Advice You - Business

Our society has never been so well connected, so why is it that business owners all around the world still can’t seem to get to their target markets faster?

With the “IT” landscape continuously cha

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

nging, working out ways to take advantage of all of this new technology has never been so time consuming.

However, business owners and companies have never been in such a prime position to utilise

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

Examples of combination products may in

their business connections to reach their target markets easier.

But how do you utilise your business networks to access more customers faster, reduce your marketing costs and create mass awareness

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

in a relatively short amount of time.

IT Based Cross Promotional Strategies

Think for a moment, are there business owners out there that would like access to your existing client base?

Of course

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

there are, there are 1000’s of businesses that would love to have that privilege. And alternatively are there businesses out there that you would like to access their target markets?

Goes without

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

Combination pro

saying!

So what are you going to need to ensure you create a recipe for success for your IT based cross promotional strategy…

1 X Website

Access to email

Solid online strategy that has large emp

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

hasis on collecting individuals emails, names and phone numbers

Special offer/free gift that is time and quantity limited with a strong call to action (your offer/gift will be designed to help you

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

convert clients)

A business/businesses that share your same target market and you both offer complimentary services to each other (In other words don’t approach your competitors unless you’re looki

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

ng for a knuckle sandwich!!!)

Most of these ingredients are readily available online or at business networking events. Ensure you collect all of the above; miss out on one of the ingredients and yo

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

ur sure to come up with a half baked strategy. (Pun intended)

How does it work?

Step 1. Create a landing page on your website that has your special offer/free gift featured and only certain indivi

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

uals with the required url address can access it. (You will forward this url address on via email)

Step 2. Take your special offer to another business and ask them if they would like to give their

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

Following aspects would a

existing clients free gifts from your business, in exchange do they have free gifts they would like to give to your existing clients. (Only approach business owners you already know and have a solid

dd to the challenges in developing combination products:

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

relationship with, this strategy is based on trust more than anything)

Step 3. Create an email with your special offer/free gift that your fellow business owner can forward on to his existing data

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

base with ease or they can simply add a section to their next newsletter they send out. (The unique url will be placed within the email your business colleague forwards on to send your prospects to

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

your special offer/free gift page)

Step 4. Do the same for your business colleague to your own database and guide them through the same process as mentioned above.

A few things you will need to co

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

nsider for your strategy to work:

-Is your free offer compelling enough for individuals to hand over their contact details?

-Is it of add value to your business colleagues clients? If not, they wo

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

Professional from academic institutions, pharmaceutical industries, health care indust

n’t even consider forwarding it on, on your behalf.

-Do you have the best intentions? Those who go into this strategy looking to create a solid win/win will always come up trumps.

-Is your promoti

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

onal offer well written, if you can’t write to save your life, pay a professional copy writer to do the job for you.

There you have it, one recipe for an IT based cross promotional strategy. It can

.

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

serve you anywhere from 1 – 1000’s of prospective customers. Preparation time includes researching your target market, fellow business owners target market and coming up with a strategy that you wi

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

Companies that provide selfless information through particip

ll both benefit from greatly.

Remember to test and measure each cross promotional strategy you utilise and refine each time, like any marketing strategy it can take quite a few goes to get it right

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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Advice You - Hit Your Target Market with a Well Cooked Cross Promotion Utilising Your Business Networks

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