Advice You - Business

To make more money with what you are already offering, consider different strategies to make it easier for people to purchase your services/products. Restructuring you

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 pricing and packaging creates more options for your customers.

Here are some examples:

1) Bundle 'em. Offer your services in monthly increments. Instead of

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

Examples of combination products may in

working with people on a session-by-session basis, offer a bundle of services. For instance, a personal trainer can offer sets of workouts for 3 months, 6 months, or a

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

year. Add value by including a workbook to chart workout progress. You can also create levels of advancement to create more options for clients. Consider a silver, go

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

d, and platinum program. Each level is a higher price and offers more value to your clients.

If you offer products, consider other ways to bundle things. For instance

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

Combination pro

, a garden shop can put together a spring garden package that includes flower bulbs, a trowel, wildflower seeds, and gardeners’ gloves. A restaurant could start packag

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

ing their sauces and selling them to customers to take home. A life coach could put together a notebook and CD set to sell online.

2) Change product usage. Rai

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

lroad ties are now used as decorative items for landscaping. I’ve also noticed that antique stores are offering faucets as coat hangers. And how about those stretchy b

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

nds that people use for workouts?

Arm & Hammer Baking Soda has this strategy dialed in. The product was originally for baking. On their website, the company also 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

ests you use baking soda for brushing your teeth, deodorizing your dog, extinguishing fires, cleansing your hands, rinsing your mouth, and for children's crafts. As a

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

result, a simple product that might only be purchased once in a while has been transformed into a must-have product.

3) Change your pricing options. Offer your

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

Following aspects would a

customers an option of paying in installments. Give a discount if customers buy a service early or in bulk. Offer a credit card option or allow people to buy online.

dd to the challenges in developing combination products:

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

ive people coupons, discounts, frequent-buyer rewards, or loyal-customer rebates.

4) Offer it in a new way. A book or a workshop can be turned into a CD progra

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

m. Certain prospects may not have time to read a book or attend a workshop; but with your new packaging option, they can listen to your program during their commute or

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

at the gym on their mp3 player. A used furniture store could paint some of its chairs or old frames in creative colors and sell them as functional art.

5) "Plus"

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

it. There is a term called "plussing" that comes from Walt Disney’s constant efforts to continually make a good idea even better. An example of this is adding a sc

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

Professional from academic institutions, pharmaceutical industries, health care indust

venger hunt game to the waiting area of the Haunted Mansion at Disneyland Park - now even the pre-ride portion is fun. Hallmark Cards also uses the concept of plussing

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

. When their creative team develops a new product idea, they invite all of their other divisions to follow the concept and spin off additional new products.

ACTION

.

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

STEP: Take a look at your packaging and pricing. What works well right now but can be plussed or made better? How can your services or products be bundled? What p

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

Companies that provide selfless information through particip

ricing options can you add? How can your products/services be made to be even more remarkable? By providing a variety of options to customers, you will make more sales

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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