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Advice You - Are You Targeting the Right Prospects with Your Small Business Marketing?
Steve called from Minneapolis to ask how to attract new clients for his auto repair shop. He has been in business for two years and has four trained technicians to keep busy, but he was having difficulty a
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
ttracting enough new customers.
Steve wasn't just waiting for people to show up at his shop. He regularly mailed letters to new homeowners in the area. His rationale was that people who had just moved int
Steve wasn't just waiting for people to show up at his shop. He regularly mailed letters to new homeowners in the area. His rationale was that people who had just moved int
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
town would be looking for a mechanic before long.
Steve wanted to know why what seemed like a good strategy wasn’t working. Why was he only getting one or two inquires from each mailing to 500 prospects?
Steve wanted to know why what seemed like a good strategy wasn’t working. Why was he only getting one or two inquires from each mailing to 500 prospects?
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
He asked me if he was targeting the right people. "Anyone with a car is in my target market, right?"
Good question. In theory, yes, any car owner living in the area is a potential client. But in reality,
Good question. In theory, yes, any car owner living in the area is a potential client. But in reality,
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
car owners have very different attitudes towards car maintenance.
Steve was making the same mistake that most small business owners make in thinking about their target market. He was trying to market to e
Steve was making the same mistake that most small business owners make in thinking about their target market. He was trying to market to e
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
eryone who might use his service instead of targeting the most likely prospects. After trying this for a year, he recognized that this marketing strategy was costly and inefficient.
According to Albert Ei
According to Albert Ei
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
nstein, "Insanity is doing the same thing over and over again and expecting different results.
Are you getting the number of inquiries and sales you want from your target market? If you're not getting res
Are you getting the number of inquiries and sales you want from your target market? If you're not getting res
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
lts then why keep marketing the same way over and over again?
The alternative to broad based, costly marketing is to target your prospects more precisely and shape your marketing accordingly.
There are t
The alternative to broad based, costly marketing is to target your prospects more precisely and shape your marketing accordingly.
There are t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
hree types of people in your target market.
First, there are people with immediate problems. These prospects have urgent concerns and want solutions today. In Steve's case, these are the customers who com
First, there are people with immediate problems. These prospects have urgent concerns and want solutions today. In Steve's case, these are the customers who com
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
in with a flat tire or a blown head gasket.
Second, there are people who have a problem or want to improve their situation and are considering a purchase.
They need more information in order to understa
Second, there are people who have a problem or want to improve their situation and are considering a purchase.
They need more information in order to understa
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
d why they should use your product or service. They may take more time to reach a decision to buy.
Again in Steve's case, these are people who need their disc brake pads replaced before they fail and caus
Again in Steve's case, these are people who need their disc brake pads replaced before they fail and caus
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
e more costly damage, or who could be getting better mileage with a properly tuned engine, or who should purchase new tires soon to avoid a potential accident. These are the people who need to be educated
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
n order to make a decision.
Finally, there are people like my dear Dad in every target market. It was a point of pride with Dad to see how little he could spend to maintain his cars. He never took a car t
Finally, there are people like my dear Dad in every target market. It was a point of pride with Dad to see how little he could spend to maintain his cars. He never took a car t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
o a mechanic unless the broken part could no longer be wired back together or the car just wouldn't start. People like Dad have blind spots in certain areas.
The same is true in any business. Some people
The same is true in any business. Some people
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
on't spend money to fix or repair something even if it's barely functioning. No matter what you say or do they don’t want to be bothered. Their objective is to spend as little money as possible regardless
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
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
f whether it costs them more in the long run or not. Know anyone like this?
Even if you have the perfect product or solution for these people, you're not going to get their business. They either know it a
Even if you have the perfect product or solution for these people, you're not going to get their business. They either know it a
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ll or don’t want to know. Marketing to this group is a waste of your time and money.
You'll get a much better response by targeting your prospects more precisely. That means marketing to what your prospec
You'll get a much better response by targeting your prospects more precisely. That means marketing to what your prospec
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s are looking for. You'll end up spending less and making more. Steve needed to focus his marketing on car owners who want to fix a problem or prevent one from developing.
In Steve's case a few changes to
In Steve's case a few changes to
.
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
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
his marketing letter could make a huge difference. With a few questions he could help his prospects identify their concerns and then give them some helpful maintenance tips that involve his services.
You
You
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
can do the same. With a few changes to your marketing strategy and your marketing copy you'll get a much better response and see your business soar.
2006 © In Mind Communications, LLC. All rights reserved
2006 © In Mind Communications, LLC. All rights reserved
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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