Advice You - Business

Your boss wants to see evidence that the money and resources invested in the company's business-to-business marketing activities are really paying off. You start to sweat.

Relax. It is sur

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

prisingly easy to prove that B2B marketing is contributing to your company's bottom line. Here's how.

Show the relationship between your marketing and your revenue

Start by looking

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

Examples of combination products may in

for sales and revenue that can be linked to marketing activities. Simply compare lists of new customers or invoices to companies or prospects in your marketing database and look for matches

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

You don't have to find every sale that resulted from your marketing activities. Sometimes all it takes is one big sale to justify a campaign.

If sales haven't closed yet, count the number

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

of qualified leads and use estimated conversion rates and average sales size to quickly determine the sales potential of those leads. Or look at the forecasted sales in the company's CRM sy

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

Combination pro

tem and compare them to the database of prospects, inquiries or qualified leads.

You can also send "Did you buy?" surveys to inquirers and qualified leads, using their answers to show that

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

the prospects being targeted by your marketing are buying from you or the competition. Ask if they bought, and if so, from whom. Ask why and how much they spent. If your sample size is larg

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

enough, you can also use the answers you receive to estimate the number of sales and the amount of revenue that are represented by all the inquiries and leads you've generated.

Show ho

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

much you saved the company

Just give it some thought and you'll probably come up with a list of things you've done to save your company money or time. For example:

- Printing and pos

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

age savings after cleaning the mailing list or delivering the company newsletter by e-mail.

- Savings accomplished by offering electronic versions of literature.

- The money you saved by

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

liminating non-productive marketing activities

- Time and money saved by automating the capture of Web forms and eliminating some manual data entry.

Show other ways your marketing is more

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

Following aspects would a

effective

This can range from showing how many more prospects you reached with your marketing messages to indicating the improvements that have been made in cost per impression, cost per i

dd to the challenges in developing combination products:

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

quiry, cost per attendee or cost per qualified lead.

List all the marketing projects your marketing team completed

Marketers often don't think about their own productivity when jus

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

ifying the money the company invests in marketing. Unfortunately, people quickly forget what happened last month or last quarter. Or they simply have no idea what's involved in creating a m

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

iling or designing a new Web site.

Pointing out the number of marketing projects completed, and all the work steps involved, can be a real eye-opener to others who are completely unaware.

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

Always be ready to make your case

I recommend that you block out a couple of hours to create your business-to-business marketing accountability reports every month so you'll always

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

Professional from academic institutions, pharmaceutical industries, health care indust

ave up-to-date results at your fingertips. If you're pressed for time, use an intern or temp to do it for you.

Your results may vary, but consider this ...

A marketer I know recent

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

y reported to her management that awareness of their company and products among target prospects more than doubled, the cost per qualified lead delivered to sales by marketing dropped by ne

.

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

rly 40 percent, 58 percent of the opportunities in the sales pipeline were found first by marketing, and 48 percent of the sales closed and 62 percent of the revenue during the past 12 mont

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

Companies that provide selfless information through particip

s came from marketing-generated leads.

The result? She received a bigger marketing budget and senior management executives no longer doubt marketing's contribution to the company's success

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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Why having your ad center around your name, logo and slogan is losing you thousands of dollars each year. And what elements increase success by 80% or more. This is secret one of seven, to creating a Yellow Pages ad that generates 200-500% more calls. Why having your ad center around your name, logo and slogan.

There is an inherent conflict between owners and managers of companies. The former want, for instance, to minimize costs - the latter to draw huge salaries as long as they are in power (who knows wha...

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Advice You - B2B Marketing Accountability: 5 Ways To Prove Your B2B Marketing Efforts Are Paying Off

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