Advice You - Business

Let’s face it. Marketing can be expensive. It can be a wasted expense when we don’t take the time to figure out exactly who our market is and the best way to reach that market. When asking service professionals who their target markets are, many tend to think that everyone is thei

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

r target. This is just not the case. The fastest way to waste your money is to think that everyone is a member of your target market.

Understanding who your target market is a process that can be broken down into many small but important steps. You first must know exactly what ser

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

Examples of combination products may in

ices you have to offer. Make sure that the selection of services you offer is small enough to have a target, but large enough to hit the bulls-eye.

So how do you begin. Let’s break this process down with an example. Christine is a freelance copywriter and marketing consultant. S

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 decided to offer a full range of copywriting services and market planning. She has thought about the industries she has experience in, knowledge of or interest in learning about. Christine decides to target financial planners and financial service providers.

Christine breaks do

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

n the process into the following four steps.

Step 1 - Reading trade magazines and association websites to find out what problems the industry face when trying to reach potential customers. She also calls local financial service firms to find out what problems they face and how

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

Combination pro

hey currently market to potential customers.

Step 2 - Christine understands what is the best way to reach and sell to her target markets is to know how their industry and profession operate. Through research she finds out how her potential clients market to their potential client

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

s. Once she has a full understanding of what problems her potential customers are facing, she can create marketing material to address their needs and gain credibility by showing she knows and understands the problems they are facing. Don't try selling your services to them, sell s

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

lutions to their needs and how your services can help them solve their current and future problems.

When you are creating your materials keep in mind that businesses want to either:

Increase customers
Keep customers
Create customer loyalty
Obtain customer referral

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

s

or all of the above. When you target your market, tell how you can help them gain customers, increase loyalty, retain customers or obtain referrals. Know up front what services you offer that will provide them the solutions to these problems and prove to them how you know how t

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

e services will help them.

Step 3 - Once you have figured out what your markets’ needs are and how to reach this market. Create a marketing plan of attack for your business.

Show your targets how investing in your services in an investment in their business, and how a long term

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

nvestment in your service will be even more beneficial for them. Make sure that you are prepared for objections that they may have. If you are doing a direct mail piece, try to address those objects in your mailing. If you are cold calling, be prepared to address those objectio

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

Following aspects would a

ns on the phone. The more you know your business the better they will trust that you will understand theirs.

Christine has decided that she will begin with activities that will put her in touch with potential customers right away. She decided to come up with an immediate plan of

dd to the challenges in developing combination products:

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

attack.

A. Create a database of prospects

B. Create a cold calling script

C. Create direct mail follow-up materials (Postcards, newsletters, etc.)

Christine has also created a long-term plan of attack.

A. Writing articles for target markets trade publications

B. Giving market

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

ing seminars

C. Creating a website for prospects to obtain information on her services

D. Providing free useful information that can be downloaded on her website

Step 4 - Create a twelve-month plan and show how you will market to your targets and how you will track the success o

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

your marketing activities.

Christine has decided to create a twelve-month schedule outlining activities to undertake for each month. She decides what the goals are for each activity and what will determine if the activity was successful. One of her goals is to create a marketing

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

eminar with the goal of 60 people attending the seminar. She then decides the goal will be successful if at least 48 people attend the seminar. Her long term goal is to turn at a quarter of the attendees into clients.

Once you have created your marketing plan, make sure that you w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ork that plan to success. Many people try not to sell to hard, by not contacting a potential client afraid to scare them off or upset them. But think about it, Tide isn’t worried about contacting you too often, when they run their commercial 60 times a day for you to see. When you

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

want detergent, they want you to think of Tide. You should feel the same way. When your potential market is looking for your services, you want your service to come to mind first.

For instance, Christine could try a postcard mailing. She has determined that there are four services

.

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

her prospects could use to help their improve business. She doesn’t send a post card once a month, she sends one every 10 days to two weeks, pointing out how one of her services could help their business. She uses one postcard to tell how newsletters can help increase customer loy

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

Companies that provide selfless information through particip

lty and referrals, and provided proof by using an example of how a client used newsletters to increase customer loyalty, referrals and brand awareness.

Keep you name in front of your prospects, your services as the solution and they will come looking for you in their time of need

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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All too often we spend our days doing the same thing we did the day before. Just as often we find that the action of yesterday is not producing the results we are looking for tomorrow. None the less, we keep plodding along hoping that by some miracle we will see a different result from the same action.

What would you do it you had to take time off from your internet marketing business. Let's take a look at a couple of easy things you could do in advance to keep your business running without losing momentum.

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