Advice You - Business

These 4 marketing myths can cause you to lose sales if you base your marketing decisions on them. But the related marketing tips I included with each myth will boost your sales if you act on

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

them instead.

Myth 1:
People Always Buy Where They Get the Cheapest Price

If this was true, only businesses that charge cheap prices would exist. Some people buy where they get the

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

Examples of combination products may in

cheapest price. But most people are more interested in getting value for their money than in getting a bargain.

Tip: Look for some low-cost ways you can enhance the perceived value of

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

your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.

Myth 2: v Offering Your Customers Many Options Will Boost 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

Sales

Presenting your customers with options usually reduces your sales. Here's why...

When confronted with several options, most customers have difficulty making a clear decision. They

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

Combination pro

often react by procrastinating - and never making a decision. When this happens, you lose a sale you already had.

Tip: Try to limit your customer's decision making to either "Yes. I'l

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

l buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions.

Myth 3:
Everybody Needs My Product/Service

That's what YOU think. Most of them don't think t

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

ey need it ...and most aren't ready to spend their money for it.

The hazard of this myth is that it causes many marketers to believe they can succeed without doing much marketing or se

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

lling. They think their product or service is so special that it should automatically generate hordes of paying customers. Unfortunately, it doesn't happen that way.

Building a successfu

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

l business is hard work - most of it devoted to finding customers. Even if most people can use your product or service, you still need a marketing strategy to reach them and a persuasiv

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

sales message to close sales.

Tip: Look for narrowly defined niche markets where your product or service solves a unique need of the customers. Focus your marketing on them instead of t

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

Following aspects would a

rying to reach a broadly defined general market. You'll generate more sales and enjoy a better return on your advertising expense.

Myth 4:
Keep Changing Your Advertising or Your Sa

dd to the challenges in developing combination products:

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

les Will Decline

This sounds logical but it's not true. Never abandon advertising that's working. I know many businesses that have been using the same advertising for years and they're s

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

till growing. Here's why...

The goal of most advertising is to attract new customers. Once someone becomes a customer, they won't respond to that advertising again. But you can use dif

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

erent (and cheaper) advertising to generate additional sales from them.

But there's still a large population of non-customers who didn't respond to your regular advertising. Most have no

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

t seen it yet ...and those who have usually need to see it numerous times before they will respond.

Don't abandon advertising that's working - but keep trying to improve it. And regula

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

Professional from academic institutions, pharmaceutical industries, health care indust

rly test new things to see how they work for you. If you never make any changes in your advertising, your sales will eventually decline.

Tip: You can automatically keep your advertising

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

p to date by allocating 80 percent of your budget to proven promotions and 20 percent to testing new things. When something new works better than your proven promotions, move it to the

.

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

80 percent group and start testing something else in the 20 percent category.

Don't believe these 4 marketing myths. They're not true. Marketing based on them will cause you to lose sa

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

Companies that provide selfless information through particip

les. Instead, apply the related marketing tips I included after each myth to boost your sales.

Copyright 2004 Bob Leduc http://BobLeduc.com

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

This article is about different values for each employee. Some prefer a salary over a company culture and vice versa.

I received this inquiry asking how I would assess this Customer-Gone-Wild episode. After I share it with you, I'll affix my answer, which I hope everyone will find useful.

I talk to business owners every day. A common question I am asked is how to get clients. The number one mistake that I see these professionals making constantly is that they do passive marketing instead of action-oriented marketing, with no clear developed plan for securing clients.

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Advice You - 4 Marketing Myths Threaten Your Sales

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