Advice You - Business

Once you’ve decided to add a promotional campaign to your sales plans, the next thing to do is to decide which program is best suited for

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

your business. Below is a list of the six most popular promotions used:

1. Give-a-ways – A gift with a designated purchase designed to

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

Examples of combination products may in

promote your “focus” products or services, giving your customers the opportunity to try something new.

2. Discounts - A reduced price p

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

oint on a special purchase (ie. some businesses may advertise a buy one item and get the second item at 50% off).

3. Early Bird Specials

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

– Designated items or services offered during a limited time frame. Many businesses open their doors a few hours prior to their normal h

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

Combination pro

urs of operation for these promotions. Make sure you have a substantial amount of inventory if you are promoting certain products or serv

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

ices.

4. Displays – A very good visual presentation is an excellent suggestive selling promotion in the absence of a sales associate. Go

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

od displays will grab your customer’s attention and spark inquiry about purchasing those featured items.

5. Contests or Sweepstakes - Ti

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

e this type of promotion around special holidays, local or national events. This can be fun, as well as educational for your customers.

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

6. Demonstrations – Many vendors do this to promote specialty products they carry in stores (ie. The Housewares department in some stores

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

invite a cook or nutritionist to prepare quick meals using certain pots, pans or utensils). Oftentimes, this is a “hands on” promotion th

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

Following aspects would a

at gets your customers involved with the demonstration, while appealing to their sense of need.

Regardless of what type of promotion you

dd to the challenges in developing combination products:

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

choose to use, don’t forget that the key to your success is your customer. Many customers are suspicious of offers that seem too good to

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

be true. You may be asked, “So, what’s the catch?” Honesty is the best policy with your current and prospective customers. Overt aggress

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

ion or deceptive selling practices can backfire on you, especially when customers feel that they must make a rushed decision, just so tha

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

you can make a sale. There is a way to invoke a sense of urgency, particularly if your supplies are limited, that do not permeate desper

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

Professional from academic institutions, pharmaceutical industries, health care indust

ation in your sales pitch.

Think about some ongoing events that you can utilize beyond the major promotions, to target prospective custo

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

mers:

• sponsoring community events

• conducting seminars or how-to classes

• donating supplies for a community cause

Determine what

.

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

type of promotion is best suited for your product or service you’re focusing on. Look for publicity opportunities through newspapers, onl

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

Companies that provide selfless information through particip

ine announcements, trade magazines, radio or television programs. If your promotion is a success, plan to anniversary the event next year

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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It certainly could not be more obvious the incestuous relationship between big business and government than when the FTC made a special exemption of the Franchise Law for Large Corporate Franchisors. There is practically no fraud at all to be heard of in the franchising industry. Now there is quite a bit in the business opportunities sector, but in franchising there is very little something like 0.1%.

So you are in a baseball league that will be competing with the next town’s squad of players?However, you do not have enough money to produce uniforms for each. You know it to well that without the proper attire, it can be a chance for that game to be forfeited. What do you do?

Lead generation is a great thing. If you are a independent contractor or you are a sales maker in your business, you need a good source of leads that you can count on. But, let’s face the facts here. You only know so many people and once you tap into all of them, you are going to need some help in finding opportunities for getting additional leads. Even the best of sales people need some help with lead generation sometimes.

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Advice You - Six Money Making Promotions for Small Businesses

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