Advice You - Business

Why do small business owners get such poor results from their marketing? You can sum this up in three reasons: They don't know what to do, or they don't know how to do it. Sometimes, even when

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

they know both of these, they just don't do it!

Not marketing is bad for business.

Marketing is by far the most misunderstood aspect of small business. Many people think it's selling,

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

Examples of combination products may in

which it isn't. Some people avoid doing marketing, because they fear it's too pushy and will make them feel needy. Nothing could be further from the truth.

If you love your business and love your

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

customers, you can love marketing. After all, it's just talking to people you love about something you love, which is your vocation.

Convinced? OK, maybe not yet. Let's take a look at the t

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

ree elements of marketing that are the absolute minimum you can do and still have a successful business.

Marketing is about creating awareness in your target audience. Unfortu

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

Combination pro

nately, most people don't have psychic powers to sense that you are out there, available to help them.

Instead, we have to make them aware of ourselves. And then, we need to communicate to them in a

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

ay that lets them know how they will benefit from whatever we do.

So the first piece of this is a target audience. Since I don't like the idea of shooting my audience with an arrow or a bullet

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

, I prefer the term "intended audience." Whom do I intend to serve in my business?

Again, we have to be specific. "Everyone," "people" and other general terms like this are no good. Even "women" is

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

too general. What kind of women are they? "Brides-to-be who want to capture their wedding memories on film" is better. "Mothers of children with autism" works well, too.

Articulating your intend

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

ed audience with precision is one of the three things you must do. You will not be successful if you don't do this step.

Now that you know who they are, how will you reach them? Whe

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

e do they go? What do they read? How could they find out about you?

If you're a restaurant, you may rely on nothing more than an excellent location to create awareness (like in a food court in a mal

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

Following aspects would a

l). Most of us have to do more.

A residential cleaning service may put up flyers at the supermarket or hang something on neighborhood doorknobs. A financial planner may attend networking events or s

dd to the challenges in developing combination products:

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

eak at trade association meetings. A catering company could advertise in a local bridal magazine. A pressure washing service may go door-to-door, knocking.

Getting in front of your audience - whe

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

ther literally in person, with an ad or an article, or through product sampling - is the second thing you must do. Again, no success without this step.

The third and final "least marketing

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

you can do" is to craft a message. If you know your intended audience and get in front of them, what will you say - or broadly, communicate - to them? How will they know that what you are offerin

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

g is something they should buy?

The core part of your message is your value statement. This is when you tell your intended audience why you are exactly the right choice for them. Think beyond

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

Professional from academic institutions, pharmaceutical industries, health care indust

your process – what you do and how you do it – to the final result, the benefit; think big!

Recently, a hotel events planner gave her value statement this way: "When you're planni

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

ng a business meeting and there's no room for mistakes, we ensure a seamless event." The caterer we talked about could specialize in vegetarian meals, and might say: "I offer vegetarian meals that are

.

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

so delicious, even the carnivores will want seconds."

You can vary your message all you want, but the requirement is that there is one. Be sure, when you have the awareness of your inte

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

Companies that provide selfless information through particip

nded audience, they leave not with a question mark over their heads, but with an understanding of your value.

Now, that is the least marketing you can do and still be successful.

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 - The Least Marketing You Can Do - and Still Have a Successful Small Business

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