Advice You - Business

Most good businesses receive new customer referrals automatically from their existing customer base; however this normally has limitations, as follows:

• The flow of a

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

utomatic referrals is unlikely to be adequate to build your business exponentially

• Referrals emanating from the whole of your customer base does not provide targeted

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

Examples of combination products may in

and highly qualified leads as only the best customers provide the best referrals

To overcome these limitations you need to proactively seek greater volumes of highly

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

ualified customer referrals. You can do this in two ways. Firstly you need to segment your existing customer base to identify the best customers. This may typically be

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

20% of your customer base. Secondly you need to ask your best customers for referrals in the most appropriate manor.

Customers who refer others to you tend to refer th

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

Combination pro

se who are of similar mind, having similar purchasing needs and purchasing power.

Every business has problem customers from time to time. This can be due to bad servic

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

e levels or the inability of your business to meet the ongoing needs and expectations of certain customers. Equally, I find, the problem customer has nothing to do with

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

the quality of your services at all, but everything to do with them as a customer. They may have unrealistic demands or they may just be badly aligned to your business

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

proposition. In other words there may be a mismatch between their specific needs and the solution that your business provides for people. So despite the fact that they

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

ave become a customer they don’t actually meet your requirements as a well qualified targeted prospect.

Here’s an example. Let’s say that you provide a complete domest

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

ic carpet cleaning service for your customers. You are able to provide a whole range of domestic carpet and upholstery cleaning within a home environment. What you don’

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

Following aspects would a

t do however is provide industrial cleaning for factories and warehouses. All your best customers enable you to keep their carpets and upholstery clean and fresh within

dd to the challenges in developing combination products:

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

their home.

Let’s assume that you attract a new prospect that is looking for a large-scale refresh of their entire factory and warehouse facility. You decide to take o

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

n this customer because you don’t like to turn people away. Given the best will in the world this is unlikely to work out and difficulties will probably occur. This sit

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

ation can be avoided by only taking on qualified prospects as new customers. Here are some of the key elements for assessing qualified customers:

• You have ready acce

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

ss to them for regular contact

• They have a genuine and a matched need for your solution

• They are able to afford your prices

• They are willing and prepared to pa

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

Professional from academic institutions, pharmaceutical industries, health care indust

your price

• Their purchases are capable of generating gross margin for your business

• Their ongoing servicing needs are matched by your service levels

Once you ha

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

ve identified your best customers you then need to ask them for referrals. It is unlikely that you will receive the maximum potential of quality referrals without askin

.

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

for them.

If you would like a sample of a customer referral letter that has proved to work time and time again then this is available free of charge and without oblig

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

Companies that provide selfless information through particip

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

Job hunting? Read this stunning job search news report . . . it could change everything for you!

Almost everyone gets a negative review at some point in a career. Your challenge: Understand what's behind the review and develop a strategy to reach your own goals.

What you need to know about marketing research methodologies if your organization is considering a marketing research project. It is critical to select the most effective methodology for meeting your particular goals.

Tags

Links

Advice You - Marketing for New Customers: Expanding Your Customer Base the Easy Way

Related Articles: