Advice You - Business

Here’s a little exercise that will help you find your unique selling proposition.

1. First, you need to size up your competition. Who are they

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

? What are they selling?

2. Now, let’s move on to your business. What are the features and the benefits of your product or service? List eve

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

Examples of combination products may in

y last one you can think of. Remember, you are looking for benefits, not just features. A benefit is something your customers would find appea

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

ling about a feature of your product or service.

Let’s say you are selling a computer hard-drive with a 1 gigabyte storage capacity. That’s ni

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

e, and some people will understand what that’s all about. Others will not have a clue. So spell out exactly what that means to them. For exam

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

Combination pro

le, “Our hard-drive has 1 gigabyte of storage capacity, which means you can be as productive as you want with virtually no fear of filling it up

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

. In addition, your computer will run at a lightening fast speed.”

I’m sure you can do even better. The point is, you need to translate the f

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

atures of your product or service into benefits. Now this may seem obvious to you, but the best advertising spells everything out for its prosp

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

cts.

So make sure to spell out exactly what your clients will get if they use your product or service. Will they make more money, take a step

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

forward with their career, or lose weight?

What is the ultimate end goal a prospect interested in your product or service would probably like t

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

achieve? Make sure you spell out how your product or service will help them achieve that. If there is more than one end goal, list each of th

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

Following aspects would a

m out. Different benefits will appeal to different prospects. And of course, you want to appeal to as many of your prospects as possible (howe

dd to the challenges in developing combination products:

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

ver, you ultimately pick one or two for the USP – the rest of will be expanded on in your sales copy).

If you are having trouble coming up with

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

benefits, try writing out all the features of your product or service. Then, next to each feature, write out why it is important. What does th

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

t feature mean to your prospect? These are your product’s benefits.

3. Next, let’s determine what unique qualities your product or service pos

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

sesses. Circle all the benefits from the table above that separate your product or service from your competition. One thing you should realize

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

Professional from academic institutions, pharmaceutical industries, health care indust

is even if your product is virtually the same as your competition; you can still come up with a USP. Simply offer a guarantee, better service,

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

etter value, or faster delivery. Dig deep to find something that makes you stand apart.

Or create that special something right now!

4. Somewh

.

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

ere within the list of your benefits and features is the beginning of your USP. Write out 5 complete USP possibilities below. Eventually, sele

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

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/37757/adviceyou-How-to-Create-a-Profit-Pulling-Unique-Selling-Proposition-in-4-Easy-Steps.html">How to Create a Profit Pulling Unique Selling Proposition in 4 Easy Steps</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/37757/adviceyou-How-to-Create-a-Profit-Pulling-Unique-Selling-Proposition-in-4-Easy-Steps.html]How to Create a Profit Pulling Unique Selling Proposition in 4 Easy Steps[/url]

Finding and attaining top talent is critical to business success. Human resource is probably the most important tool an organization can employ to gain competitive advantage.

Wise experienced leaders consider personal reflection one of their most valuable tools. Do you know how to effectively reflect? Find out how to create your simple yet powerful process of reflection that will help you improve and stay ahead of the game.

Spending time with people one-to-one is invaluable. Why? In this article, I'll tell you.

Tags

Links

Advice You - How to Create a Profit Pulling Unique Selling Proposition in 4 Easy Steps

Related Articles: