Advice You - Business

Just like you shouldn’t wait until Valentines Day to pamper your loved one, you shouldn’t wait until the next time you’re launching a new product or service before your past and current clients hear from you. The pampering sho

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

uld continue all year long, if you want loyalty and repeat business from them.

A pattern I see again and again is the “keep-attracting-new-clients-and-neglect-old-ones” syndrome.

Considering these facts...

It costs six

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

Examples of combination products may in

times more to acquire a new client than it costs to get repeat business from an existing client.

It's sixteen times easier to sell to your existing clients than to a new client, simply because your existing clients alrea

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

y know, like and trust you.

... it is baffling why many small business owners ignore a client after the first sale, and only ever contact the client again when a new marketing campaign is launched. And yet, they expect

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

he client to spread the word about them.

The success of your business doesn’t depend just on bringing in new clients. It also depends on retaining current clients, getting repeat business from them, and encouraging them to te

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

Combination pro

l others about your products and services.

So how do you pamper your clients when you have a low marketing budget?

Simply get your joint venture partners to contribute gifts that will create a Client Delight Experience for y

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

ur clients... the kind of experience that will encourage your clients give you more referrals, sing your praises wherever they go, and keep coming back to buy more of your products and services.

Most small business owners imp

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

lement joint venture marketing to acquire new clients. They forget that this powerful strategy can also be used to enhance client relationships.

It’s a win-win situation because your joint venture partners will gain exposure

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

to your clients, and your clients will be happy that you added value to their business experience with you, without charging extra.

Valentines, birthdays, thanksgiving, Xmas etc. are all opportunities to "wow" your clients wi

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

h a Client Delight Experience. Here are four ways to do this by using joint venture marketing:

Idea #1: Day Spa Bonanza

Contact a local Day Spa and let them know you’re preparing a Valentines Day goody bag for your clients.

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

sk them to contribute an exclusive “get two facials for the price of one” voucher or a discount coupon for selected spa treatments. You can share printing costs with each joint venture partner that contributes something for th

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

Following aspects would a

goody bag.

Idea #2: Educational Gifts

This idea is best described with this specific example... If you’re a business coach, you can host a client appreciation day. The Client Delight Experience could include (i) a 60-minute

dd to the challenges in developing combination products:

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

telephone-based, workshop-format presentation on a hot business-building topic by a guest expert. (ii) mailing your clients a hard copy “how-to” tips booklet that’s authored by another expert. (iii) a discount coupon for a li

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

e seminar hosted by another expert during the year.

Idea #3: Dinner For Two

Make arrangements with restaurants in cities where you have clients. On every client’s birthday send them a “free dessert for two” voucher from a lo

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

cal restaurant. A savvy restaurant owner will know that your client is likely to eat more than dessert, so they would be happy to give away the dessert freebie. I know this because I work with a lot of restaurant owners. Your

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

nly cost may be printing the voucher, but you'll find that some restaurant owners may take on that cost too.

Idea #4: Happy Birthday Package

On the birthday of your best clients, arrange to have exclusive discount coupons an

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

Professional from academic institutions, pharmaceutical industries, health care indust

/or freebies from three different businesses. For example, a 15% discount coupon from a gift basket company, a free facial voucher from a Day Spa, and a 2-month free membership voucher from a business web site or fitness club

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

Present each coupon and voucher in a separate fancy envelope and put all envelopes in a gift box with a card, and mail it to your client as a “happy birthday” package.

These ideas are only the tip of the iceberg when it com

.

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

s to how to use joint venture marketing to “wow” your clients. If you don’t have clients yet, you can contribute freebies to other non-competing businesses that have the type of clients you target. You’ll find that this tact

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

Companies that provide selfless information through particip

c will send their clients your way.

Copyright © 2006 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered

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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It is estimated that the number of employments of registered nurses is going to increase at a rate much faster than any other occupation by 2010 as many current nurses are on the edge of their retirement opening thousands of spots in coming years. As a matter of fact, nursing is currently the only largest health care field in United States with over 2.7 million registered nurses.

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