Advice You - Business

In the very beginning stages of building my business, my own coach at the time shared with me his version of how to best market a coaching business. H

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

e called it a Marketing Pie, and each slice of the pie represented one type of marketing tactic. His advice was to create something similar for my own

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

Examples of combination products may in

business to keep a steady stream of clients and customers in my funnel.

I followed his advice and still do today. It's the simplest method to follow

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

nd it works.

Here's how to create your own Marketing Pie:

1. Think about and research all the ways you can reach your niche and make a list of them.

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

2. Take a sheet of paper, draw a big circle in the middle, and draw 4 lines to create 8 slices.

3. Write in one marketing tactic in each slice of th

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

Combination pro

e pie.

4. Give each tactic a schedule to follow.

5. Start implementing each slice, one at a time.

Here's an example you can follow:

When working w

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

th my private clients, I have them create their own marketing pie on a worksheet I give them that has a big circle with 4 intersecting lines across, w

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

ich creates 8 slices of the pie.

In each slice, I ask them to write in one marketing tactic they currently use. For example, 'speaking' might be one,

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

or 'writing and submitting articles' might be another, or 'holding free teleseminars' may be another. For any leftover slices, we fill in those with m

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

arketing tactics they are both interested in implementing in their business and that speak to their strengths (like doing a live presentation v. a wri

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

ten interview).

A client's marketing pie could include:

- networking via online discussion groups comprised of people in their niche

- writing and

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

Following aspects would a

ubmitting articles of interest to their niche

- networking at offline events where their niche 'hangs out'

- holding a free intro teleseminar for pe

dd to the challenges in developing combination products:

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

ple in their niche

- holding a live free introductory talk for people in their niche

- be a speaker at events that their niche attends

- Publish an

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

ezine for their niche

- Be a guest expert on podcasts/radio shows for your niche

Then for each of the slices, we attach a schedule to it. So, for e

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

ample, if my client wants to publish an ezine, we may decide they will send it out once a week. If they decide they want to give a free intro talk, we

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

may decide they will offer it once a month.

The trick to any marketing is consistency. You can't just do something once and expect to reap rewards fr

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

Professional from academic institutions, pharmaceutical industries, health care indust

m it - at least not consistent, long-term ones. That's why putting your slices on a repeated schedule is so important.

Once you start following this

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

method, try not to get comfortable only implementing one or two slices of your marketing pie, even if they seem to work for awhile alone. The best way

.

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

is to start with one or two, and once those are working well for you, add another and another, until you have all your slices working for you simultan

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

Companies that provide selfless information through particip

ously. If you do that, you'll enjoy a have an abundance of clients and customers all the time!

Copyright (c) 2006 Alicia M Forest and Client Abundanc

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 - Your Marketing Pie: The Key to an Abundance of Clients and Customers

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