbing graphics, but if you don't interrupt and educate your customer and spur her to a decision once you've got her attention...well, you've
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
got a nice piece of art for your office wall, but you haven't started the sales process.
First, you must get the customer's attention by tapping into their reticular activating system
First, you must get the customer's attention by tapping into their reticular activating system
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
, the attention center of her brain, and switching her from an alpha state just cruisin' along to a beta state focused like a laser.
Think of the last time you were in an elevat
Think of the last time you were in an elevat
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
r, and there was music on you don't remember what was playing, do you? Now think of being at a coffee shop and a song that's part of the soundtrack of your life comes on. You start l
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
istening, remembering what was happening when that song touched your life. In the elevator, you were in alpha state. When your song started playing in the coffee shop, you switched to
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
eta state. focused, engaged, even eager.
You need to engage her attention, and then keep her there while you educate her and hit her hot button. You need to find your customer's hot
You need to engage her attention, and then keep her there while you educate her and hit her hot button. You need to find your customer's hot
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
button - something that, in life or business, gives him or her an emotional charge. It can be positive, you could be offering your customer a way to increase her company's business by
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
using your products. It can be negative, you could be offering your customer a solution to staffing problems that have him overworked and stressed. In either case, once you get your pr
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ospect's attention, you need to hit their hot button with what you're offering, with what you can give them that will improve their lives, spurring them to decide that they can't make
.
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
nother move until they call you.
Imagine having a faucet a profit faucet. Whenever you turn it on, money comes pouring out from grateful customers, giving your company and you the p
Imagine having a faucet a profit faucet. Whenever you turn it on, money comes pouring out from grateful customers, giving your company and you the p
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
rofits you need to keep going, to help turn even more customers into raving fans. That's the power of the Marketing Formula. Use it to grow your business.
Copyright (c) 2007 Mary Fole
Copyright (c) 2007 Mary Fole
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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