Advice You - Business

Along with your business plan, your small business marketing plans is only of the most important long-term plans you’ll make for your small business. Some small business owners choose to ignore

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

that advice, instead preferring to fly by the seat of their pants, so to speak, to “wing it.” While some of those small business owners are successful, they’re not nearly as successful as they c

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

Examples of combination products may in

uld be had they laid out a well-defined small business marketing plan.

Small business marketing strategy step 1: Know your market

The first step in developing a successful small business market

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

ing strategy is to make sure that you have a really solid handle on your target market. Ask yourself: Who are my customers? Once you’ve identified who they are, ask yourself: What are my custom

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

rs’ problems? What are their dreams and aspirations? The surest way to answer those questions, of course, is to ask your customers themselves. Even if you can’t afford to hire a small business

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

Combination pro

marketing firm that will conduct focus group tests for you, you can do your own simple survey by hitting the streets and talking to those people you plan to sell to (and make contacts at the same

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

time!). You’d be surprised how powerful that simple task is yet how few businesses do it.

Small business marketing strategy step 2: Know yourself

The second step in developing your small busi

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

ess marketing strategy is to get to know yourself (your business), once you’ve gotten to know your customers. Ask yourself: What does my business do? How is my business different than my compe

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

itors’? How does my business help solve my customers’ problems or help them achieve their dreams? Answering these questions will help you to define your unique selling proposition – those aspec

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

ts that set you apart from your competitors.

That unique selling proposition should become your brand – your business’s identity. Your brand is what will pervade all of your marketing materials

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

and what your customers will use to identify you. The importance of diligently developing your brand as part of a successful small business marketing strategy can’t be overstated.

Small busines

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

Following aspects would a

marketing strategy step 3: Analyze your competitors’ small business marketing strategies

Once you’ve developed your brand – that unique identity that tells your customers who you are and how yo

dd to the challenges in developing combination products:

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

u’re different – you can begin thinking about how you’re going to actually market your business. First, look at your competitors’ small business marketing strategies. Are there obvious gaps tha

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

you could fill (and thereby stand out among the competition)? For example, if you see that none of your competitors have websites, you could stand out with a small business marketing strategy o

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

line.

Wherever you market your business, it must be where your customers are. For example, small business marketing online will be a waste if none of your potential customers use the Internet.

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

Likewise, you may think that writing a monthly column in your local newspaper would be a great way to advertise your services and establish yourself as an expert; but if none of your potential cu

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

Professional from academic institutions, pharmaceutical industries, health care indust

tomers read that paper, that small business marketing strategy will fail.

At this point, your small business marketing strategy will not only be defined by where your customers are and what your

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

competitors are doing, but it will also depend on your small business marketing budget. A full-page spread in a national magazine may be the best way to reach your target audience, but if you ca

.

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

n’t afford to shell out tens of thousands of dollars, it’s not the small business marketing strategy for you.

Wherever your small business marketing plan takes you, the careful development of yo

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

Companies that provide selfless information through particip

r small business marketing strategy – by knowing your market, knowing your business, and analyzing your competitors’ strategies – will be a critical determinant of your long-term business success

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 - Developing Your Small Business Marketing Plan

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