Advice You - Business

Right now, the business world is a-buzz about Chris Anderson's latest book, The Long Tail. Even if you haven't read it, chances are you've heard of it: the best-selling business book that predicts the future of business lies in selling less of more. Niche m

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

arketing, Anderson posits, isn't just tomorrow's trend -- it's today's reality.

The idea has caught on, and in a big way. Many companies are entering niche marketplaces -- tailoring some or all of their product line to meet the needs and desires

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

Examples of combination products may in

of a specific target audience. Doing so will allow companies to dominate certain segments of the marketplace, resulting in small but very profitable pockets of income. Perhaps your firm is doing exactly that. Perhaps they're about to.

What does t

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

his mean to you? Well, your marketing workload just got a lot heavier. Diversifying your product line into several niche markets can result in the following:

- Increased number of brands
- New and different target markets to attract
- I

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

creased number of product launches
- Increased number of relationships that have to be begun and maintained
- Constant need for new and innovative marketing campaigns to differentiate each individual brand

Does your head hurt yet? All o

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

Combination pro

f this is a LOT of work. You know how much time and effort you're putting into your current campaigns. Increasing that to accomodate the niche market strategy can put a real strain on your department, especially since, chances are, your budget did not get p

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

roportionately larger.

What can you do? The clear profit potential inherent in the niche model makes it irresistably attractive. However, to maximize the return from adopting this new model means that you'll have to take a good, long, hard look a

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

t your exhibiting practices. What worked yesterday won't work today.

For one thing, you won't have the money to do things the way you used to. Budgets never blossom as quickly as enthusiasm for new ideas. You'll have to do more with less.
<

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

r> In this new environment, the key to exhibitor effectiveness is efficiency.

It is crucial that you make the most of your limited resources to promote a wide range of niched goods and services. Applying this concept to the tradeshow envi

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

ronment means embracing the following six steps:

Step One: Do Your Research

At this point, researching which shows to exhibit at becomes crucial. You may be trying to attract many disparate target audiences. Are your interests b

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

est served by exhibiting at many smaller shows or one larger, national show? Make your selections based upon the size of the target audience you'll be able to reach. This may mean changing your showing schedule, forgoing some shows you've previously attende

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

Following aspects would a

d that do not focus on your target audience and exhibiting at some new shows that do.

Step Two: Create Unifying Themes

Marketing many disparate brands can present challenges. You want to highlight each line's unique features whi

dd to the challenges in developing combination products:

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

e reinforcing the parent company's positive image. Using unifying themes, either overtly or in a more subtle fashion, can help accomplish this. Pay careful attention to color choice, language, and more.

Step Three: Offer Educational Programmin

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

g

Speakers, seminars, hands-on demonstrations and other educational programming are great ways to attract large numbers of your target audience all at once. You'll be speaking to many people at a time, delivering your marketing message in one

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

of the most efficient ways possible.

Step Four: Raise Visibility

Explore sponsorship opportunities to raise your visibility at any tradeshow you're attending. This can be a very cost-effective way to put your name prominently f

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

ront and center: in advertising, by underwriting the cost of speakers or programming, hosting hospitality suites, and more.

Step Five: Plan Ahead for Key Players

Most attendees are at a tradeshow for less than a day. With hundre

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

Professional from academic institutions, pharmaceutical industries, health care indust

s of booths to see and a limited amount of time, there's a real possibility that you might miss out on some great prospects unless you make an effort to preclude that from happening. Schedule meetings ahead of time with your best customers and key prospects

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

. This way, you'll be assured of having at least some face time with them, and they'll know you value their business.

Step Six: Follow-Up Aggressively

All the work you did to prepare for and exhibit at a tradeshow is for nothing

.

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

if you fail to follow-up. Yet this is where most exhibitors drop the ball. Make a plan covering how you'll follow-up with leads collected at the show, from initial thank you to scheduling sales meetings. Then stick to it. You'll be glad you did.

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

Companies that provide selfless information through particip

As you can see, the trend toward niche markets will necessitate some changes in how you exhibit. However, the core essentials of how you do business: focusing on the attendee's needs, qualifying questions, and an emphasis on follow up, remain the same.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/27088/adviceyou-Niche-Marketplace-Demands-Exhibitor-Efficiency.html">Niche Marketplace Demands Exhibitor Efficiency</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/27088/adviceyou-Niche-Marketplace-Demands-Exhibitor-Efficiency.html]Niche Marketplace Demands Exhibitor Efficiency[/url]

Virginia payroll has some unique aspects and conditions. Some of the details and laws are set out in this article including information concerning: tax withholding and reporting; unemployment insurance taxes and reporting; wage and hour laws; and child support withholding.

People think of summer as a time to leave work early, take vacations, visit the beach and read a good book. Summer is good for all those things. But it is also the perfect time of the year for evaluating your professional life and addressing areas in need of personal development.

Identifying a team members complacency is often the key to re-generating a workforce, it's a common problem and one that can have disastrous effects. In my experience, there tends to be two main reasons behind it.

Tags

Links

Advice You - Niche Marketplace Demands Exhibitor Efficiency

Related Articles: