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Advice You - Marketing for Business Leaders: Three Steps to Increase Marketing Effectiveness
In the quest to increase results from marketing, companies tend to focus on tactics. They worry about creating a better brochure, upgrading the website, or running a new ad campaign. However, often the greatest leaps in marketing effectiv
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
eness come from focusing on how it all ties together. Here are three steps for business leaders to improve their marketing effectiveness by fine-tuning their marketing processes.
1. Know what you need.
Marketing's main job is to
1. Know what you need.
Marketing's main job is to
; 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
feed the sales force with nice, warm leads. Step one towards better marketing is to understand how much and what kind of food they need.
The "how much" is easily answered using basic math. Start with your sales goals and work backward. Y
The "how much" is easily answered using basic math. Start with your sales goals and work backward. Y
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ou'll need to answer the following questions:
* What is our annual new business revenue goal?
* How many new customers does this represent?
* What percentage of qualified opportunities do we actually close?
* What percenta
* What is our annual new business revenue goal?
* How many new customers does this represent?
* What percentage of qualified opportunities do we actually close?
* What percenta
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e of leads actually become qualified opportunities?
Using this information, you can determine how many new inquiries your marketing must generate in order for the sales team to meet their goals. For example, let's say your annual new bus
Using this information, you can determine how many new inquiries your marketing must generate in order for the sales team to meet their goals. For example, let's say your annual new bus
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
iness revenue goal is $10M; your average deal size is $100,000; your sales people generally close 50% of the qualified opportunities presented to them; and 5% of your inquiries become qualified opportunities. A quick run around the calcul
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
tor tells us that your marketing efforts need to generate 4000 leads for the sales team.
With this information in hand, marketing planning becomes much more focused. Every activity in the plan should in some way contribute to generating
With this information in hand, marketing planning becomes much more focused. Every activity in the plan should in some way contribute to generating
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
inquiries and developing leads. If you can't trace a program or activity to this result, don't spend the money.
2. Match your marketing process to the buying process.
Unless you are selling an impulse item, the decision to purcha
2. Match your marketing process to the buying process.
Unless you are selling an impulse item, the decision to purcha
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e your product or service is based on a series of small decisions. Marketing helps to facilitate, and hopefully accelerate, the decision process by making the right information available to the prospect at the right time and from the righ
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
t source.
It is critical to understand the entire process your customers go through while deciding to buy your product or service. Typically companies have a good understanding of what goes on after an opportunity has been identified, bu
It is critical to understand the entire process your customers go through while deciding to buy your product or service. Typically companies have a good understanding of what goes on after an opportunity has been identified, bu
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
few spend the time to understand the front end of the process.
A typical buying process could go something like this. The prospect:
a) Becomes aware that he or she has a need
b) Identifies options - often a list of vendors that of
A typical buying process could go something like this. The prospect:
a) Becomes aware that he or she has a need
b) Identifies options - often a list of vendors that of
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
er a
solution
c) Researches the various solutions
d) Creates a "long list" and issues an RFP
e) Creates a "shortlist"
f) Invites vendors for demos
g) Checks references
h) Negotiates
i) Purchases
Inform
c) Researches the various solutions
d) Creates a "long list" and issues an RFP
e) Creates a "shortlist"
f) Invites vendors for demos
g) Checks references
h) Negotiates
i) Purchases
Inform
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
ation needs are different at each point in the process. A successful marketing program matches these needs. It allows the company to create awareness among the target prospects by engaging them in a flow of communication that helps naviga
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
e their way through the buying process. A marketing program that fails to meet the buyer's needs at each step of the process won't deliver as many qualified leads.
3. Get your sales and marketing people on the same page
It is tr
3. Get your sales and marketing people on the same page
It is tr
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
uly astonishing how many companies suffer from a fundamental disconnection between sales and marketing. Here's a sure sign that your company has that problem. Ask the question "which marketing programs result in revenue?" You'll likely he
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
r marketing people complain that the sales team doesn't follow up on leads and won't track them. And, you'll hear sales people say that marketing's leads are worthless. You can't get an answer because no one knows.
Disconnected sales and
Disconnected sales and
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
marketing efforts result in burned leads, wasted efforts, lengthy sales cycles, and low revenue. It is well worth the effort to develop a cross-functional team.
One of the easiest and most effective places to start with is to develop a
One of the easiest and most effective places to start with is to develop a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ommon definition of the word "lead". If you gathered your sales and marketing teams together and ask everyone for their definition, you'll likely find the sales team has a very different view than your marketing team. (Don't be surprised
.
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
if you get different answers within the sales and marketing staffs as well.) Now work together to establish a common definition. Use this definition to guide marketing in developing leads before handing them off to sales.
These steps are
These steps are
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
a good start toward making your marketing initiatives more effective. Of course, there is much more you can do to tighten the process so that your efforts produce greater results; but by taking these three steps you'll be well on your way
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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