Advice You - Business

Your prospect is in the market for a widget, just like the one you sell. She surfs over to Google (o

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

r picks up her Yellow Pages) and looks up “widgets.”

She is immediately greeted by 15 different wid

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

Examples of combination products may in

et companies, including yours. How does she go about making her selection? And what can you do to ma

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

e her more likely to select you?

This is where your Unique Selling Proposition (USP) comes in. Your

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

USP tells Ms. Prospect what is different about you, and why she should choose your product or servic

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

Combination pro

over that of your competitor.

So, how do you determine yours?

First, you need to sit down and mak

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

a list of all the benefits of doing business with you, and those of your particular product or serv

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

ice. Be sure they’re really benefits, and not just features. Put yourself in your customer’s shoes:

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

hat does your widget do for her? How does it make her feel? What is the emotional payoff for her?

N

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

xt, you need to have a look at the competition. Is there any way your widget is different from their

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

? What benefits are they stressing? What are they not talking about?

If there really is something u

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

Following aspects would a

ique about your product or service, by all means focus on it. But it may be that your competition of

dd to the challenges in developing combination products:

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

ers something very similar to you. That doesn’t mean that you can’t stand out. It just means that yo

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

have to find something to focus on that isn’t already being talked about.

Go back over your list a

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

nd cross out the benefits your competition claims. From what’s left, pick out five or six of your 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

rongest entries.

Now, sit down and take a look at your target customer. What are her core beliefs a

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

Professional from academic institutions, pharmaceutical industries, health care indust

d desires? What keeps her awake at night? Find the benefit that speaks most directly to her.

Boil t

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

at benefit down into the shortest sentence possible. Make it tight, use action verbs if you possibly

.

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

can, and make it catchy.

Congratulations! You now have a USP that can (and should) be used in every

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

Companies that provide selfless information through particip

marketing communication you issue. And your prospect has a reason to choose you over the competition

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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Once all the preliminary work is done, it is time to order your inventory. You have found the perfect location, checked out the zoning ordinances, talked to other business owners, and signed the lease.

Networking is one of the most important skills you must learn in business. More money is made from your networks than any other marketing medium. To build your network you must learn key networking skills and become a Master Networker. Every Master Networker has ten key characteristics, if you do not have these ten key characteristics then you must adopt them immediately and live your life by them.

In this essay, we'll focus on getting old clients to come back and referrals. How do you get them? How do you ask for them? How do people choose to come back? How can you get people back when they don't want to come back?

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Advice You - Whats So Special About You? Defining Your USP

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