Advice You - Business

When searching for prospects to buy your products or services, you want to find those companies who have a problem for which you have the solution. The methods you use in finding and contacting those companies will determine if your business-to-business lead gene

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

ration efforts will be a success or a failure.

Begin by creating lists that rank your current customers in three categories:

• Gross revenue. Place the largest companies at the top of the list and the smallest at the bottom.

• Profitability. List

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

Examples of combination products may in

from “most profitable” to “least profitable.” Keep in mind that the most profitable are not necessarily those with the most gross revenue.

• Fit. Which companies represent the best fit for what you are selling? This ranking is more subjective than the fi

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

rst two. It identifies the companies you know well, those with business you understand, those that are fun to work with, those you understand best and those with which you have—or could have—a great working relationship. Rank these companies in order, descending

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

rom the best fit.

Your ideal customers are those that are at, or near, the top of all three lists. While reviewing your existing customers, consider the following questions:

• What industries are they in?

• Are they small, medium or large businesses?

• Where

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

Combination pro

are they located geographically?

• What is their Standard Industrial Classification (SIC) code?

• What are the titles or job functions of their decision-makers?

This information will help you focus your efforts to find similar companies and decision-makers to

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

target with your b2b marketing efforts. Determine what is unique about these leads so that you can find more like them.

In addition to looking at your current customer base, review your company’s internal expertise and credentials to determine likely prospects f

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

r your solutions. If your company is a start-up and has no existing customers, you can leverage your own past experience and that of your people. Think about the kinds of companies you and your team have had success with in previous jobs.

You also can educate yo

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

urself on a vertical market (i.e., a particular industry, such as residential or commercial construction, banking, distribution or the retail clothing business), weaving the industry’s concerns and buzzwords into your marketing-for-leads materials. This will sugg

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

est that you do understand the market and its needs. However, be prepared to answer the question, “Who else in my industry have you served?” It is bound to come up.

If you don’t believe you can successfully sell into vertical markets, consider horizontal markets

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

These are markets that cross industry lines. For example, if your ultimate goal is to sell to the residential or commercial construction industry, you might want to first target small- to medium-sized businesses in need of material handling equipment.

Another w

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

Following aspects would a

ay to look at the marketplace is geographically. Then you would focus on targeting companies within a particular area, whether it is a city, state, region or country.

Although theoretically every company, in every business, may benefit from your solution, you ca

dd to the challenges in developing combination products:

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

n’t afford to try to be everything to everyone. You must pick the companies with which you are likely to have the best success and the individuals within those companies who are in the best position to recommend or buy your products or services.

The next step in

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

targeting your marketplace is to determine to which media the target audience is exposed. For example, what trade magazines do they read? This may include national publications, regional magazines or the regional editions of national publications.

In addition,

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

hink about:

• Websites your target contacts visit for professional information.

• Professional associations to which they belong.

• Conferences and tradeshows they attend.

• Newsletters to which they subscribe.

Each of these, potentially, is the source of a

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

mailing list, Web site, conference or publication that would be appropriate for reaching your target contacts. You are now ready to devise ways to utilize these target resources to generate leads.

There are a number of marketing vehicles available to you, rangin

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

Professional from academic institutions, pharmaceutical industries, health care indust

g from newspaper advertising to putting your company logo on the Goodyear blimp. However, some marketing methods have proven to be more successful than others for business-to-business marketing. Once you have targeted your audience and you’ve developed your marke

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

ing database, you are ready to put together a plan utilizing tried-and-true basics of marketing for leads. These include:

• Direct response marketing, which utilizes direct mail or direct response print advertising to generate inquiries.

• PR in industry or tra

.

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

de publications, newsletters or Web sites.

• Online marketing, which utilizes email and/or banner ads with strong offers and easy-to-use response forms to catch searchers.

• Company Web sites that have been optimized to be found at the top of search engine resu

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

Companies that provide selfless information through particip

lts and bridge the gap between marketing and sales with more in-depth pre-sales information.

• Relationship marketing to nurture and qualify the longer-term prospects.

• Events to help move prospects towards purchase.

• Sales tools to help your sales team sell

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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If you are very artistic and like dealing with people, then a career as a hairstylist may be right for you. This article gives you the information you need to be successful, even if you are new to the field.

I have sat in too many meetings where the sales and operations groups have the perpetual debate on what comes first, the Chicken or the Egg. Too many times the wrong decisions are made. The time has come for operations be provided as equal if not greater role in business.

Recruiting, training and then terminating someone is never desirable. The key is not just to hire the right person, but to hire the right person for the right job. This six step process almost guarantees the best results.

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