Advice You - Business

Many business owners would give their left arm to have the same brand recognition as Oprah, Microsoft, McDonald’s, Starbucks or Amazon.com. But you don’t need the marketing budgets of these behemoths to promote your company and get your piece of the pie. A creative approach to self-promotion will

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

put you face-to-face with your prospects and, properly executed, can help you become a well-known name.

The first step is to focus your marketing efforts (otherwise known as target marketing). A topic that has nearly been discussed to death, target marketing is essential for just about every co

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

Examples of combination products may in

pany, no matter how large or small. You don’t see advertisements for Oprah’s show on ESPN because that’s not her target market. And while a household name like McDonald’s appeals to almost everyone, their advertising efforts tend to be targeted toward specific marketing trends. Their latest marke

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

ting campaign is focused on the youth market that, these days, have much more of their own money to spend than the youth market of yesteryear.

If you are faced with a limited marketing budget, you must be creative and persistent in your efforts. Here are a few ideas that are alternatives to 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

ore traditional, higher-priced marketing approaches that will get your company some exposure and won’t break your budget.

Networking

We’re all familiar with print, radio and television advertising. And as the innovations of cable and the Internet have become more prominent in our lives,

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

Combination pro

infomercials, banner ads and other Internet advertising avenues have been added to the mix. However, if you really want to connect with your target market, getting out and meeting them through networking is probably the best way to do it.

Joining professional organizations such as your local cha

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

ber of commerce or civic organizations such as your area Rotary club will put you in touch with the movers and shakers of your community. These people are likely to become colleagues that you can learn from as you watch them grow professionally and you watch your company grow as well. And while t

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

hey may be able to connect you with potential clients and opportunities, you should approach these relationships prepared to give without motive. If you join these organizations with a “what’s in it for me?” attitude, you will likely be spotted as such and left out in the cold.

Partnerships a

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

d Sponsorships

Another great way to not only get your name in front of your prospects, but also learn more about them, is through partnerships and sponsorships.

When a community is unfamiliar with your company or organization, one of the easiest ways to build trust is through a partnership

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

with a more established and successful company. But keep in mind you’re going to need to be offering a product or service that is so useful to their customer base that your partner is willing to risk their reputation by endorsing you. If you don’t partner with a well-established firm, at least pa

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

tner with a non-competitor that offers services complimentary to yours. If you sell shoes, and your partner company sells mortgages, that won’t make sense to the customer and will raise their suspicion of you.

Supporting community and civic organizations through sponsorship is another way to rea

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

Following aspects would a

h your audience. Your efforts can range from the local little league baseball team to a fundraiser for any sort of worthy cause. Be creative in deciding what to support – anything from your local chapter of the American Heart Association to an organization that raises money for any needy populati

dd to the challenges in developing combination products:

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

on in the area – abused women and children, the homeless, the mentally ill, disaster victims, etc. This offers a two-for-one opportunity for your company; a chance for you to satisfy your civic conscience by getting involved with that organization that you’ve always wanted to volunteer with, and

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

ou get exposure for your company at the same time.

A Trade Show on the Cheap

Trade shows are the ultimate in target and network marketing. But when you begin to calculate the cost of your trade show display, the fees for attending the show, the cost of travel to the show, hotel accommoda

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

tions and the cost of someone to run the booth, you may be ready to scratch this marketing tool off of your list. But there are options to keep your expenses low.

One area where you can curb your trade show attendance cost is in the price of the trade show display. But be careful – your exhibit

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

ill say a lot about you and your company; you want to save money, but not at the expense of quality. Most companies offer low-cost trade show display options, such as table top displays. They are easily transporte

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

Professional from academic institutions, pharmaceutical industries, health care indust

d and assembled, and typically range between four and eight feet in size. While the more elaborate custom trade show displays can cost several thousands of dollars, you can purchase the table top versions for only a few hundred dollars.

Above and Beyond Customer Service

Before you roll y

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

ur eyes, because we’ve all heard the speech about providing outstanding customer service, keep in mind that these days excellent customer service is hard to come by. Everyone talks about it, but nobody’s doing it. So, why don’t you be one of the few who actually walks the talk? Ask for customer f

.

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

eedback – and actually act on the feedback you’re given. Do something extra for the customers who do a lot of business with you. Recognize and thank your customers during the holiday season. Look for other opportunities to extend beyond the customer’s expectations, because going the extra mile is

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

Companies that provide selfless information through particip

an investment in your company’s future success.

Economical marketing can be easily achieved – it just requires some innovation and concentrated effort. Start with these ideas and others are sure to come forth – and then you can expand your budget to include more traditional marketing if you want

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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Here are some more tips to help you really make your restaurant business plan pop and create an extremely positive impression on your partners, lenders or investors when you present it for their inspection.

Every decision we make, in business, in life in general, is bounded by just two options. Like an on-off switch, we make one or the other - there are no variances to this. Because it's as simple as Yes or No - and so often we get it wrong.

If women make up a significant portion of your target market, one of the easiest – and most overlooked - ways to make it easy for them to choose your product is to keep in mind this one characteristic that is common among virtually all female consumers…

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