Advice You - Business

Do you know how effective each of your individual marketing tactics is? Many small business owners market in a vacuum. They spend money on brochures, advertisements and web sites with no real way t

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

o tie specific results to specific endeavors.

If you are unable to associate leads and sales with the specific marketing efforts that generate them you have no way of knowing what is working as an

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

Examples of combination products may in

effective marketing mechanism and what is not.

The money you invest in marketing your company is precious. In order for you to maximize your marketing dollars you need to know the results individu

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

al marketing efforts generate. When you know the results of your marketing tactics you can make intelligent decisions about how to better allocate your marketing budget.

For instance, if you concu

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

rrently run a direct mail campaign, a search engine advertising campaign and weekly ads in industry periodicals without some method to discern results you will not know which effort generates the li

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

Combination pro

ons share of any new business.

If you don’t know that your direct mail campaign yielded 90% of your revenue with a 2% response rate, you are powerless to make the wise decision to reinvest in the d

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

irect mail campaign and make changes to or drop entirely the other campaigns. What’s more, if you can figure out how to double the response rate of your mail campaign, you can nearly double the rev

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

enue your marketing campaign without spending money on search engine marketing and periodical advertisements.

Measuring your marketing results will help you save money by allowing you to eliminate

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

unproductive marketing tactics and at the same time, will help you make more money by allowing you to reinvest in productive marketing tactics.

Do you have a method for measuring the effect of your

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

marketing?

Here are four tips for gathering the information you need to make wise marketing investment decisions.

Use a Database
Start by designing a database to keep track of individ

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

al marketing efforts and the leads and sales they generate. Make sure you include fields to track the dates of your campaigns, campaign descriptions, the number of leads generated and sales made.

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

Following aspects would a

Once you have a central storage location for this information you will be able to make queries to glean the information you need to make wise marketing decisions.

Ask Questions
When you

dd to the challenges in developing combination products:

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

or your staff speaks with a prospect on the phone make sure you ask how they heard of your business; was it a referral or an ad in the local newspaper? It’s such simple way to gather valuable info

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

rmation many small business owners overlook it.

Be sure to ask your prospects how they heard of your business.

Make It Easy for Your Prospect to Help You
Make it easy for your prospect

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

s to properly identify the marketing piece to which they respond. If you have multiple phone lines into your office you can easily accomplish this by assigning a unique phone number to individual m

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

arketing efforts. This way, you or a staff member can ask what number your prospect dialed or, if you have the right phone system you can look at the phone to see which line the call is on.

Dat

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

Professional from academic institutions, pharmaceutical industries, health care indust

a Entry Should Be Easy Too
Once you or a staff member have garnered the information you seek from your prospect, make it as easy as possible to have this information to be entered into your

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

database system. If you employ a staff, make certain everyone is up to speed on your latest systems. Training is a must.

Move Your Marketing Forward
The idea is to gather as much inf

.

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

ormation as you can about which marketing mechanisms generate the best (and worst) response, who is responding and why they chose to respond.

Once you have this information you will be better able

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

Companies that provide selfless information through particip

to think like a future client, cater your marketing material to their needs and generate more leads and sales.

What are some other steps you can take to measure the effect of your marketing efforts

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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Telecommuting jobs are becoming more popular and easier to do with the internet. Data entry, which is simply inputting and organizing information for the company in spreadsheets or databases, is a growing field for telecommuters.

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