Advice You - Business

Customer stickiness is rather unfortunate definition of what appears to be a rather sensible strategy. Derived from a now old web retention technique, customer stickiness conjures a marketing conspiracy every time the work appea

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

rs. Fortunately, this is not always true and marketers are hard at work to ensure that costumers stay with them as they believe they have something worthwhile to offer.

It's loyalty stupid

Customer stickiness is simply custome

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

Examples of combination products may in

retention or customer loyalty depending which terminology you prefer. After all, it is a marketing adage that it is more expensive to look for a new customer than to retain an existing one. It is therefore worthwhile to enhance

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

the depth and quality of your products or services to ensure that customers stay with you and profit from a lifetime of mutually beneficial exchanges. An endeavour that many businesses have started focus on.

Unfortunately, incr

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

asing the number of offerings to your customers or even the quality of your service does not always mean they will buy more and remain loyal. Customers are bombarded with choices and not always looking for new product or service

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

Combination pro

. They sometime want the same product or service but in a way that is convenient to them, faster to get or simpler to order.

The main assumption behind customer stickiness is that if a customer is highly involved with your comp

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

ny, he will be unwilling to go through the paperwork needed to switch (for example.) This is just an assumption and might only be true if the product is difficult to move away from. In today's environment, customers are more sop

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

histicated than ever and they vote with their feet. If the service they receive from you is not up to their standard (not yours,) they'll take the time to move on. If your product is perceived as undifferentiated or easy to elim

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

nate, then a customer's loyalty will be as deep as the time it takes him to buy from your competition.

To ensure that customer keeps on investing in your products or services you need to know what matters to them. It could be a

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

simple as asking them, they might tell you. But when was the last you sat down with your customer? Talk to them and they'll come-up with new ideas that your best marketers would have never have considered. It all boils down to

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

stablishing a relationship on their own terms.

To add to the complexity of customer relationships, the correlation between stickiness and profitability is still not clear.

A "loyal" customer could drain your resources without

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

Following aspects would a

ou knowing. If you try to sell him more products, you might increase your marketing expenses without making a profit. Hence, to ensure profitability, you need to know what each customer is worth and this brings us into the realm

dd to the challenges in developing combination products:

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

of conversational marketing and analytics.

Conversational Marketing

Establishing a conversation with the customer on his own terms is perhaps one of the missing elements that would help marketers develop successful strategies.

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

When was the last time you, as a marketer met with a customer? Not at an event but in his workplace where he's using your product. In business marketing, the relationships with customers are even clearer (but not easy.) Each per

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

son of your customer's team should be matched with a counterpart in your organisation. The customer's GM with your GM, their buying committee with your sales force, their end-users with your product or customer service people, t

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

eir financial controller with yours, etc. "To each his own" to paraphrase a well known quote.

Measuring and Analysing

You need to know which customer is worth your time and effort. Each is not created equal and it is often hea

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

Professional from academic institutions, pharmaceutical industries, health care indust

d that the more difficult customers are the one that contribute less. Not because they make you waste every dime you earn from them, but because they did not invest much in your company in the first place. Every marketer owes it

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

to himself and his company to learn and master the metrics and analytical tools that will ensure the proper return on investment for every invested marketing dollar.

Increasing customer stickiness is a worthy goal if…

Increasi

.

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

g customer stickiness, for lack of a better word, is a worthy goal if both parties benefit from it. As a company, each customer that "sticks" to you must be generating profitable revenue. As a customer, the "sticky" relationship

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

Companies that provide selfless information through particip

must be effortless and bring increasing benefits. If one of these is not true, then the relationship will hurt one or both parties involved possibly leaving lasting negative memories that travel faster than your advertising does

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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Some years ago Sarah was overwhelmed, frustrated, constantely tired and ready to stop her professional dreams. She worked over 60 hours per week, and tried desperately to catch up with dead lines and projects, endless meetings and constant travel. Her occupational stress level was high and here job motivation low. She was close to losing her job....

There are several ways to determine the value of your inventory and each type of valuation has benefits. The most common type used by small businesses is average cost or weighted average costing. This is based on the average cost of identical units.

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Advice You - Customer Stickiness: A Marketing Conspiracy or a Sensible Marketing Strategy?

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