Advice You - Business

The $175 billion market that teens bring to businesses is staggering. What’s even more staggering is that that number is lower than it should be. No one can measure the amount of influence teens and young adults have on their parents’ back pockets. Often they rely on Mom and Dad to

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

buy the latest and greatest piece of technology out there. But they show financial independence as well; one in three high school seniors has a credit card and 63% of their income is self-generated.

They are the fastest growing market in this decade as their buying power increases mo

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

Examples of combination products may in

re and more every year. The problem is that many marketing firms are at a loss when it comes to advertising to this demographic. These younger demographics are doing new things at incredible paces. They are demanding, connected, and very aware of sales attempts.

So where does a mar

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

eting agency begin? Well, advertising to this demographic is guesswork for many. But here are a few simple tips to help you get a basic grasp on the most successful methods teen marketing agencies are using today.

Tip #1 – Don’t go traditional. Radio? No. Newspap

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

er? No. Magazine and TV? Now you’re getting warmer. You don’t see kids at the bus stop reading the daily news or popping on headphones to tune to their favorite FM station. They’re listening to satellite radio or watching reruns of their favorite TV series on iPods.

Utilize mediu

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

Combination pro

ms that the younger demographics are actually in touch with. Internet ads, cell phone marketing, even tried and true television advertising works. If you advertise in traditional mediums and expect that you’re reaching young demographics “enough,” you’re not spending your dollars wis

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

ly. Spend where it counts.

Tip #2 – Don’t sell. Kids are very smart and they learn quickly. Sales attempts hardly work on them because they’ve grown up in an age of advertising. The average American sees anywhere from 600 to 3,000 advertising messages a day. Teen

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

s most likely see the upper end of this statistic and have learned to sniff out a sales attempt before it even happens. If you try to sell them, you’ll lose them. Advertise your products without using double-speak, buzz words, or crazy advertising lingo.

Tip #3 – Parents are

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

part of the equation. In reality, kids don’t really have that much money. If they’re a younger teenager, they most likely have an allowance that they’ll part with very reluctantly. If they have a job, they’ll know the value of money and they’ll spend wisely.

So what do yo

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

do? Do what Virgin Mobile did with their cell phone campaign. They did a “Parent Enlightenment” campaign where they encouraged teens to educate their parents and also guilt them into buying them a cell phone. Mommy and Daddy will always buy for their kids. Target that age group wh

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

ere parent involvement is most excessive and use Virgin’s method.

Tip #4 – Pop culture works. Teens relate to iconic figures in popular movies, magazines, and music. Is there any question why the top designer companies get Paris Hilton to wear their latest fashions

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

Following aspects would a

for free? She wears an outfit on a Saturday night and by Monday the items sell like crazy.

Most ad budgets don’t accommodate high caliber celebrities. But music works just as well. Whereas young teens like to conform to their friends’ interests, older teens develop their own tastes

dd to the challenges in developing combination products:

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

and like to be individuals. Do research and find some music that would really hit home with your target. Songs can literally make or break ads. You know an advertisement is doing its job when you see people walking down the street singing the tune in it.

Tip #5 – Brand, bra

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

nd, brand. Just as teens relate to celebrities and popular songs, they also relate to the brands they buy. Keep your brand in front of their face. For example, the fashion industry has created a cult following for clothing stores like American Eagle, Abercrombie & Fitch, Ho

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

llister, Hot Topic, Old Navy, and Express. They plaster their individual brands all over the clothing they sell. These kids are walking billboards and are proud to be walking billboards.

Produce this kind of brand loyalty in teens (which is easier than producing it in adult

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

), and you’ll have lifelong fans of your business.

Tip #6 – Utilize their network. Teens are constantly connected through email, instant messaging, cell phones, and other mobile devices. Combine their networking abilities with their passion for free things. Website

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

Professional from academic institutions, pharmaceutical industries, health care indust

s like BzzAgent.com use their agents to start wide scale word of mouth campaigns for companies. If you can set up this “agent-like” relationship with your teen customers, you can expect a great response.

Be wary of the negative effects word of mouth advertising can have. It’s easier

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

to bash a product than praise it. And a dissatisfied customer tells 3-4 times as many people about their experience than a satisfied one.

Tip #7 – Hire them. The best way to market to teens and the younger demographics is to get an insider’s view of the market. Pa

.

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

high school students and offer internships to college students to assist your company in marketing to their demographics. They’ll have a really good time because they won’t feel as if they’re in over their head, and you’ll be getting some very useful information.

If your budget is n

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

Companies that provide selfless information through particip

ot that big, create some focus groups of teenagers and have them analyze advertisements on TV and in popular magazines. Learn from their responses and even have them come up with their own ways to market to their demographic. Who better to market to teens than teens themselves, right

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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Though it is good to find strong professional advice for managing your career, you should not overlook the benefits of exploiting information gained from real work experiences.

If you search on Google for “virtual assistant”, you’ll find a ton of listings. You can search through those, check out their services and do some interviews. I’d take a shorter route.

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