Advice You - Business

Look, you may have the most important solution in the world for your target buyer, that you just know in your heart…that if you could get their attention…you’d make their li

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

fe easier and they’d be sure to buy from you.

Unfortunately it doesn’t work that way. I’ve found that there’s often an inverse relationship between how badly you want to te

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

Examples of combination products may in

l your story, and how likely it is that your target buyer will listen.

Why? Because I see – time and again – enthusiastic marketers who are blinded by the “clarity” of a so

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

ution. Whether it’s the perfect financial plan, the latest technology, award-winning design, or the key to competing with China…none of these “bests” matter, if your message

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

isn’t meeting the buyer where they are in their decision-making process.

I cannot emphasize this point enough: it doesn’t matter how good your solution is, if your target a

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

Combination pro

dience isn’t ready to listen.

Let me explain. Buyers go through stages in their decision-making process. Just like you don’t start at “I’ll take it - no questions asked!” w

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

en considering a major purchase (or commitment), buyers for your solution are behaving the same way. There are lots of complicated models to help explain this, but the botto

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

line is: your buyer might not be ready to hear what you have to say. You have to match your message to their level of “readiness.”

So how do you do this? First, you decide

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

what stage your buyer is in their decision-making process. If you’ve read How to Earn the Right, you’re familiar with the Relationship Funnel, where buyers move from Strange

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

to Loyal Partner, based on where they are in the buying cycle. If you missed this article, read it now at: http://www.turningpointemarketing.com/Free_Resources/eArticles.ht

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

l

Next, you create a benefits hierarchy. A benefits hierarchy is a list of WIIFM-oriented advantages, from the most compelling to the least, matched to your buyer, based on

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

Following aspects would a

their decision-making stage. Not only do you match the WIIFM-oriented message to where the buyer is in your Relationship Funnel, you also decide which “hot button” messaging

dd to the challenges in developing combination products:

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

to use. The hot button categories are:

Product-related: communicates the immediate necessity of a product (or service). Hot buttons include state-of-the-art, paradigm shift

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

durability, reliability, integration compatibility, future-ready, successful testing, flexibility, customization, simplicity of design and use

Psychological: addresses the

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

buyer’s most powerful feelings (which are often unconscious) such as survival, fear, power, prosperity, prestige, and love. Hot buttons include first-in-class, name brand, s

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

fety, security, the hip-factor, clean technology, social relevance

Economics and Transactional: speaks to the ROI in terms of money and effort. Hot buttons include cost-eff

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

Professional from academic institutions, pharmaceutical industries, health care indust

ctive, low-cost financing, easy ways to buy (one-click, credit card, GSA), volume discounts, economies of scale Timing: emphasizes the advantage of buying within a given ti

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

eframe, based on season, current events/crises, or a limited promotion. Hot buttons include limited availability, seasonal needs, act now, industry trends, hot topics

For s

.

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

ecific examples of this messaging in use, check out ASME’s online samples at http://www.professionalpractice.asme.org/business_functions/techmarketing/3b.htm

We’ve also cre

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

Companies that provide selfless information through particip

ted a worksheet to help you develop your own benefits hierarchy. You can download on our website at: http://www.turningpointemarketing.com/Free_Resources/eTools/ePackage.htm

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/29148/adviceyou-But-Do-Your-Buyers-Hear-You.html">But Do Your Buyers Hear You?</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/29148/adviceyou-But-Do-Your-Buyers-Hear-You.html]But Do Your Buyers Hear You?[/url]

Recently my dentist recommended that I see an orthodontist for a consultation, and not only did I learn about having my teeth straightened, but I also witnessed absolutely brilliant, excellent customer service offered by this outstanding local business. If you own a business that offers a service to your clients, these tips for excellent customer service will show you how to expand your local customer or client base with no extra work or marketing expense.

You can partner with customers, suppliers, even your competitors. Instead of competition, use co-opetition. Don't fight over the small pieces. Work together and make a ...

Tags

Links

Advice You - But Do Your Buyers Hear You?

Related Articles: